Home mortgage in western countries : second mortgage

السؤال

[Question One] : Assalamu Alaykoum. In cha Allah I am planning to buy a taxi license in Laval Quebec Canada, I explained to the bank the Islamic rules, they accept to make a contract not mentioning interest rates ,they will calculate it according to their way which is a 5.15 % interest rate, but in the contract they will write as an exaple that the 200,000 $(my house as a guarantee)which is a second mortgage loan will be payed 250 000 $ in 7 years .or 5.15 represent administration fees, I tried Islamic financial institution in Canada as MIJ but they no money available. I appreciate very much to have an answer this week before January the 5th 07 Wa Zajakum Allahu Khayran Wa Assalmu Alaykum Wa Rahmatu Allah [Question Two] : Bismi Allah Al Rahman Al Rahim Al Salamu Alaykoum Wa Rahmatu Allah I Taala Wa Barakatuh. May Allah accept your efforts and time devoted to spread the Islamic values and teaching especially this time. What I understood from your email that the contract with the bank is Haram. There is some taxi owners sale with 14 % interest for 9 years you pay exp 850 $ per week. The Islamic financial institutions as MIJ their charges are based on the value of the rent which is 650 $ per week in Laval Quebec. Dear brother al Hamdu Lillah I finished the payment of the house and as I mentioned the bank wants to give 200000 $ for the house (will be sold to the bank) and the bank will engaged to sale me the same house in 5 to 7 years and the price will be exp 250 000 $. In the contract the interest won’t be mentioned, but the bank will be calculating their profit or interest on 5.15 %. Please advice me. Again may Allah accept your efforts. Wa Jazakum Allah Khayran Wa Assalmu Alaykum Wa Rahmatu Allahi Taala Wa Barakatuh

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2007-01-02

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

عدد الصفحات

3

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-785669

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