Knowledge

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.

Wassalam,
[Ustadh] Tabraze Azam

Proudly brought to you by Seekers Hub, more Seekers Hub can be found at http://seekershub.org/ans-blog/2018/10/25/house-mortgages-permissible/

Since You're Here... we have a small favour to ask.

In these extraordinary times, millions rely on HOTD for daily uplifting & inspiring content. Established since 2009 and with your kind support we’ve seen readers elevate their Imaan & strive for better on a daily basis. We’re committed to keeping our content freely available and open for all readers. Every contribution, however big or small, makes a difference and help us spread knowledge to millions daily

HOTD is something special, it’s a place where people can come to be inspired, to renew their faith, to learn and share knowledge, to fall in love with our faith and also our Prophet (peace and blessings be upon him and his family).

All content on HOTD is free. We believe what we do in this life builds for the next one and we work tirelessly with the aim to please Allah and inspire the global Muslim community as

well as providing information and inspiration for anyone interested in Islam. We simply cannot do this without your support and your support helps us continue our services.

If there were ever a time to join us, it is now. You can support HOTD and help sustain our future. Support Hadith of the Day and make a one-off donation or give regularly from as little as £10 a month Jazak’Allah Khayr – whatever you donate will come back to benefit you Insha’Allah as whatever is spent in the way of Allah is an investment in the future and the next life. Thank you.

Related Articles

Check Also
Close
Back to top button