Paying interest - please help!
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Forum Name: Interfaith Dialogue
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Topic: Paying interest - please help!
Posted By: katherinev
Subject: Paying interest - please help!
Date Posted: 02 July 2007 at 12:59am
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Assalamu alaykum brothers and sisters Being new to Islam, I am still learning. One of the things that I have learnt is that Allah swa declares war on those who deal with interest. This has made me re-think of purchasing my own home by taking out a mortgage, however a Muslim family have told me that the mortgage is necessary if I want to own my own home and that it is not haram to do so if you acquire the mortgage to purchase your principal home that you wish to live in (Using the mortgage for investment is haram). Can someone please advise me if this is true? If this is not the case, can you please provide me with evidence from the Quran. Also, is Islamic finance an alternative option? I would appreciate as many responses as possible so please give me your input, thanking you kindly, Katherine
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Replies:
Posted By: minuteman
Date Posted: 02 July 2007 at 2:52am
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It mostly depends where you are living and the law of the land. You have to obey the law of the land under all circumstances. If You are living at a place where the law of Sharia is enforced then you follow the Sharia law and do not indulge in interest. But in any other place, please do not discuss the matter of interest openly. Just follow the law of the country. If on your own, you can avoid giving and taking interest then do it by all means. But please do not be under any pressure about these things in western countries. TRy your best to avoid. Butif you cannot then do not worry and do what is good for you. I cannot reply by some Hadith or verse of Quran. But the Islamic laws are to be followed in a country where they are enforced. For example, if you are in the States, then you have to wait a very long time till they legislate a law against interest, i.e. until they abolish interest. Of course that may take ages. ------------- If any one is bad some one must suffer |
Posted By: crasss
Date Posted: 04 July 2007 at 12:07am
Obeying the law of the land is a matter of practicality and not of morality. Obeying the law of the One God is a matter of morality. If it is more practical, obey the law of the land, as to avoid problems. If it is not, don't. I would look into halal mortgages and see if they can suit your needs. |
minuteman wrote:Posted By: herjihad
Date Posted: 07 July 2007 at 7:22pm
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Bismillah, When you look into "halal" mortgages, use your common sense, and get economic advise from a neutral person to compare the bottom line in both cases. Some of those mortagages can cost twice as much as interest financing. And the bottom line that people forget is that Allah, The All-Knowing and most Wise wants us not to cheat each other with unfair advantage. And when people offer "halal" mortgages, we need to review the terms carefully to make sure the spirit of Allah, The Just's, law is not violated. ------------- Al-Hamdulillah (From a Married Muslimah) La Howla Wa La Quwata Illa BiLLah - There is no Effort or Power except with Allah's Will. |
Posted By: minuteman
Date Posted: 07 July 2007 at 8:58pm
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Both the above posts are very nice and useful. Thanks. ------------- If any one is bad some one must suffer |
Posted By: katherinev
Date Posted: 08 July 2007 at 5:23am
I never thought of things that way. Thank you for your responses I really appreciate everyones input and may Allah s.w.a bless you and reward you all for your kindness. 
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