Fatwa No : 88252
Obtaining a Loan from an Islamic Bank through the ‘Apna Ghar Apna Aashiyana’ Scheme

Obtaining a Loan from an Islamic Bank through the ‘Apna Ghar Apna Aashiyana’ Scheme

Is it permissible to take a loan and build a house under the government’s “Apna Ghar Apna Aashiyana” scheme? Detail: In this scheme, the government is providing loans through an Islamic bank at a 5% profit rate.

الجوابُ حامِدا ًو مُصلیِّا ً

The government’s “Apna Ghar Apna Aashiyana” scheme consists of two parts: The first part is based on conventional interest-bearing bank loans, in which a formal interest contract is made and a fixed amount of interest must be paid. Participating in this portion of the scheme is not permissible in Shariah, and it is necessary to avoid it. The second alternative part is offered by Islamic banks with government approval. In this option, the scheme is introduced through Musharakah Mutanaqisah (Declining Partnership) according to the Islamic method of house financing. Therefore, if a bank is conducting transactions under this scheme in accordance with Islamic financing principles and under the supervision of qualified and reputable Shariah scholars, then joining this scheme and benefiting from it appears to be permissible.

مأخَذُ الفَتوی

كما قال اللہ تعالى: واحل الله البيع و حرم الربوا (البقرة: 275)۔
وفي البحر الرائق: ولا يجوز قرض جر نفعا بأن أقرضه دراهم مكسرة بشرط رد صحيحة (الی قولہ) فان قضاه أجود بلا شرط جاز الخ (باب المرابحۃ والتولیۃ ، ج: 6 ، ص: 122 ط: رشیدیۃ)۔
وفي الدر المختار: القرض بالشرط حرام والشرط لغو (إلى قوله) كل قرض جر نفعاً حرام الخ
وفي رد المحتار : تحت : (قوله كل قرض جر نفعا حرام ) أي إذا كان مشروطا كما علم مما نقله عن البحر الخ (فصل فی القرض ، ج: 5 ، ص: 166 ، ط: سعید)۔