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Shop to bank on rent

How is it to give my shop in rent to a bank/life insurance company/financial company etc is it halal or haram. My intention is that, I have another piece of land where I intend to build a building and I do not want to take loan, as it will have the problem of interest. Moreover I do not have the capital to build the building and giving my shop in rent to some other person involves two problems. First ordinary business people do not pay rent in time; the amount of rent is low. Secondly, when I am done with the construction of my building it is difficult to take back the shop from ordinary business people.

بسم الله الرحمن الرحيم

(Fatwa: 829/830/N=07/1435)

If the shop is already constructed then it is lawful to give one’s shop to bank, life insurance company or finance company on rent but it is not good, i.e. it is better not to give one’s shop to bank etc on rent.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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