Q: What is the ruling on a person if in past he has taken interest based loans to buy a home, plot or any electronics item and keep repenting.
Are those items lawful as he has bought from his own money?
Q: I live in Europe and I need some money and there is no one to help me. The bank is ready to give me a loan but they want it back with interest. For example, if I get 5000, I have to return 5500 in two years. I know it is not halaal, is there any way to make the amount halaal for me?
Q: If someone gets a mortgage for a house and then does taubah, he still benefits by keeping the property and also being forgiven.
How is this fair compared to someone who avoids doing so?
Q: I want to take an interest loan from a bank through a friend since the bank would only be willing to lend it to my friend and not myself because of my poor credit history. Is it allowed? What is the punishment, and is the sin on both of us or only me? Am I also involving my friend in a sin?
Q: If a person, who in ignorance, took out an interest loan, thereafter realized his sin, made sincere taubah and made a promise to Allah never to take such loans again. However he still has the debt/loan to pay off and he doesn't have the full amount to settle it. Now going forward, does he still fall under the curse of Nabi (salallahu alayhi wa sallam), as he still has to pay off the loan and he will still be paying interest? Please advise whats the way to correct the situation.
Q: Is it permissible to own a car dealership whereby you sell cars to customers borrowing money from the bank and are paying interest?
From my understanding, even to witness the transaction is a sin. In this case we may be encouraging it to make a sale and helping the customer get finance. Is the profit from the sale halaal?
In some instances the banks give the dealers a kickback for arranging the finance with them, would this money be halaal?
Q: I was traveling with a co-worker who stopped at the attorney offices and asked me to come inside with her. When I went inside I was asked to be a witness on signing for a home loan bond that was taken with the bank.
I am feeling very uneasy and I would like to find out if I have committed a sin by being a witness to the interest stipulated on the contract.
Can I somehow get my name removed from that contract as I myself try my utmost to not deal with interest bearing loans.
Q: The question is: do we qualify to take up a new mortgage for a new home under the fatwa issued on mortgage for ONE house from the European council for fatwa and research?
The background is that we live in Norway and we own a house (apartment/ flat) of about 76 square meter equivalent to 820 square feet. Two thirds of the mortgage of the current house is paid of.
We have 3 children and we think that the house is too small for us. We are thus thinking of selling this one and taking up a new mortgage to buy a bigger (separate) new house.
As per the fatwa, it is allowed to buy/own ONE house with a bank mortgage. At the same time we don't wish to wage a war against Allah Ta'ala, as it is stated in the Holy Quran, about ribaa.
So do we qualify under this fatwa to do this? Shall we go ahead with our plan?
Q: I want to buy a house but I can't pay full, or get an Islamic mortgage because of my finacial situation. I am staying in a rented property, and now the time has come for me to get my son married and we need a bigger house. I wanted to rent a house, but the price is also high. I don't get a housing benefit. Can I buy a house with a non-Islamic mortgage and try my best to pay the mortgage as soon as I can?
Q: I have been told that student finance is permissible even with the inclusion of interest. The Moulana has said that it has similar rulings to car insurance. Please advise.