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FIXED RATE MORTGAGE

Answered according to Hanafi Fiqh by Muftisays.com
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Salams Mufti Saab!

I know mortgage is haraam but if someone has fixed there mortgage for a number of years so a fixed same amount is going out every month is it still haraam? as I have heard if the interest rate is fixed then its OK?

Answer
Bismillah

Al-jawab billahi at-taufeeq (the answer with Allah’s guidance)

This is not permissible, as all conventional mortgage is Haraam whether the interest rate are fixed or not.

Please refer to: http://www.muftisays.com/qa.php?viewpage=viewQA&question=3907

http://www.muftisays.com/qa.php?viewpage=viewQA&question=102

And Only Allah Ta’ala Knows Best.

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Moulana Qamruz Zaman
London, UK

Original Source Link

This answer was collected from MuftiSays.com, based in London (UK). It is one of the fruits of Darul Uloom London. Many ‘ulama are involved in answering the Q&A on the site, including: Shaikul Hadeeth Mufti Umar Farooq Sahib, Mufti Saifur Rahman Sahib, Mufti Abdullah Patel Sahib, Maulana Qamruz Zaman Sahib, Mufti Abu Bakr Karolia Sahib.

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