FIXED RATE MORTGAGE

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FIXED RATE MORTGAGE

Question date:		17th November 2006
From:		Mohammed
Short URL:		http://qa.muftisays.com?3053
Notes:		No Notes
Question ID:		3053

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?

Answer

Ulamaa
Ulamaa ID 04

Answer last updated on:
29th August 2008
Answered by: Ulamaa ID 04

Website
Location: London

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.

--------------------------------------
Moulana Qamruz Zaman
London, UK

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