Nterest-based financing of house and car is prohibited : buying mortgaged debts at discount

السؤال

Assalamu Alaikum Wa Rahmatullahi Wa Barakatuh Dearest Shaikh Monzer, My name is Musab and I write to you from Tampa, Florida. InShaAllah you receive this letter and you and your family are all in good health and Iman. Recently, I was introduced to a type of business venture to which I was highly doubtful of. I wasn't sure whether this kind of business is Haram or not. I asked the question to Ammu Saleh and he told me to ask you due to his lack of Islamic knowledge in this topic. Here is the situation and my questions to you. Many individuals in America wish to purchase homes but do not wish to ask the bank for a loan. Their reasons may differ, mainly because they know the bank will not approve them. What they do instead is go directly to the home owner and try to work out a deal. So instead of having a public bank mortgage, the buyer has a private mortgage. The seller of the house contracts the sale the same way the bank does, mainly applying interest to the sale and taking an initial down payment. After sometime, the seller of the house may wish to sell his private mortgage for instant cash. He will take his personal mortgage paper and put it for sale through some ad. This is where I am doubtful and need help in. Question 1 : is it Haram to buy these mortgages with the intent of selling them ? Let me be specific. There are companies out right now which are interested in buying personal mortgages. This is where I fit in the picture. What I do is go and make an offer price to the holder of a mortgage, say for $ 10000. If the owner decides to accept, what I would do is go and ask this company if they are interested in buying a private mortgage. If I give the company the details of the payments involved on the mortgage (ex : 100 payments of $ 500 / month for the next 5 years) and they accept they offer me $ 15000. What I do then is buy the private mortgage with the $15000 the company provides me, I give them the mortgage paper, give the seller their $ 10000 and in the end, I keep $ 5000. It’s that quick and that easy to do. Specifically, is it Haram for me to be the middle man for this company and seller of the mortgage, even if I don’t use any of my money ? My second question is : what makes a mortgage contract Haram ? If I decided to buy the mortgage, what conditions would I have to change within the contract with the buyer of the house so that the mortgage could be Halal ? These are the questions that I am uncertain of the answer. I know you are busy. Jazakallahu Khairan for taking the time to read this email. Could you kindly enlighten me with what Allah SWT has blessed you with ? Jazakallahu Khairan. Was Salamu Sincerely, Musab

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2001-12-31

التخصصات الرئيسية

العلوم المالية و المحاسبية
الدراسات الإسلامية

الموضوعات

• الفقه الإسلامي
• المباني السكنية
• التمويل
• الشراء
• الرهن العقاري

عدد الصفحات

3

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-725368

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