The Evils Of Interest Based Loans & Mortgages
Question:

Is it allowed for me to take out a loan (Mortgage) from a bank that deals with interest to buy a house? Benefit us may Allaah reward you with good.
Answer:

Even if you were in dire need of eating a piece of bread to save yourself from death still don't borrow anything from the bank whatsoever, let alone buying a house or a car. When one is in a adverse situation forced by circumstance (severe hunger) Allaah has made lawful for you al-Maitah (dead animals), and the flesh of swine, and that which has been killed by a violent blow or by a headlong fall; yet ar-Ribaa (interest) has not been allowed for you, interest is very dangerous, very dangerous. So don't deal with interest and be patient; since Allaah the Perfect and the Most High mentions:

And whosoever fears Allaah and keeps his duty to Him, He will make a way for him to get out (from every difficulty). And He will provide him from (sources) he never could imagine. And whosoever puts his trust in Allaah, then He will suffice him. (Surah At-Talaq 65:2-3)

So dealing with interest is a grave sin, a dangerous matter and the one who makes it allowable has disbelieved. Therefore if you are in need of a house then be patient until Allaah provides it for you, seek refuge in Allaah and utilise the necessary means until Allaah paves the way for you to obtain a house. Either that or you die being free from waging war against Allaah. Since the Muraabi (the one who deals with interest) is warring with Allaah - and Allaahs refuge is sought - as Allaah the Perfect and the Most High mentions:

And if you do not do it, then take a notice of war from Allaah and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums). (Surah al-Baqarah 2:279)

He (Allaah) declares war upon the people of ar-Ribaa (interest) and "the Messenger of Allaah (sallAllaahu alayhi wa sallam) cursed the usurper of interest, the one who pays it, the one who records it and the two witnesses to it."

[Reported by Muslim in his Sahih (11/36 no.1598 - Nawawi) from the Hadith of Jaabir radiallaahu 'anhu]

What do you want after the curse?! Will the house benefit you when you are in front of the Hellfire?! So the believer should fear Allaah and should have patience upon his destitution and his need; for indeed Allaah the Perfect and the Most High mentions:

And certainly, We shall test you with something of fear, hunger, loss of wealth, lives and fruits, but give glad tidings to the patient ones. (Surah al-Baqarah 2:155)

Be patient and Allaah will give you this mighty reward instead of exposing yourself to His curse, His anger, His wrath and His punishment. Bear this severity in the world for it is nothing in comparison to the anger of Allaah and His punishment.

We ask Allaah that He protects us by His grace and favour from everything that incurs His anger and wrath. Indeed our Lord is All-Hearing of our supplications. And may the blessings of Allaah and peace be upon our prophet Muhammad, his family and upon his companions.

Shaykh Rabee` bin Haadee
Ad-durar an-Nadheed min Muhaadharaatil-'Aqeedah wat- Tawheed : Tafseer Kalimati-Tawheed, Questions & Answers, page 118-119.
Translated by Abu 'Abdillaah al-Kashmiree

JAZAAKALLAH

Akhee Amoto94,

Do we count these as interest too?

A. I gave a farmer a sum of money and after harvest and sales of produce he gives me back my capital plus a fraction of the capital.

B. I gave a real estate developer a sum of money to be used to develop houses or estates and to pay back a certain %age of the capital.

After the duration of B above, the developer postponed the payment date and increased the %age.

So far, you're not buying a liability but an asset. Then you're good to go

Islamic JAIZ bank is the Best

Hmmmm nawooo

I agree with this

May Allah provide for us clean way to earning a living

Islamic Banking doesn't accept Riba. You can apply for sukkuk

I laugh

If you go betting sites you go see same Islamic banks authorizing gambling companies to allow Muslims deposit and withdrawal gambling funds through them

Shebi the gambling isn't Haram

Shebi the return gotten isn't interest

1*bet below

God bless Islam

Ok

AntiChristian:
Akhee Amoto94,

Do we count these as interest too?

A. I gave a farmer a sum of money and after harvest and sales of produce he gives me back my capital plus a fraction of the capital.

B. I gave a real estate developer a sum of money to be used to develop houses or estates and to pay back a certain %age of the capital.

After the duration of B above, the developer postponed the payment date and increased the %age.

Return on investment in Islam is not shared on a certain percentage of capital invested, rather based on agreed percentage on profit the business made.
E.g the farmer you invested lets say 2M with, after making sales from produce will calculate all the profit lets say N500k on the business and will give you the investors a certain percentage you have both agreed on initially from the profit. Let's say 50%. That means he'll be giving you 250k. Not 50% 0f the 2M.
JazakumuLlahu khayran

What is the difference between interest, rent and profit? Why is interest classified as Ar- Ribaa and the others not?

May Allah forgive us

Its only people with knowledge and wisdom will know the wisdom behind this.

freeman67:
What is the difference between interest, rent and profit? Why is interest classified as Ar- Ribaa and the others not?

The basic difference is profit is where there is a commodity on at least on side, and interest is where there is money on both sides. So you can’t take money for money with extra. Similarly when two commodities are of similar nature and they are sold by weight or measure then when exchanging them, any extra will be interest. E.g. rice, wheat, dates, etc.

If you have a good quality product and the other party has one of a lesser quality and you were to exchange, then you can’t give one kilo and take two kilos from them.

Emuforlife1:
Islamic JAIZ bank is the Best

How can i open JAIZ BANK �

Nadaken:
I laugh

If you go betting sites you go see same Islamic banks authorizing gambling companies to allow Muslims deposit and withdrawal gambling funds through them

Shebi the gambling isn't Haram

Shebi the return gotten isn't interest

You're a liar.

[quote author=Amoto94 post=108711193]The Evils Of Interest Based Loans & Mortgages
Question:

Is it allowed for me to take out a loan (Mortgage) from a bank that deals with interest to buy a house? Benefit us may Allaah reward you with good.
Answer:

Even if you were in dire need of eating a piece of bread to save yourself from death still don't borrow anything from the bank whatsoever, let alone buying a house or a car. When one is in a adverse situation forced by circumstance (severe hunger) Allaah has made lawful for you al-Maitah (dead animals), and the flesh of swine, and that which has been killed by a violent blow or by a headlong fall; yet ar-Ribaa (interest) has not been allowed for you, interest is very dangerous, very dangerous. So don't deal with interest and be patient; since Allaah the Perfect and the Most High mentions:

And whosoever fears Allaah and keeps his duty to Him, He will make a way for him to get out (from every difficulty). What a about buying stock

Tadeknkeepcalm:

You're a liar.

na my 1*bet account be dis

Islamic bank TAJ authorize payment and withdrawal to gambling site

.

Jazakumullah Khairan. May Almighty Allah SWT reward you and every sincere reader of this post abundantly, aameen.

Amoto94:
The Evils Of Interest Based Loans & Mortgages
Question:

Is it allowed for me to take out a loan (Mortgage) from a bank that deals with interest to buy a house? Benefit us may Allaah reward you with good.
Answer:

Even if you were in dire need of eating a piece of bread to save yourself from death still don't borrow anything from the bank whatsoever, let alone buying a house or a car. When one is in a adverse situation forced by circumstance (severe hunger) Allaah has made lawful for you al-Maitah (dead animals), and the flesh of swine, and that which has been killed by a violent blow or by a headlong fall; yet ar-Ribaa (interest) has not been allowed for you, interest is very dangerous, very dangerous. So don't deal with interest and be patient; since Allaah the Perfect and the Most High mentions:

And whosoever fears Allaah and keeps his duty to Him, He will make a way for him to get out (from every difficulty). And He will provide him from (sources) he never could imagine. And whosoever puts his trust in Allaah, then He will suffice him. (Surah At-Talaq 65:2-3)

So dealing with interest is a grave sin, a dangerous matter and the one who makes it allowable has disbelieved. Therefore if you are in need of a house then be patient until Allaah provides it for you, seek refuge in Allaah and utilise the necessary means until Allaah paves the way for you to obtain a house. Either that or you die being free from waging war against Allaah. Since the Muraabi (the one who deals with interest) is warring with Allaah - and Allaahs refuge is sought - as Allaah the Perfect and the Most High mentions:

And if you do not do it, then take a notice of war from Allaah and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums). (Surah al-Baqarah 2:279)

He (Allaah) declares war upon the people of ar-Ribaa (interest) and "the Messenger of Allaah (sallAllaahu alayhi wa sallam) cursed the usurper of interest, the one who pays it, the one who records it and the two witnesses to it."

[Reported by Muslim in his Sahih (11/36 no.1598 - Nawawi) from the Hadith of Jaabir radiallaahu 'anhu]

What do you want after the curse?! Will the house benefit you when you are in front of the Hellfire?! So the believer should fear Allaah and should have patience upon his destitution and his need; for indeed Allaah the Perfect and the Most High mentions:

And certainly, We shall test you with something of fear, hunger, loss of wealth, lives and fruits, but give glad tidings to the patient ones. (Surah al-Baqarah 2:155)

Be patient and Allaah will give you this mighty reward instead of exposing yourself to His curse, His anger, His wrath and His punishment. Bear this severity in the world for it is nothing in comparison to the anger of Allaah and His punishment.

We ask Allaah that He protects us by His grace and favour from everything that incurs His anger and wrath. Indeed our Lord is All-Hearing of our supplications. And may the blessings of Allaah and peace be upon our prophet Muhammad, his family and upon his companions.

Shaykh Rabee` bin Haadee
Ad-durar an-Nadheed min Muhaadharaatil-'Aqeedah wat- Tawheed : Tafseer Kalimati-Tawheed, Questions & Answers, page 118-119.
Translated by Abu 'Abdillaah al-Kashmiree

Hmmm

maolaya:

Return on investment in Islam is not shared on a certain percentage of capital invested, rather based on agreed percentage on profit the business made.
E.g the farmer you invested lets say 2M with, after making sales from produce will calculate all the profit lets say N500k on the business and will give you the investors a certain percentage you have both agreed on initially from the profit. Let's say 50%. That means he'll be giving you 250k. Not 50% 0f the 2M.
JazakumuLlahu khayran

What of when the farmer loses all the investment due to a natural disaster, who will now inherit the loss(the capital invested)?
The farmer or he that gave the farmer money?

JazakumuLLahu khairan