Re: Owning a house
bebo has explained above.
The only Islamic model of mortgage will be via a bait-al-maal owned and operated by Islamic government. Government builds the house and rents it to folks on rent to own basis. If they want to get out before the term of rent ends , the house is auctioned and if the house fetches a profit government and renter split the bounty , if there is a loss then the renter and government both loose.
Magar iss billy k galay main yay ghantee koun bandhay ga ?