Ruling on Taking a Loan from Meezan Bank and Islamic Bank

Respected Mufti Sahib, Assalamu Alaikum!
I would like to present my issue. My husband does not have a high income. Whatever salary he receives is spent on the children's education and other expenses, and there are no significant savings. We had received a share from my in-laws, through which I purchased a piece of land, but we do not have the funds to construct a house. Currently, we are living in a rented house. Now, I am considering taking a loan under the scheme introduced by Imran Khan. Meezan Bank and Bank Islami are offering this facility, where they provide financing based on a profit rate and arrange the installments according to our convenience. I am thinking of availing this loan and then paying it back monthly in the form of a committee (BC). The repayment period is around 20 to 25 years. I seek a fatwa (Islamic ruling) from you on this matter. Kindly guide me in accordance with Islamic teachings.

الجوابُ حامِدا ًو مُصلیِّا ً

It should be noted that, according to our knowledge, Meezan Bank and Bank Islami do not provide loans and then charge additional amounts (interest). Rather, if someone has a financial need, they fulfill it through Shar‘i modes such as Murabaha, Musharakah, or Bay‘ al-Mu’ajjal, based on Islamic principles. Therefore, purchasing a house through the Easy Home Scheme offered by Meezan Bank or Bank Islami appears to be permissible. However, if the questioner has any doubts in this regard, or if there is a genuine concern about any shortcoming on the part of these banks, she may clarify the issue and resend the question. After due consideration, a Shar‘i ruling will, in sha’ Allah, be provided.

مأخَذُ الفَتوی

کمافی بحوث قضایا فقھیۃ: فالطریق الاول ھو ان یتملک الممول بیتا ثم یبیعہ الیٰ العمیل بربح بیعاً مؤجلاً ویستلم منہ الثمن باقساط معلومۃ فی عقد البیع ویمکن ان یعقد ھذا البیع المؤجل مطلقاً عن بیان نسبۃ الربح اھ(1/248)۔