Date : 15-09-2021

Question :

What is the ruling of Sharia on the attached housing loan contract for the staff of the Social Security Corporation?

The Answer :

All perfect praise be to Allah the Lord of the Worlds. May Allah`s peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

Having reviewed the attached housing loan contracts (Contract to purchase real property and contract to sell real property attached to it) of the Social Security Corporation, it was found out that the content of these contracts is selling and purchasing real property, not loans since the Social Security Corporation purchases the real property and sells it to the purchaser.

We haven`t noticed any prohibitions involved in the attached contracts. However, the correct Sharia application is the responsibility of those in charge of the Social Security Corporation`s Investment Fund. We advise this Corporation to have a Sharia consultant to examine the contracts of these transactions. And Allah the Almighty knows best.