Re: Mortgage
AsSalaamo Alaikum TLK bhai,
But how will the conscience be at rest when you look at the monthly statement, and it gives a break down of the payment. x Amount towards principle, and x Amount for interest. Unless the seller knows the subject, and agrees to mask riba in the transaction in the form of justifiable profit that he/she/the organization is asking for because they’re taking on a risk. I’m just asking.
Mortgage, or any loan for that matter is a, what is the word, tricky subject because there are different points of view present on it. Those that are for it, rightly so. And those that are against it, again also rightly so.
What felt closer to my heart was what one scholar said in answer to a question about taking Mortgage to buy a house out of necessity. Which is why we all seek it because why not pay the same amount to own something instead?
This is what the Aalim had to say on it in response, and I’ll paraphrase: “Necessity means when there are no other choices; almost last resort. Quran allows for consuming of what has been made haram only if it becomes absolutely necessary and turns into a life or death situation. But we are commanded not to transgress in our necessity of the moment, and consume only enough to ensure survival. But how can buying a house become a necessity when renting is an available option in most parts of the world (The question was specific to U.S.)? Isn’t a muslim’s goal to treat life as a test, and live as a wayfarer as Prophet Muhammad (s.a.w.) commanded, and strive for Jannah instead which is an eternal abode? So would you justify risking indulging in Riba although another less desireable option is available, or would you rather take the difficult path out of fear of Allah and the command in Quran that says Allah and His Messenger (pbuh) declare war on the one who indulges in Riba, the one who becomes a witness to the transaction, and the one who writes the contract of riba”.
Allahu Alim. As SID_NY said earlier, it is best to consult a trusted scholar around where you live because you will get advise that is suited to your locality, and circumstances there.