Buying necessary property on interest : buying a Muslim youth center on interest

Fatawa Question

We have bought a Muslim Youth Centre because our youth are getting involved in Gangs, alcohol, murder, selling drugs and many other major un-Islamic practices. Many of our Muslims who are in prison are there for murder, rape, theft etc. Recently, a 14 year old Muslim boy committed suicide. Another 19 year old was shot twice in the head by the gang he was involved with and recently one of them was found dead in his car. This is only the tip of the iceberg. So there are tremendous problems in our community with youths. Some of us have taken the step to purchase a place, a Youth Center, a safe haven facility, where these youths can come to and do things that will keep them away from all these Haram activities. We have paid about $ 50,000.00 and still owe $ 200,000.00 on this property which is due to be repaid by June 2001 to the original non-Muslim owner. We have made every possible effort to raise this money to repay the owner. We have sent application letters to Islamic banks, we have approached many Muslim organizations to assist us, we have approached many businesses to help us, we have approached individuals ; we have even sent someone to Dubai. All these efforts were made to acquire this $ 200,000.00. Our last resort is to go to the local financial institution to acquire this money. If we do not come up with this money by June 1st, 2001, we will lose the property and Allah forbid, also lose another generation of Muslims youths. There is a brother who has connections with a local bank and is willing to take us to obtain an open interest bearing mortgage from the bank which can be paid off as quickly as possible as we do fundraising dinners to raise the money. In this critical and desperate situation would this allow us to go to this financial institution ??

Fatwa

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Publication Date

2001-03-26

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Financial institutions
• Money

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-725482

• APA
• MLA
• AMA