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Assalamu Alaikum brothers and sisters

 

I hope everyone is enjoying good health and Imaan.

 

This question has been bugging me for quite some time now and I really need some clarification on the matter.

 

Well, I'll explain a little about my situation first.

 

Me and my husband are looking to buy a house (we're renting at the moment).. having bought a house we'd have a mortgage and with every mortgage theres interest money to be paid. :D

 

Now, what I've heard is that to pay interest on a mortgage for a house that we buy to live in, is ok - as in it is halal to do so, as its only a house that we've bought to live in and not for investment purposes.

 

Im not sure if Im making any sense or not - let me explain once more: is it ok to buy a house which I've bought to live in and pay interest on the mortgage - in which case would be halal, as opposed to buying a house for investment purposes and paying interest on the mortgage - in which case it will be haram (this is what I've heard...) :D

 

If anyone can help then please provide me with all the information that you can. Im really in two minds about all of this and need some scholarly help and advice real quick.

 

May Allah reward you all in plenty - Ameen. :D

 

Walaikum Assalam

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salaam

 

sister, basically, there are some scholars that have said it is OK to buy a house on mortagage as long as it is for non investment purposes...So it is fine for you to do so as it is seen as a necessity...However, there are some who say, under no circumstances should you get involved in interest and buy a house on mortagage...

 

I would recommend that you get a Islamic mortgage, there are a number of banks offer Islamic mortgages and there is also a Islamic bank as well...try the following link, if you live in the UK:

 

"you can't post links until you reach 50 posts_www.westbrom.co.uk/westbrom/mortgages.category?id=6"]you can't post links until you reach 50 posts_www.westbrom.co.uk/westbrom/mortgages.category?id=6[/url]

 

"you can't post links until you reach 50 posts_www.ukpersonal.hsbc.co.uk/hsbc/amanah_finance"]you can't post links until you reach 50 posts_www.ukpersonal.hsbc.co.uk/hsbc/amanah_finance[/url]

 

"you can't post links until you reach 50 posts_www.islamic-bank(contact admin if its a beneficial link)/islamicbanklive/GuestHome/1/Home/1/Home.jsp"]you can't post links until you reach 50 posts_www.islamic-bank(contact admin if its a beneficial link)/islamicbankliv...Home/1/Home.jsp[/url]

 

hope this helps

 

ma sallam

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:D

 

Although only you can make the best judgement for yourself. I found this article what cleared to my difficulties with the subject and am posting the URL to it.

 

"you can't post links until you reach 50 posts_icgt(contact admin if its a beneficial link)/Khutbas/Khattab09P1.htm"]you can't post links until you reach 50 posts_icgt(contact admin if its a beneficial link)/Khutbas/Khattab09P1.htm[/url]

 

It answers the question of how Islamic banking works too.

 

I hope this helps.

 

Sincerely,

Shakeel Ahmad

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:D

 

"you can't post links until you reach 50 posts_www.Islam.tc/ask-imam/view.php?q=523"]Is buying a house on mortgage allowed in Islam? Here in uk some ulama say it is allowed due to the high cost of living ,is this true?[/url]

 

"you can't post links until you reach 50 posts_www.Islam.tc/ask-imam/view.php?q=11084"]Admissibility of prayers in a dwelling purchased on interest accruing mortgage plan.[/url]

 

Please note that not all financial products termed under "islamic finance" are shariah compliant. Many times even from reputed banks and financial institutions, these products are nothing but to promote themselves and increasing their client base among Muslims. It would be advisable to consult with an alim or an authentic Islamic board to look for a particular financial institution.

 

If already have some bank offering an Islamic product and wish to ask an alim you can send your email at askimam "you can't post links until you reach 50 posts_www.yahoo(contact admin if its a beneficial link)"]yahoo[/url] groups (see link below).

 

:D

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