Question:
Assalamualaikum
Respected mufti sahib
We were a family of three small children, planning to buy a house. In our nearby rented-house, there is a house for sale in the condition of over credit. We have to pay a sum of money to the owner ($ 35000), and continue his payment of credit to the conventional bank. Is this scheme allowed?
How about if we pay a larger amount of money ($45000), and ask him to pay off all his credit / debt to the bank, and then buy the house cash from him (included in that 45000). Is this allowed ?
Jazakallah
Wassalaamualaikum
Answer:
You should adopt the second method, by paying $45 000 for the house. In this way you will not be forced to pay off any interest money to the bank.
And Allah Ta’ala knows best
Ebrahim bin Zainul Abedeen Backus
Attested to as correct by:
Mufti Muhammad Ashraf
Darul Iftaa
Jameah Mahmoodiyah
Springs
18 December 2004
06 Thul Qa’dah 1425