ANSWERED: Confused about mortgages..

[MrDC]

Salaam, I am now slowly practising Islam, I am a qualified mortgage advisor. My query is, i understand interest is haraam and therefore mortgages are haraam. Is it still possible for me on advising/selling mortgages to muslims (knowing that they are aware that it is haram)?

Also what is the position on Islmic mortgages? I have read and heard that it isnt truly "islamic" due to the rent element being guised as interest.

I am confused as to whether i should leave the mortgage industry altogether and start working somewhere else? Or, should i continue to stay at my job, (surely muslim brothers and sisters are aware that a mortgage is haram? if they want to take one out then would i still be punished for advising/selling which mortgage to take out?

What is the ruling on this? I am confused and dont know what to do.

Wasallaam

[Travelleress]

Asalamu 'alaykum,

Some useful links:

http://qa.sunnipath.com/issue_view.a...=8603&CATE=119

http://qa.sunnipath.com/issue_view.a...D=3563&CATE=43

http://qa.sunnipath.com/issue_view.a...ID=382&CATE=43

Wasalam

[Nafeesa]

Salaam, I am now slowly practising Islam, I am a qualified mortgage advisor. My query is, i understand interest is haraam and therefore mortgages are haraam. Is it still possible for me on advising/selling mortgages to muslims (knowing that they are aware that it is haram)?

Also what is the position on Islmic mortgages? I have read and heard that it isnt truly "islamic" due to the rent element being guised as interest.

I am confused as to whether i should leave the mortgage industry altogether and start working somewhere else? Or, should i continue to stay at my job, (surely muslim brothers and sisters are aware that a mortgage is haram? if they want to take one out then would i still be punished for advising/selling which mortgage to take out?

What is the ruling on this? I am confused and dont know what to do.

Wasallaam

by only selling mortgages to muslim brothers n sisters assuming they know its haram wud still be wrong because ur facillitating them in their haram, by no means wud this be acceptable. for example, wud u have an alcohol business n say "ill only sell it to muslims assuming they know its haram" ur business it self is the mortage business, ur wages are obviously paid from interest earned by the company.

the prophet saw sed, "a dirham a man spends knowing he earned it from riba is worst then 36 instances of fornication"!

also brother, the income u earn from this job is haram so there for wateva u buy from it is haram, there wudnt even be much point buying halal meat cuz itd be haram.

here is a gud article.

Indulging in Interest

Allah has declared war against people who deal in riba. Allah says, "O you who believe! Be afraid of Allah and give up what remains due to you from riba, if you are really believers. And if you do not do it, then take a notice of war from Allah and His Messenger." [2:277-278] This verse is sufficient to show the atrocity of this crime in the sight of Allah. Anyone who notices what is happening to individuals and nations, can see the extent of harm incurred by dealing in riba. These include bankruptcy, depression, and deficit with a failure to pay their debts, along with economic paralysis, raising unemployment, and bankruptcy of many companies. All of this makes the outcome of the sweat of people and their daily hardship pour directly into the payment of the ever-increasing interest to the rich user of riba. This in turn contributes to the creation of distinct social classes, accumulating the monies into the hands of a few number of people. This may indeed be one of the types of wars that Allah warned those who deal in riba against.

All those who participate in the riba transaction, whether they are the principal parties, the intermediaries, or the facilitators, are cursed by Prophet Muhammad, sallallahu alayhe wasallam. Jaber said, "The Messenger of Allah, sallallahu alayhe wasallam, has cursed, 'The one who takes riba, the one who writes it and the one who witnesses it,' and he said, They are equal (in sin)'." (Muslim)Therefore, it is not permitted to have a job as an underwriter of riba, or in the accounting or estimation of the interest, nor in its collection or deposition, or in guarding it. In general it is forbidden to participate in it in any way whatsoever.

The Prophet, sallallahu alayhe wasallam, was eager to show the wickedness of this vice, saying, "Riba has seventy three gates, the least of them is like a man who fornicates with his mother. And verily, the worst of riba is the Muslim's honor." (al-Hakim) And he also said, "A dirham that a man spends knowing he gained it from riba is worst than thirty six instances of fornication." (Ahmad) The prohibition of riba is general and is not specific to the one performed between the wealthy and the poor, as many people believe, but is rather general in any situation and for any person.

How many rich merchants and businessmen have lost their wealth because of riba? The least of its evils is that it wipes out the blessings upon the money, even if it seems abundant. For the Prophet, sallallahu alayhe wasallam, said, "The outcome of the money gained in riba, even if its amount is big, is always paucity." (al-Hakim) The unlawfulness of riba is not confined to what has a high interest, but to any amount of interest, no matter how small it is. The usurer will be resurrected in a state of insanity, as if the Satan is hitting him.

[eat-halal guy]

brother,

Welcome to sunniforum! We hope your stay here is beneficial, .

May Allah reward you for asking this question and seeking out the truth. The Prophet is reported to have said:

"The curse of Allah Ta’ala is upon the one who takes interest, the one who pays it, the witness of the transaction and those who record it — and all are equal in the sin." (Sahih Muslim)

Of course, any assistance provided to the customer for obtaining an interest-bearing loan, including the filling of the application form for the loan, is not permissible according to Shariáh and it does fall within the scope of the warning of the Hadith.

( http://www.albalagh.net/qa/accountant_interest.shtml )

Also, as mentioned earlier, helping someone to sin is also a sin, even if the person doesn't mind.

Therefore, it would not be permissible to advise on, offer, and sell mortgages that involve riba (usury). A Muslim involved in this business should try to find alternative means of earning as soon as possible.

As an alternative, Muslims involved in mortgages can try to direct their resources towards interest-free Shariah-compliant finance options, as Shariah-compliant banking/financing is a rapidly expanding market. (Example: http://www.umfinancial.com/ )

As a rule of thumb, any transaction that involves buying money for money, even if it is paid at a later date, is impermissible.

I hope this helps and may Allah bless you, ameen.

Allah knows best.

Wassalam,
Ziad