Remedies after taking unjustified mortage : buying a house with an interest-based mortgage

Fatawa Question

As-Salamu 'Alaikum, Dear scholar, I have bought a house with an interest-based mortgage in an attempt to provide more security for the family, at a time when I was ignorant about our religion. Now, however, I have realized that this was a bad decision and I would like to correct this and hope for the forgiveness of Allah. My question is about how to correct this situation : 1) Do I have to get rid of the house ; sell it, keep my part of the capital and donate the remainder ? 2) Or can I "re-buy" the house ? I mean, can I, after subtracting my part of the capital from its value, donate the remainder and consider the house as my lawful property ? Can I do this in installments, i.e. donate a sum each month until I have donated the full amount and consider then that I have bought the house correctly ? If this option is valid, are there any conditions that would apply ? Or is option 1 the best and should I get rid of the house ? Are there any other options that I could consider in my specific situation ? Alhamdulillah, I am able to pay rent but I live in Belgium where we have no Chari'a-compliant financing possibilities to buy a house. Jazak Allahu Khayran

Fatwa

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Publication Date

2007-11-08

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-785718

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