can a muslim buy a home on interest?

ahmed_indian

ahmed_indian

to Allah we belong
:salam2:,

if somebody do not have a house and cant buy a home straightaway.

he has only the option of buying through interest. he dont want big beautiful mansion but just a simple ordinary one for the family.

is it permissible due to necessity?

wht if he can afford living in a house based on monthly rent. can still he own a home by interest?

pls give the sources of ur advices.

jazaak Allah khair in advance
 
K

kaise

New Member
asalamalikum ...I have wondered about this myself, i have spoken to many people and pretty well every muslim i know or have heard of gets loans from banks etc and obviously has to pay interest, the countries like mine (aust) it is extreamly hard for anyone to buy house cash! Also ive heard that its the person making profit from the intrest that is Haram -please do correct if i am wrong ... :shymuslima1:
 
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Live4thehereafte

Junior Member
ahmed_indian said:
:salam2:,

if somebody do not have a house and cant buy a home straightaway.

he has only the option of buying through interest. he dont want big beautiful mansion but just a simple ordinary one for the family.

is it permissible due to necessity?

wht if he can afford living in a house based on monthly rent. can still he own a home by interest?

pls give the sources of ur advices.

jazaak Allah khair in advance
Click to expand...
:wasalam: quite simply NO.
 
R

revert2007

Love Fishing
Assalam,

This is a citation: The Messenger of Allaah (peace and blessings of Allaah be upon him) cursed the one who consumes riba, the one who pays it, the one who writes it down and the two who witness it, and he said: “They are all the same.”
Do not take up loans on any cause. For home or Business.
Remember Allaah always test those whom he loves more.
If there's no opportunity now, there will be another one, better.
Inshaallaah, Allah will bless and guide us all.
Wassalam.

source: http://muslim-investor.com/principles/is-interest-permissible-in-islam.html
 
Y

yakubpasha

Junior Member
ahmed_indian said:
:salam2:,

if somebody do not have a house and cant buy a home straightaway.

he has only the option of buying through interest. he dont want big beautiful mansion but just a simple ordinary one for the family.

is it permissible due to necessity?

wht if he can afford living in a house based on monthly rent. can still he own a home by interest?

pls give the sources of ur advices.

jazaak Allah khair in advance
Click to expand...

Big No brother
 
O

ozmiester786

New Member
Where are the muslims in the field of finance/economics to step up, collaborate and propogate the just and correct practices of banking!! nows your chance!! may Allah guide us all ameen. As far as i'm aware... no gary no, noooooooo gary!
 
R

Roughnet13888

New Member
ahmed_indian said:
:salam2:,

if somebody do not have a house and cant buy a home straightaway.

he has only the option of buying through interest. he dont want big beautiful mansion but just a simple ordinary one for the family.

is it permissible due to necessity?

wht if he can afford living in a house based on monthly rent. can still he own a home by interest?

pls give the sources of ur advices.

jazaak Allah khair in advance
Click to expand...

Normally it's yes, because most of the interest schemes says that any cast/religion can take it.
 
D

DanyalSAC

Junior Member
Ok so based on these rulings what are the options of a Muslim who wants to buy a house? Lets face it, handing over 200 thousand dollars isn't something most Americans - Muslim or not - can do if they want a home.

Also, in my case...I bought my house several months before I converted. So now I have a mortgage and I am Muslim. Am I expected to sell my house? I called two sharia banking centers here in the US to get some advice, and one of them requires a 720 fica score credit rating (which - if you think about it - is a double standard: to get a credit rating THAT high you have to have a long history of good credit - ie, RIBA!!!). I know some brothers at my masjid who had a mortgage when they converted and then they just walked away from their house and allowed the bank to foreclose on them. This to me is horribly irresponsible. Even though as Muslims we don't do credit like that, the rest of this country does: destroying your credit rating like that would insure that NOBODY would even rent an apartment to you.

So here in the US its a no-win situation: either pay riba and do battle with Allah, or walk away and live in a cardboard box under a freeway :)!
 
podolski11

podolski11

PAIN
DanyalSAC said:
Ok so based on these rulings what are the options of a Muslim who wants to buy a house? Lets face it, handing over 200 thousand dollars isn't something most Americans - Muslim or not - can do if they want a home.

Also, in my case...I bought my house several months before I converted. So now I have a mortgage and I am Muslim. Am I expected to sell my house? I called two sharia banking centers here in the US to get some advice, and one of them requires a 720 fica score credit rating (which - if you think about it - is a double standard: to get a credit rating THAT high you have to have a long history of good credit - ie, RIBA!!!). I know some brothers at my masjid who had a mortgage when they converted and then they just walked away from their house and allowed the bank to foreclose on them. This to me is horribly irresponsible. Even though as Muslims we don't do credit like that, the rest of this country does: destroying your credit rating like that would insure that NOBODY would even rent an apartment to you.

So here in the US its a no-win situation: either pay riba and do battle with Allah, or walk away and live in a cardboard box under a freeway :)!
Click to expand...


hmm tough choice.......cardboard box.......hmmmm really tough choice
 
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DanyalSAC

Junior Member
podolski11 said:
hmm tough choice.......cardboard box.......hmmmm really tough choice
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One of my brothers at the mosque sends me a txt message on an almost daily basis that says "SELL SELL SELL!" over and over.

I told him that I've been measuring freeway over passes to find the one my cardboard box would fit in.

We find it funny. :)


(On a more serious note: I have made my intention to Allah swt that I will sell my house next Spring and move to an apartment or find a house to rent. The economy in the US right now is in the gutter so I am leaving it in Allah's hands. Its quite crushing for me - I've spent all my life trying to buy my own house and now that I have it my new religion tells me to give it up.)
 
podolski11

podolski11

PAIN
DanyalSAC said:
One of my brothers at the mosque sends me a txt message on an almost daily basis that says "SELL SELL SELL!" over and over.

I told him that I've been measuring freeway over passes to find the one my cardboard box would fit in.

We find it funny. :)


(On a more serious note: I have made my intention to Allah swt that I will sell my house next Spring and move to an apartment or find a house to rent. The economy in the US right now is in the gutter so I am leaving it in Allah's hands. Its quite crushing for me - I've spent all my life trying to buy my own house and now that I have it my new religion tells me to give it up.)
Click to expand...


like why not buy a trailer??......a house in the car :D
 
ahmed_indian

ahmed_indian

to Allah we belong
DanyalSAC said:
So here in the US its a no-win situation: either pay riba and do battle with Allah, or walk away and live in a cardboard box under a freeway :)!
Click to expand...

dont say like that, living in cardboard is bad but battle with Allah is worst.

Allah knows our condition better than us. and He is Most Merciful Oft Forgiving
 
Lookingforlight

Lookingforlight

Slave of Allah
podolski11 said:
i thought those Islamic banks were also the same thing but jz with the name Islamic infront of it?
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They say they do things according to the Shariah, so I have no problem with that.

For mine I will be answerable to Allah alone and for theirs they will be answerable to Allah.
 
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Rashadi

Junior Member
Allah is tye judge in the end and this is a different situation from general. there r scholars who say it is permissible when there r no other options and in ur case it is serious and walking away from it is trouble too. islamic banking is absurd to demand credit scores and esp that high. having a decent paying job and steady is what should matter but i don't make the rules and they make things harder than kafir banks lol. it pisses me off.
 
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Rashadi

Junior Member
Allah is tye judge in the end and this is a different situation from general. there r scholars who say it is permissible when there r no other options and in ur case it is serious and walking away from it is trouble too. islamic banking is absurd to demand credit scores and esp that high. having a decent paying job and steady is what should matter but i don't make the rules and they make things harder than kafir banks lol. it pisses me off.
 
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