Working in real estates : real estate agent ? : [2]

Fatawa Question

My question is about Riba / interest : I am a real estate agent who lives in Singapore. It is a very small island and land is scarce. Most of the homes here are subsidized by the government but they come with a lot of regulations, but namely, the lease is for only 99 years. Some people bought older homes with lesser lease terms. After the 99 years, it will be returned back to the state. When you buy those homes, the government loan you the money and you have to pay them back on a monthly basis with interest included. These homes are only for Singaporeans and certain permanent residents who qualify. As a real estate agent, I sell and buy those homes for my clients and they will pay me commission for my service. I advise them on the financial plan of the homes and I doubted this role very much as I have to also inform them about the different interest rates as some pay lesser while others pay more percentage, depending on their eligibility. 1) Is this kind of income permissible in Islam ? 2) I have a lot of experience in this field and even if I stop doing this job, can I still advise others who ask me questions about this housing enquiries ? 3) My sister is selling her home soon, can I advise and teach her on how to sell and buy her own homes ? 4) When I am no longer in this line, can I recommend my clients to other real estate agents that can provide them the service ? 5) If all the above is not permissible, is it my duty to inform other Muslims estate agents whom I know, about this ? 6) I myself own such home and I have still have loan to settle on a monthly basis. What is your advice ?

Fatwa

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Publication Date

2001-08-27

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Contracts
• Labour
• Purchasing
• Real property
• Usury
• Customers

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-724944

• APA
• MLA
• AMA