Taking loan from bank for home purchase under islamic banking- halal or haram?

Question

Assalamu Alaikum.

To purchase a house I need to take home loan from bank. But I don't want to participate in interest giving/taking as it is haram. So I looked into City Islamic banking program and their home financing system which they state as in-line with Shariah. I'm giving their system below for further assessment. Can you please advise if it'll be halal to take loan under this system?

Zajakallahu Khairan.

City Islamic: 

HOW DOES IT WORK?

• The Bank and the customer will contribute to purchase the house and own them jointly which is known as ShirkatulMelk.
• The Bank will then rent out its portion of the asset to the customer under Ijarah (lease) contract and the customer will pay monthly rent for that portion.
• Additionally the customer will buy back the portion of the Bank by paying principal which will be included in the monthly payment.
• When customer makes the last principal and rental payment, the full ownership of the house is transferred to the customer. 

  Shariah Structure of the Product

• This is a combination of partnership, lease and sale contract named Hire Purchase under ShirkatulMelk (HPSM).
• Bank and customer jointly buys the house under partnership contract by providing equal or unequal amount
• Bank leases its portion of the house to the customer for a specific period and customer pays monthly rent.
• Customer gradually buys Bank’s share of the house
• At the end of the contract the ownership of the house is transferred to the customer

• Approval of Shariah Supervisory Committee

  The Shariah Supervisory Committee of City Bank has reviewed Islamic Home Finance documentation, related contracts and process.

  Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “Islamic Home Finance” is in accordance with the partnership, sale and lease principle of Islamic finance and hence we allow the bank to provide this product to its customer.

  And Allah Knows Best.

Answer 1

ওয়া আলাইকুমুস-সালাম ওয়া রাহমাতুল্লাহি ওয়া বারাকাতুহু। 

বিসমিল্লাহির রাহমানির রাহিম।

জবাবঃ-

আলহামদুলিল্লাহ!

ব্যাংক এবং গ্রাহক উভয় মিলে বাড়ি ক্রয় করবে। বাড়িতে যৌথভাবে তাদের মালিকানা থাকবে। এটাকে  শিরকাতুল মিলক বলা হয়ে থাকে।

 ব্যাংক তারপরে ইজারাহ (লিজ) চুক্তির অধীনে গ্রাহককে তার সম্পত্তির অংশ ভাড়া দেবে এবং গ্রাহক সেই অংশের জন্য মাসিক ভাড়া প্রদান করবে।তারপর গ্রাহক ব্যাংক থেকে বাকী অংশ ক্রয় করে নিবে।

 এমনটা জায়েয হবে।

الشَّرِكَةُ نَوْعَانِ شَرِكَةُ مِلْكٍ وَهِيَ أَنْ يَتَمَلَّكَ رَجُلَانِ شَيْئًا مِنْ غَيْرِ عَقْدِ الشَّرِكَةِ بَيْنَهُمَا، كَذَا فِي التَّهْذِيبِ وَشَرِكَةُ عَقْدٍ وَهِيَ أَنْ يَقُولَ أَحَدُهُمَا شَارَكْتُكَ فِي كَذَا وَيَقُولُ الْآخَرُ قَبِلْتُ، هَكَذَا فِي كَنْزِ الدَّقَائِقِ وَشَرِكَةُ الْمِلْكِ نَوْعَانِ: شَرِكَةُ جَبْرٍ، وَشَرِكَةُ اخْتِيَارٍ فَشَرِكَةُ الْجَبْرِ أَنْ يَخْتَلِطَ الْمَالَانِ لِرَجُلَيْنِ بِغَيْرِ اخْتِيَارِ الْمَالِكَيْنِ خَلْطًا لَا يُمْكِنُ التَّمْيِيزُ بَيْنَهُمَا حَقِيقَةً بِأَنْ كَانَ الْجِنْسُ وَاحِدًا أَوْ يُمْكِنُ التَّمْيِيزُ بِضَرْبِ كُلْفَةٍ وَمَشَقَّةٍ نَحْوُ أَنْ تَخْتَلِطَ الْحِنْطَةُ بِالشَّعِيرِ أَوْ يَرِثَا مَالًا وَشَرِكَةُ الِاخْتِيَارِ أَنْ يُوهَبَ لَهُمَا مَالٌ أَوْ يَمْلِكَا مَالًا بِاسْتِيلَاءٍ أَوْ يَخْلِطَا مَالَهُمَا، كَذَا فِي الذَّخِيرَةِ أَوْ يَمْلِكَا مَالًا بِالشِّرَاءِ أَوْ بِالصَّدَقَةِ، كَذَا فِي فَتَاوَى قَاضِي خَانْ أَوْ يُوصَى لَهُمَا فَيَقْبَلَانِ، كَذَا فِي الِاخْتِيَارِ شَرْحِ الْمُخْتَارِ، وَرُكْنُهَا اجْتِمَاعُ النَّصِيبَيْنِ، وَحُكْمُهَا وُقُوعُ الزِّيَادَةِ عَلَى الشَّرِكَةِ بِقَدْرِ الْمِلْكِ، وَلَا يَجُوزُ لِأَحَدِهِمَا أَنْ يَتَصَرَّفَ فِي نَصِيبِ الْآخَرِ إلَّا بِأَمْرِهِ، وَكُلُّ وَاحِدٍ مِنْهُمَا كَالْأَجْنَبِيِّ فِي نَصِيبِ صَاحِبِهِ وَيَجُوزُ بَيْعُ أَحَدِهِمَا نَصِيبَهُ مِنْ شَرِيكِهِ فِي جَمِيعِ الصُّوَرِ وَمِنْ غَيْرِ شَرِيكِهِ بِغَيْرِ إذْنِهِ إلَّا فِي صُورَةِ الْخَلْطِ وَالِاخْتِلَاطِ، كَذَا فِي الْكَافِي. 

(ফাতাওয়ায়ে হিন্দিয়া-২/৩০১)