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Discussion in 'Other Mad'habs' started by Adham12, Apr 7, 2020.
بسم الله الرحمن الرحيم
I am pretty sure i have seen a small risalah written by Maulana Shahid Raza Naeemi (central Moqsue, Leicester) on the issue, I'll try dig a copy out
I recall that shaykh asrar took a shot at mufti taqi usmani for his fatwa on mortgages.....somewhere in the IKT refutation. Mufti taqi usmani has changed his mind several times, I don't think he backs 'islamic' mortgages anymore
بسم الله الرحمن الرحيم
One of my brothers friends use to be a bank manager for Kuwait Banking and this is what he says...when you pay into life insurance, your money (the fund) is then invested by the company on your behalf into stocks, shares or committees. Normally when you take out such things you are asked whether you wish your money to be invested in safe or unsafe transaction where the profit yield is much higher, normally "the fund" is split across safe and unsafe transaction, so as to yield more profits across the life of the plan. It is known in the past that these "funds" (your money) have been used to bolster up unsecured lone at high profit yields over short period of time (e.g. large multi-nationals require quick cash flow etc). Generally, depending upon how the money (the fund)is invested it is almost always linked to some sort of riba, hence its haraam.
Where as paying into a death committee is not the same, since you get paida certain amount say "£2000-£3000", which is made up exclusively by yearly subs.
Allah knows best
...ive heard the same as related by brother Aqdas....also the Muslim community had to establish itself and couldn't do that if we were all renting, especially masaajid, on a temporary basis..i also read deobandi "ulema" allow multiple properties....i was asked a question kind of related about life insurance..if it's haram then how does it differ from death "cometey" which most of us seem to pay into...is it that life insurance pays out a substantial amount where as death cometey only pays for funeral expenses, plane tickets etc?
I've heard many sunni muftis say one property on mortgage is permitted but no more. one because a roof over your head is a necessity and it's easier and more practical in the long term to get a mortgage than to rent. e.g. with current interest rates, it's generally cheaper to buy than rent and also, with current prices, one wouldn't be able to buy a house unless he took a mortgage.
no more than one though. getting a second property on mortgage just to rent out etc. wouldn't be permitted and would come under riba.
but, I am sure there are other sunni scholars who wouldn't even permit one property on mortgage. maybe theirs is a case of taqwa over fatwa or they consider the old argument of daru'l harb etc.
again, I would love to see mufti nizamuddin's take on this. I wish the fiqh seminars of ashrafia were all archived online...
Allah ta'ala knows best.
What do our `Ulama say?
Here the answer by Abu Layth Maliki: