This is a technical question and many people are interested in this issue. When you go for Islamic housing you go into a partnership of 20% - 80% with the bank and buy a house. The rent is based on current interest rate and they are open about this fact.
People say interest is haraam but in this scenario the bank isn't charging you interest they are charging you rent based on the prevalent interest rate. This is what we need to understand.
Shaykh Abu Eesa answers and explains....
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