Search:
Search all the listings in this section
| |
Browse by Category:
|
Question:
Is Ijara Conversion Product halal? Ijara is providing the sharia compliant mortgage conversion in Canada. I have also got the Shaikh Mohamed Umer Esmail Fatwa from Ijara loan. How it works? Ijara is asking me to get the mortgage approve from conventional bank and send the document to Ijara and they will re-structure the transaction according to Sharia and I don't have to pay any interest. Also Bank's interest rate and terms will remain same.
Answer:
Praise be to Allah.
The question is vague. It does not provide the mechanism of conversion. Without this mechanism it is difficult to give an answer.
Ijarah as a contract is permissible and can be used in buying homes on a plan that has a mix of rent and promise to buy pits and parcels of the property along with periodical rental payment. Car leasing in America is essentially permissible but there are a few clauses related to interest in conventional car leasing. The problem comes from these clauses not from the concept of Ijarah even though the numbers may be the same.
Notice a rent is fixed and interest is also fixed. The prohibition of interest does not come from being fixed or not. It comes from being increment in a debt. Rent is a price of usufruct.
Replacing an interest house loan with a contract based on Ijarah is of course what Many Islamic finance companies do. But taking a mortgage loan from a bank to a company after it is contracted with the bank and it give you instead of it an Ijarah with same rate and numbers means that it pays interest and accepts from you rent. Who is going to do that and what is its profit?
And Allah knows best.
Dr. Monzer Kahf
Question Date: 2011-04-26
* The views posted are the opinions of the individual author of each posting, and are solely meant for education, discussion, and debate, not for any illegal purpose. The authors are not responsible or liable for the intentional, reckless, or negligent actions of any individual, and we assumes no responsibility for the content of the authors. Thus, the articles and materials posted do not represent, endorse or express the views of Muslims of Calgary or any of its affiliate organizations.
* Alcohol in Perfumes (2010-12-04)* Any Shari`ah Compliant Banks in Calgary for House Mortgage? (2011-04-23)* Attracted to Homosexuality (2010-12-30)* Bank Account Opening Bonus (2010-10-28)* Being a Comedian? (2012-04-17)* Birds as Pet (2010-06-16)* Business Loan (2010-02-05)* Celebrating Birthday (2010-10-08)* Celebrating Halloween (2011-10-17)* Coffee & Tea Drinks (2010-08-27)* Committed Adultery and Had Baby (2013-01-31)* Committed Zina While in Hospital Due to Mental Illness (2012-10-22)* Dental Surgery (2010-06-25)* Drawing Faces in Classroom (2011-03-09)* Drinking Soft Drinks (2011-11-24)* Earnings from Lottery / Tobacco in Franchise (2010-02-20)* Eat Meat Not Islamically Butchered? (2011-03-18)* Eating Beef or Chicken at Fast Food Restaurants (2012-05-04)* Eating Food Cooked with Alcohol (2010-09-10)* Eating Kosher Food (2013-03-11)* Eating Lobster (2012-10-25)* Eating Vegetarian Food at Hindu Restaurants (2012-03-12)* Engaging in Dangerous Sports Like Skydiving (2012-11-15)* Escort and Modeling Business Service (2012-07-21)* Excluding Disobedient Children From Will (2012-01-16)* Fast Food (2010-01-05)* Food in the West, such as Cheddar Cheese (2010-08-24)* Food Produced in the West, such as Gelatin (2010-08-08)* Found Wallet, Lied on Parents & Do not know Owner (2010-01-04)* Future Plans With My Young Girlfriend (2011-03-23)* Getting My Body Waxed by a Non-Muslim (2011-08-15)* Giving Away Interest Earned on Saving Account (2011-09-17)* Had a Mut'ah Marriage and Got Pregnant (2011-05-22)* Haraam Jobs (2010-03-03)* Having Non-Muslim Friends (2011-03-31)* Health Care Aide Job & Washing Body's Privates (2012-04-30)* Intercourse With a Wife in Her Rectum (Back Passage) (2011-06-25)* Interest Loan to Buy Properties to Rent (2012-02-29)* Internet Chatting - The Eye Commits Zina (2010-07-06)* Is it Haram to Masturbate? (2010-01-06)* Is the Stock Market Haram? (2010-03-30)* Is This Money Lawful? (2010-07-05)* Leasing a Car (2010-05-11)* Making a Kaaba Model for Kids Education (2012-10-23)* Making Dua’a for non-Muslim (2010-01-26)* Marijuana & Prayers (2010-11-28)* Masturbation and Strong Sex Drive (2012-02-07)* Meaning of Maa’ilaat Mumeelaat (2011-08-15)* Medication to Put me Sleep When Depressed & Frustrated (2012-04-03)* Menstruating Woman Touching & Reciting Qu'ran (2010-10-08)* Mouthwash Containing Alcohol in Ingredients (2010-06-17)* My Career and Pleasing My Parents (2012-03-11)* My Friend is Addicted to Pornography (2011-11-30)* My Hair is Thinning (2011-05-19)* My Husband Selling Drugs (2013-02-28)* Non Alcoholic Beer (2010-12-04)* Owning a Chain Business Serving Sausage & Bacon (2011-10-21)* Permissible Seafood (2011-04-23)* Pizza Order Taker & Pork Products (2010-08-17)* Pregnant from Zina (Adultery) (2010-05-03)* Prophet Muhammad's Belongings Publicized, Any Truth or Value (2012-09-03)* Purchase Foreclosure Home (2012-07-16)* Purchasing House from Someone Who Bought it on Mortgage (2011-04-11)* Received a Gift that was Bought by Stolen Credit Card (2012-07-23)* Removing Armpit Hairs With the Help of Another Person (2011-08-15)* Removing Upper Lip Hair (2011-07-14)* Rent to Own - Buying a House (2010-02-14)* Revenge (2010-05-04)* Ruling on Putting Nutmeg in Food (2012-03-07)* Ruling on shaking hands with the opposite sex (2010-01-14)* Ruling on Taking Boyfriends or Girlfriends (2011-02-13)* Ruling on Using Materials to Which “Animal Glycerine” Has Been Added (2011-05-19)* Severity of Watching Pornography (2011-06-06)* Sex Before Marriage Then Converting (2013-03-06)* Sexual Concerns (2010-04-18)* Sexual Desires & Temptation of Women (2010-04-24)* Slaughtering Goat as Udhiyah (2012-10-23)* Soaps Containing Animal By-Products (2010-03-31)* Studying Law in the West (2011-05-19)* Surrogate Mother (2010-01-25)* Taking Child Benefits While Not in Country (2011-05-24)* The Crime of Zina and Repentence (2011-10-14)* Thinking of Girls Too Much (2010-05-10)* Toys Characters in the House (2011-10-09)* Why Dating Not Permissible in Islam? (2011-11-26)* Woman Putting Kohl (2011-01-15)* Working at Pizza Shop That Sells Ham (2012-05-18)* Working for a Canadian Bank (2012-06-27)* Working in a Riba-Based (Interest-Based) Bank (2010-01-06)* Working Out at Gym & Showering in an Open Area (2012-06-14)
|
