Are House Mortgages Permissible?
Question: Assalam alaykum
Are house mortgages permissible?
Answer: Wa alaikum assalam wa rahmatullah,
Generally, mortgages from conventional, usurious banks are going to be impermissible as they stipulate the kind of increase in a loan contract which was expressly prohibited in the Qur’an.
Allah Most High says, “O believers! Fear Allah, and give up outstanding interest if you are true believers. If you do not, then beware of a war with Allah and His Messenger! But if you repent, you may retain your principal. Do no wrong and you will not be wronged.” [2.278-279]
Accordingly, you should strive to seek out a permitted alternative, ideally from an institution or bank which has a certifying board of qualified experts.
[AAOIFI Shari‘ah Standards (518); Ghawji, Kashf Shubuhat man za‘ama Hill Arbah al-Qurud al-Masrifiyya (26)]
And Allah Most High knows best.
[Ustadh] Tabraze Azam
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