I was not aware of interest giving is haraam in islam before i bought the home loan. Now i have understood about it and had taubaah with Allah and decided not to involve in any interest related matter in future from now onwards. But currently i have to pay the installment with interest and selling this house and paying remaining loan will be very big loss in terms of finance. I know that aakhirat will be big in terms of duniya. My priority is akhirat. Please guide us.
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
Alhamdulillah, Allah has granted you the understanding that interest is haram.
There are two issues here:
a. To buy a house on an interest bearing loan.
b. Ownership of the house.
It is haraam (strictly prohibited) to take an interest loan to purchase a house or to run a business.
يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِنْ كُنْتُمْ مُؤْمِنِينَ (278) فَإِنْ لَمْ تَفْعَلُوا فَأْذَنُوا بِحَرْبٍ مِنَ اللَّهِ وَرَسُولِهِ وَإِنْ تُبْتُمْ فَلَكُمْ رُءُوسُ أَمْوَالِكُمْ لَا تَظْلِمُونَ وَلَا تُظْلَمُونَ (279)
[2:279] O you who believe! fear Allah and relinquish what remains of interest, if you are believers.
[2:280] But if you do it not, then beware of war from Allah and His Messenger; and if you repent, then you shall have your original sums; thus you shall not wrong, nor shall you be wronged.
عنابن مسعود ، قال : لعن رسول الله صلى الله عليه وسلم آكل الرباوموكله وشاهديه وكاتبه
Rasulullah (Salallahualayhi wasallam) cursed the one who consumes Riba’ ,
or gives it, or stands witness for it or makes out the contract for it.
You will be the owner of the house. We advise you to keep the house and endeavour to out the house as soon as possible and make Tawbah and Istighfaar for the sin you have committed and make a firm resolve never to involve yourself in Riba based transactions. You may also give some Sadaqah which helps dispel and alleviate the wrath of Allah (Ta’ala).
And Allah Ta’āla Knows Best
Ismail Desai,
Darul Iftaa
Checked and Approved,
Mufti Ebrahim Desai.