Is it permissible to take an offset mortgage ?

السؤال

Many conventional banks have products called ‘Offset’ mortgages. These are mortgages whereby : If I have a mortgage of 50 K and savings of 50 K the savings offsets the interest on the remaining mortgage value. So in the above case 50 K mortgage, 50 K savings means zero interest. Hence, is it permitted to take a conventional mortgage whereby there is no interest (due to the interest offset against savings ?) If the savings are touched, e.g. If 10 K out of 5 0K is taken out, and there is a mortgage of 50 K, the interest will be applied on the 10 K. However, if I am sure I will have the money for the duration of the mortgage in the account-is this permitted as paying or dealing with Riba is avoided. (Similar to a credit card whereby if I don’t pay my balance end of the month I incur interest) The scenario is that I am in the process of buying a flat for 30 K with the local authority. I have this much saving as well, thus rather than use my saving I can pay no interest and simply pay the capital repayment with no Riba.

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

الناشر

القلم هيئة علماء الشريعة

تاريخ النشر

2014-07-16

دولة النشر

المملكة المتحدة

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
العلوم المالية و المحاسبية
الدراسات الإسلامية

الموضوعات

• الفقه الإسلامي
• الربا
• الرهن العقاري

عدد الصفحات

1

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-726994

• APA
• MLA
• AMA