Regulatory Alerts2009-03-24
Islamic Research Academy Fatwa on Real Estate Financing Activity
The Islamic Research Academy, chaired by Grand Imam Muhammad Sayyid Tantawi, formally declared the amended Real Estate Financing Law and its draft executive regulations compliant with Islamic Sharia. The Council granted this religious endorsement during an extraordinary session on March 10, 2001, after reviewing the legislative amendments. The Academy subsequently ratified the executive regulations for Law No. 148 of 2001 on September 27, 2001, confirming their full alignment with Sharia provisions.
In the name of Allah, the Most Gracious, the Most Merciful
General Administration of the Academy Council and Committee Affairs
The Council of the Islamic Research Academy, chaired by His Eminence the Grand Imam Dr. Muhammad Sayyid Tantawi, Grand Imam of Al-Azhar, met in an extraordinary session on Saturday, 15 Dhu al-Hijjah 1421 AH, corresponding to March 10, 2001 AD.
- It discussed the Real Estate Financing Law after its amendments, as the Academy Council had reviewed in a previous session. After discussions, the Council approved the Law from a Sharia perspective, as it does not contradict Islamic Sharia.
It also approved the draft executive regulations for Real Estate Financing Law No. 148 of 2001 AD during its session held on Thursday, 10 Rajab 1422 AH, corresponding to September 27, 2001 AD, due to its compliance with the provisions of Islamic Sharia.
Grand Imam of Al-Azhar (Muhammad Tantawi) Dr. Muhammad Sayyid Tantawi 2001/9/29
Date: 2001/9/29 AD 1422/7/12 AH
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