Mortgage

A mortgage loan or, simply, mortgage is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms.

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Riba . Car . Interest . Mortgage

Is it permissible to engage in practices such as mortgage or car finance, which involve interest, even though Riba is considered forbidden in Islam? Are they considered Halal as long as the full cost of the product is agreed upon including interest?

Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 1 year ago

If you know that it is a Riba between Muslims, then it will be the not permissible to deal with it. If the finance is given by a non Muslim to a Muslim, then it is permissible if it is done according to their own laws.

Wassalam.

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Wife . Mortgage

In Islam does the wife have to pay her way whilst living with her in-laws, for example contributing to expenses such as bills and mortgage?

Zaid Alsalami, Shaykh Dr Zaid Alsalami is an Iraqi born scholar, raised in Australia. He obtained a BA from Al-Mustafa University, Qom, and an MA from the Islamic College in London. He also obtained a PhD from... Answered 4 years ago

Bismihi ta'ala

The simple answer is no, the wife has absolutely no financial obligations towards her husband, her in-laws, or anybody else.

Anything she gives, she gives out of her good will and good akhlaq. She has the option of being generous and contributing, if she is capable of doing so, and willing, and she has the option of not, as that is completely up to her.

The husband or his family have no right forcing her or persuading her to contribute, and she needs to be careful to know her rights. If she is contributing to the mortgage, then she has an option of being a part of the legal ownership of the property, and so on...

With prayers for your success.

She must be careful that she is not being mistreated or manipulated in

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Khums . Home . Loan . Mortgage

In the new Khums ruling on setting off home mortgage loans, if the needs of the household change and they move to a bigger home, can the "original draw-down amount" be increased to take into account a remortgage that is purely to move home?

Yes, it is allowed if it is necessary.

Wassalam.

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Mortgage . Loan . Intention (Niyah)

Is it permissible to buy a house on mortgage from a non Muslim bank in the UK? And what does the concept of taking mortgage loan with the intention of securing the money actually mean?

Yes, it is permissible to buy a house on mortgage from a non Muslim bank.

This is according to the most learned scholars who are known as Maraaji' of Taqleed.

Wassalam.