Can bank loans fund charitable housing rent
Egypt's Dar Al-Ifta has addressed the permissibility of obtaining financing from banks to build residential units on owned land, and then leasing them to low-income individuals at symbolic rent as a form of ongoing charity. It confirmed that investing in land for this project is permissible and encouraged in Sharia, as it helps promote social solidarity and community development. Moreover, bank financing in this context does not conflict with Islamic laws or the rules against usury. It also added that such contracts facilitate the completion of productive and service projects, thereby supporting economic growth and community development.
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