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About Mortgage
Salam
I have listened whole series of ghamidi shb on soon and then all the videos regarding mortgage, somehow I agree
But my question is ghamidi shb says that the excessive amount is rent( which seems like this ) but when we are contracting with the bank , they have written that as interest on the house in documents, and they even say that there is x percent interest.
They don’t take it as rent , they take it as interest!
So what should we do if opposing party is saying its interest rather than a rent.
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1 Reply
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About Mortgage
updated 1 week, 1 day ago
2 Members
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Reply
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Although the bank refers to its profits as ‘interest’ across various transactions, the underlying nature of each transaction differs. Specifically, in the case of a mortgage, the bank’s profit is not considered Riba (usury) because Riba only applies to loans that involve consumable commodities. Since the commodity used as collateral in a mortgage is not consumable, the bank’s profit is essentially rent, regardless of what it’s called.
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