Source: http://qa.muftisays.com/?3053
Question ID: #3053
 
Question: FIXED RATE MORTGAGE
Salams Mufti Saab!

I know mortgage is haraam but if someone has fixed there mortgage for a number of years so a fixed same amount is going out every month is it still haraam? as I have heard if the interest rate is fixed then its OK?
 
 
Answered by: Ulamaa ID 04 (London)
Date: 29/08/2008 22:55pm

Bismillah

Al-jawab billahi at-taufeeq (the answer with Allah's guidance)




This is not permissible, as all conventional mortgage is Haraam whether the interest rate are fixed or not.

Please refer to: http://www.muftisays.com/qa.php?viewpage=viewQA&question=3907

http://www.muftisays.com/qa.php?viewpage=viewQA&question=102



And Only Allah Ta'ala Knows Best.
Mufti Qamruzzaman

London, UK
 
www.MuftiSays.com