Taking mortgages to buy a residence in western countries : no interest for a year and home mortgage
Fatawa Question
Salam Alaykum My Name is Mohamed, and I live in Sydney Australia, brother I have a few questions that I really hope you can answer forme Inshallah. I'm always on the Islam online website and alhamdulillah it has helped me clarify a few things. My first question is, there are retail companies who advertise that you can purchase anything from their store on a 24 month interest free plan, you pay no deposit, no payments and no interest till that 24 months are over, you can pay it off though within the 24 months, and if you do it would mean you didn't pay any interest on the product, a Sheik here says that it is Haram to use this system because we are signing into an interest agreement, I wondered what your thoughts where on that ?. My second question is, I brought an apartment 4 years ago using the conventional banks, that means im paying interest, may Allah(SWT) forgive me, the reason I took out the loan was before I had purchased the apartment I had asked the Mufti of our area if it was ok, since I was going to get married, and the home was not for an investment, he told me it was fine to purchase a home by interest based loans from the bank as long as I buy it to live in it, now there are some Sheiks who say no, it is Haram and I'm with them, that is why I have my home for sale, so that I get rid of paying interest Inshallah, we have an Islamic bank in Sydney by the name of MCCA, who people say use the rent method, their website is www.mcca.com.au
Fatwa
Click hereto view more
Publication Date
2006-06-30
Main Subjects
Economics & Business Administration
Islamic Studies
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-788908
American Psychological Association (APA)
Qahf, Mundhir. 2006-06-30. Taking mortgages to buy a residence in western countries : no interest for a year and home mortgage. .
https://search.emarefa.net/detail/BIM-788908
Modern Language Association (MLA)
Qahf, Mundhir. Taking mortgages to buy a residence in western countries : no interest for a year and home mortgage. 2006-06-30.
https://search.emarefa.net/detail/BIM-788908
American Medical Association (AMA)
Qahf, Mundhir. 2006-06-30. Taking mortgages to buy a residence in western countries : no interest for a year and home mortgage.
https://search.emarefa.net/detail/BIM-788908