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?
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.