What to do with earned interest ? : using interest to pay interest : [2]
Fatawa Question
Assalamu Alaikum. My family has a mortgage on our house as we have no other means of purchasing it in the UK. We pay interest to the bank on this loan. I had an idea to put my money in a savings account ; and then to use the interest gained on the savings to pay towards the interest charged on the mortgage. The end result would still mean we pay more interest to the bank than we receive from them, but it would ease the burden. Would it be permissible to this ? Jazakallah.
Fatwa
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Publication Date
2002-08-17
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-726238
American Psychological Association (APA)
Qahf, Mundhir. 2002-08-17. What to do with earned interest ? : using interest to pay interest : [2]. .
https://search.emarefa.net/detail/BIM-726238
Modern Language Association (MLA)
Qahf, Mundhir. What to do with earned interest ? : using interest to pay interest : [2]. 2002-08-17.
https://search.emarefa.net/detail/BIM-726238
American Medical Association (AMA)
Qahf, Mundhir. 2002-08-17. What to do with earned interest ? : using interest to pay interest : [2].
https://search.emarefa.net/detail/BIM-726238
