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Mortgage In Islamic History
I have come across Ghamidi saabs position on conventional mortgages being permissible as Interest is on Cash loans only and not on Usable things ( Car, property etc.) i.e. interest component is considered Rent. I have 2 questions:
1) Is there an evidence from Prophet Muhammad (SAW) time where any mortgages against such Rent were taken up by any of the Muslims?
2) Even in Islamic Ijarah Finance the pricing of the ‘Rent’ component is always based on Interest rates regulated by Central banks. Does it not then link it back to the same interest based system?
Seeking guidance in light of Shariah
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1 Reply
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Mortgage In Islamic History
updated 2 weeks, 4 days ago
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Modern mortgage is new phenomenon. Therefore it requires ijtihad.
The term interest has many aspects. It is translated as sood and causes confusion. Sood is only in loan transaction. The rent and profit or fixed profit are not sood even if they are termed as interest or markup.
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