Fatwa: # 36522
Category: Financial Transactions
Country: Australia
Date: 10th August 2016


ICFAL and EFSOL Shariah Financing


Asalam o alykum,

I am looking for Islamic finance to buy a house. Some one asked same question before about icfal and efsol.

About ICFAL you replied that you are discussing with them about some changes in terms and  to make it 100% Sharia compliance. Just want to know if Icfal has done necessary amendments and is it halal now?

I contacted EFSOL but they are not willing to share detailed terms and conditions with a customer before signing contract for loan but they agreed to discuss with a Mufti for clients satisfaction. Could you please arrange a meeting with them to find out if this product is halal.


In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuhu

Your question refers.

  1. We did communicate our concerns with ICFAL regarding their home finance product. They did correspond with us and requested our assistance. We acceded to their request. However they did not follow up with us. Hence we currently maintain our original stance of non Shariah-Compliancy of their home finance product.
  1. You are welcome to share the following contact details in order to arrange a discussion pertaining to the matter. Email: admin@daruliftaa.net

And Allah Ta’āla Knows Best

Ismail Desai,

Darul Iftaa

Mufti Ebrahim Desai

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