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Transactions confused with interest : refinancing to get some money out
Fatawa Question
Assalamu Alaikum. I purchased a home for my sister 3 years ago because she was experiencing financial difficulties. I have an outstanding mortgage balance in the amount of $120,000, after having put approximately $ 150,000 into the house. The problem is that I can't afford to keep up with the payments and also I would like to receive some equity out of the house as I need immediate cash. What are my options ! My thoughts on the issue are this. 1. My sister purchases the house for whatever amount she can afford to pay. The downside to this is that would mean I could never get out of the house what I put into it and my sister would end up with a 30 year mortgage. Not good. 2. I keep the house in my name. My sister pays as much as she can monthly. I make up the balance. Then I refinance the house to get out some equity. Is this acceptable in Islam ? Your Sister in Islam, Aisha Notes : property value approximately $ 270,000. I am a new Muslim. In Sha Allah my husband is just in the process of accepting and doesn't understand usury. He is a business man and doesn't want to lose what he feels is his. I could give more info if required.
Fatwa
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Publication Date
2001-09-05
Main Subjects
Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-726593
American Psychological Association (APA)
Qahf, Mundhir. 2001-09-05. Transactions confused with interest : refinancing to get some money out. .
https://search.emarefa.net/detail/BIM-726593
Modern Language Association (MLA)
Qahf, Mundhir. Transactions confused with interest : refinancing to get some money out. 2001-09-05.
https://search.emarefa.net/detail/BIM-726593
American Medical Association (AMA)
Qahf, Mundhir. 2001-09-05. Transactions confused with interest : refinancing to get some money out.
https://search.emarefa.net/detail/BIM-726593