Announcement Regarding Misuse of a Fatwa
This is for information of all concerned that I have been receiving correspondence from various places enquiring whether I have authorized any Ijarah contracts of certain financial institution in America, Australia and Canada. As evidence these companies have posted a 15 years old fatwa of mine on their websites. I would very explicitly like to declare the following in this regard:
This fatwa was actually issued 15 years ago in peculiar circumstances prevalent at that time in favor of a house financing company, namely, Al-Amin Company based in Jeddah which they had intended to implement at that time. This Fatwa is no more valid. As such, the use of this fatwa by other financial institutions is illegal and misleading.
All such companies are requested not to refer to this Fatwa nor to use it as their marketing material, and immediately remove it from their websites failing which they may face legal action at their own cost.
It should be noted that I have not issued any fatwa in favor of any house financing scheme in North America except the scheme of Guidance Financial Group.