['Aalim Network QR] Renting vs Buying a Property

["Akil M. Karim" <amk@io.org>]

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|       In the Name of Allah, the Compassionate, the All-Merciful       |\
|  Greeting of Allah be upon Muhammad and the pure members of his House |\
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Salamun `Alaykum

The following question was kindly answered by Dr. Takim.


Fee Amaanillah,

Akil Karim
Acting Moderator for 'Aalim Network

---------- Forwarded message ----------

QUESTION:

The question concerning interest needs to be addressed by someone
familiar with the West. 

In the US if you rent a home/apartment you are paying interest, of the
landlord.  You have nothing to show after 10, 20 30 years except a box of
receipts while the landlord has grown wealthy throug investing and
reinvesting your payments.  In addition you lose a deduction on your
taxes that has you unnecessarily give more to the US government. 

In this country you must buy a home.  It is also the first way you
finance your own business to become self employed and a job giver rather
than receiver. 

This question concerning "interest" has been too quickly answered and/or
the answer is unintentionally counter productive to the economic health
of the muslim community in the West. 

In addition are not reeebah and interest 2 different things?

In the west the muslim is in the position of starving with only a ham
sandwich to eat.  It is better to eat the sandwich and live than trash it
and die of starvation. 

Much the same way it is better to purchase a home and pay the interest
than to rent an apartment/house and own nothing and be at the mercy of
your landlord after 10, 20 30 years. 

PS.... I have never heard a scholar/muulana in this country say it is
better to rent than to buy.  Buy, the lesser of two evils. 


ANSWER:

Although not stated, I assume your question is can we take a mortgage
from a bank so as to buy a house although we have to pay interest? 

According to Ayatullah Seestani, the answer is that we are allowed to do
so. If the question is different, please let me know. 

See Mustahdathat, p. 26

Allah knows best

Liyakatali