Mortgages In Islam?

[Khalidz]

Salamma3likoum All,

Ive asked this question before, but I just want to clear up this dilema, Are Mortgages Haram even if you have no where to live? What about Islamic Mortgages?
They seem so a like...

Anyone no of any websites for Islamic Mortgages?

[HOUDA-K]

Asslam Alaikoum Khoya

As you know the taking of an interest-bearing loan is a grave sin and highly impermissible [f: and one would be religiously obliged to either get out of such a situation or, when not reasonably an option, to pay it off as quickly as possible.

Done a search on Islamic mortgages on goggle and the most recent thing is the below link which are interviews with some experts about Islamic mortgages which was at The Islamic Real Estate Finance conference in London in July 2003

Check this out

http://www.bbc.co.uk/religion/religi...terviews.shtml

Wa Salam
__________________________________
Your Sister in Islam
HOUDA~K

[AT]

This question was once asked and the reply is as follows:

This question brings up some important issues. To begin with, it is clear that conventional home financing in most western countries is based on the idea of mortgaging which, in turn, is based on riba and thus repellent in the extreme to all Muslims. Even so, a number of reputable Muslim scholars have written fatwas which allow, on the basis of legal necessity (darurah), the purchase of homes in the west through mortgages. These fatwas are based on the assumption, however, that no Shari`ah-compliant alternative is available. Should such alternatives become available, however, the legal necessity will no longer exist, and the fatwas will no longer be valid. Allah willing, in the near future, Shari`ah-compliant alternatives to mortgages will become available to Muslims worldwide. None of this, however, changes the question above.

The first part (a) of the question asks whether or not it is lawful to purchase, for cash, a home financed by the seller through a mortgage which, at the time of sale, has not matured (i.e., the seller has not finished paying off the mortgage and plans to use the cash from the sale to do so). Thus, the concern of the questioner in this instance would appear to be in regard to hadith prohibiting one's direct and indirect participation in riba. In the case mentioned in the question, a part of the cash payment advanced by the questioner would undoubtedly be used by the seller to pay off a mortgage. In this manner it would appear that the buyer is indirectly involved in the payment of riba.

The second part (b) of the question is similarly concerned with indirect involvement in riba, but from another perspective.

In fact, there is no involvement in either case, neither direct nor indirect. The most that can be said is that there is an appearance of involvement, but appearance and reality are two different matters.

In the first part of the question, the transaction of sale is compliant in every aspect with the teachings of the Shari`ah. It takes place between two compentent parties, there is an offer and its acceptance, the object of the sale (a home) is itself halal, and the purchase price is paid by halal means, or cash. The subsequent uses to which the seller may put that cash is of no legal consequence to the sale. The seller may give it to the poor, or he may spend it on sin. In either case, the sale of the house is valid, and the buyer may rest assured that s/he has done nothing wrong. The same is true in regard to the second part of the question because there, again, the sale is completely Shari`ah-compliant. Even though the buyer has financed his end of the deal by means of a mortgage, the bank with which he has contracted, or the mortgage company, will pay cash to the seller. In this manner, then, the transaction described in the second part of the question will be perfectly halal.

While the caution on the part of the questioner is to be admired, it must be understood that a Muslim is responsible for ensuring that his or her transactions are halal. Beyond that, money will pass through the hands of all manner of people, honest and dishonest, just and unjust, and for all manners of purposes, halal and haram. In his work entitled The Book of the Halal and the Haram, Imam Abu Hamid al Ghazali wrote:

One who knows for a certainty that the wealth of the world has definitely had the Haram intermixed with it need not abstain from buying and selling, or from eating, because that would be an undue burden. And Islam is not a burden. This is attested to by the fact that in the time of the Prophet of Allah, Allah bless him and grant him peace, when a shield was stolen, and when an abba was misappropriated from among the spoils of war, no one refrained from buying shields or abbas. The same applies to anything stolen. Likewise, it was known at that time that certain people were making usurious transactions in dinars and dirhams, yet neither the Prophet of God, upon him be peace, nor his Companions refrained from dealing with dinars and dirhams. Essentially, then, the world will be free of the Haram only when people stop doing wrong, and that is impossible.

[Khalidz]

Salamma3likoum All,

Houda, Tihad,

Thank you for your help guys!! jazek allah khere inshallah ...

Im still confused though...really hard to no what to do in this day and age...

Inshallah khere...

[HOUDA-K]

I don’t understand why you’re still confused. Surely it’s easier not to indulge in sin than to repent. And to rent a flat is not a bad thing if you get married insha Allah. It’s not impossible solely on just one salary to rent in London. . I think your exposure to Muslim women has horrified you and has made you conjure up images how much of a financial burden it will become.

The reality is Khalid Islam is here to solve these problems, not exacerbate them. But as you know there are some women and men who have unfortunately integrated our local traditions and customs with Islam.

The real Muslim women know where it’s at.


Your Sister in Islam
_______________________________
HOUDA~K

[Khalidz]

Salam khtee Houda,

Your are 100% correct sis. As we all know renting in london is a knightmare, prices are out of this world, and I guess mortgages are haram, its just simple things in life are gettin way too hard to achieve.
Some sisters expect too much and some dont, and a sister cannot work forever if you know what I mean.

Yes Islam is the key to all our problems and having faith in ALLAH(swt) is the only way to prevail inshallah.

[HOUDA-K]

No no no khoya, renting in London is not a bigger nightmare than trying to get a mortgage. It is not impossible, wallahi. You just need change your frame of mind and digest the idea of renting and not having an mortgage.

Khoya, not all sisters expect to much and if they are then you really need to step back and think do I really want to marry a sister who wants me to commit haram ie. get a mortgage. A Believeing woman whose interest with you for marriage will always want the best for her husband NEVER the opposite.

Please do not allow your previous experiences with sisters to inhibit you from getting married. Yes our deen is the answer to our problems, but you need to start resolving this and start having conviction in what you believe is right.

Wa Salam

Your Sister in Islam
________________________________
HOUDA~K