Canadian Muslims who are willing to go for mortgages loan, can benefit out of this ruling!
The Shari’a position is crystal clear; dealing with interest is haram or forbidden and is one of the greatest sins. However, what is the ruling where there is no option but to buy the house with usurious money, especially when you are living in a non-Muslim country?
The committee of scholars, headed by Dr. Yusuf Qardawi met in Detroit, USA in 1999, issued a statement explaining the law of necessity. In summary, it says that if a person is not able to rent a suitable house for himself and his family in a proper location or the rent is too high, in that case he can purchase the house with a mortgage. Even in the case of permission, the scholars suggested that one should exhaust all the other possibilities of purchasing the house in a pure halal way.