Selling a property that one purchased with an interest bearing loan
Q: I saw an add on Internet for sale of land. I wanted to buy that land but I didn’t have enough money. So I contacted the bank and fixed the loan. As it was property of a private owner, so bank bought the property, paid amount to the seller and gave me loan. Land price was 100,000. I have 5 years loan period, amount of payment is fixed to 150,000 only if I pay within 5 years, above the principal amount 50,000 is interest (in bank’s terms, because it is a conventional bank) but I considered it as I’m buying the property at a high price and amount of money is fixed at the beginning. I will pay this amount within that period if I don’t bank will charge interest. Is this contract halaal?
Now after few months have past and i’m paying off that loan, I realised that I have made a mistake because first, I will not be able to pay off this loan within this period and secondly I think its not halaal. I have put this land for sale. I have in my mind that I’ll do lots of istigfar and still begging Allah to forgive me. I have decided i’ll never deal with conventional banks ever. Is it all right if i sell the property now? Where bank will not share in any loss or profit, rather it has some fixed fees it will charge for breaking the contract. Although, that land is not going to be sold in profit, may be equal to the same actual price of 100,000 or may be less than that. Whereas I have paid more than that amount in terms of lawers fee, council charges, bank fee and interest to bank (as I considered extra payment as high price). Was that contract halaal? Can I sell that property now? I had dream on two different nights that a storm in the ocean is approaching us. What does it mean? Is it related to the whole story?
- The conventional banks operate purely on interest and usury. They provide the loan with the condition that when paying back the loan, one pays an extra amount. This is riba regardless of whether the amount was fixed at the beginning or not. You should sincerely repent to Allah Ta’ala for getting involved in this major sin and make a firm resolve that you will never return to this sin in the future.
- It is permissible for you to sell the property and pay off your loan.
- The dream relates to your situation.
And Allah Ta’ala (الله تعالى) knows best.
الَّذِينَ يَأْكُلُونَ الرِّبَا لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ذَٰلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا وَأَحَلَّ اللَّـهُ الْبَيْعَ وَحَرَّمَ الرِّبَا فَمَن جَاءَهُ مَوْعِظَةٌ مِّن رَّبِّهِ فَانتَهَىٰ فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّـهِ وَمَنْ عَادَ فَأُولَـٰئِكَ أَصْحَابُ النَّارِ هُمْ فِيهَا خَالِدُونَ ﴿البقرة: ٢٧٥﴾
يَا أَيُّهَا الَّذِينَ آمَنُوا إِنَّمَا الْخَمْرُ وَالْمَيْسِرُ وَالْأَنصَابُ وَالْأَزْلَامُ رِجْسٌ مِّنْ عَمَلِ الشَّيْطَانِ فَاجْتَنِبُوهُ لَعَلَّكُمْ تُفْلِحُونَ ﴿المائدة: ٩٠﴾
عن جابر رضي الله عنه قال لعن رسول الله صلى الله عليه وسلم آكل الربا وموكله وكاتبه وشاهديه وقال هم سواء رواه مسلم ( مشكوٰة المصابيح ص244)
عن أبي هريرة عن رسول الله صلى الله عليه وسلم قال ليأتين على الناس زمان لا يبقى أحد إلا أكل الربا فإن لم يأكله أصابه من بخاره ويروى من غباره رواه أحمد وأبو داود والنسائي وابن ماجه ( مشكوٰة المصابيح ص245)
وعن عبد الله بن حنظلة غسيل الملائكة قال قال رسول الله صلى الله عليه وسلم درهم ربا يأكله الرجل وهو يعلم أشد من ستة وثلاثين زنية رواه أحمد والدراقطني وروى البيهقي في شعب الإيمان عن ابن عباس وزاد وقال من نبت لحمه من السحت فالنار أولى به ( مشكوٰة المصابيح ص245)
Checked & Approved: