Is it permissible to buy a foreclosure home in Canada from bank as bank purchase the property first and then sell it back, according to my understanding?
Bismillahi Ta’ala
Walaikum Assalam Warahmatullah
Purchase of homes through foreclosure can be Shariah Compliant depending on how the acquisition, and sale on credit is established by the bank. However, while conceptually it being acceptable in one situation does not necessitate that all such acquisitions are done in the same manner.
Hence, just as any other home purchase, we would request to acquire a purchase documentations along with other details of the property’s ownership, prior encumbrances etc. to be shared for review.
Wallahu A’lam
And Allah Ta’āla Knows Best
Mufti Faisal al-Mahmudi