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FIXED RATE MORTGAGE

Last updated: 17th November 2006
Question ID: #3053
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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?


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
Answer last updated on:
29th August 2008
Answered by:
Ulamaa ID 04
Website
Location: London
Mufti Qamruzzaman

London, UK