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Fatwa Answer
Assalamoalikum Warrakhmatullah!
My name is Waseem and i am resident of Fremont CA.
I already have a house with mortgage from Devon Bank Islamic Financing and this house is ALHAMDOLILLAH enough for my residential needs.
I have some savings and in order to invest it i was looking forward to buy another property on mortagage from Devon Bank Islamic Financing.
My question is that is it permissible if i mortgage another house for investment when the existing one is already enough for my residential needs. The reason i am asking this question is that if there is any hujjat in mortgage because of the other ribah based banking systems in the world i would like to avoid.
Jazak Allah Khairun.
Waseem
بسم اللہ الرحمن الرحیم
الجواب و باللہ التوفیق
Devon Bank is certified by the Shariah Board of America. Its method is Islamic, which is “Murabahah with al-Taqseet". So you can buy a house again from this bank in the present case.
Since these schemes are indirectly established, therefore, unless absolutely necessary, it is better to avoid them.
فقط واللہ اعلم واتم