I have a question regarding the new 'halal mortgage' scheme by the HSBC bank in UK. I’ve heard that many scholars have said it’s permissible because of Ijarah and Muharabah and previously Mufti Taqi Usmani has called this type of loan permissible, though I am not certain. I have also heard that Shaykh Yaqoobi has not approved it. Can you please elaborate on this. And also can you please explain Ijarah and Muharabah.
