Q: We have a mortgage with a bank in Canada. Please advise. We are starting to think of selling our house and rent an apartment since Islamic banks are much more expensive and their contracts are not always clear.
A: If possible try to refinance the mortage according to Islamic finance principles with an Islamic bank. If that is not possible tighten your belts, reduce daily expenses to a bare minimum and plough all additional resourses into diminishing the mortgage as soon as possible. Also engage in abundant istigfaar and taubah for engaging in interest bearing transactions.
And Allah Knows Best
Aadiel Moosagie (Mufti)
Council of Ulama Eastern Cape
Tel/Whatsapp: +27 83 982 6968