Question
I live in UK in a house for which I pay mortgage. From the Islamic point of view would I be justified in buying another house on mortgage purely for business purposes?
Answer
Taking a loan on interest and subsequently paying the contracted interest does not fall under the category of cooperating in the sin of the person taking interest. The sin of cooperation in sin would, for instance, be for a person who, by the willingness of his heart, works for one who is taking interest, not on the borrower. The only point of consideration for the borrower is the liability that is being incurred by the loan or the debt-financing in question. Every person must try to make sure that he is clear of financial liabilities, as far as possible. Any liabilities not cleared during the life of this world will have to be cleared on the Day of Judgment, when a person would have nothing else to settle the claim of others, except his good deeds.
Moiz Amjad
April 2006
UIUK
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