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  • Issues Surrounding Interest, Mortgage And Futures Trading

    Posted by Muhammad Fayyaz Ul Hassan on November 7, 2024 at 6:03 am

    Dear Sir,Circumstances;I’m a trainee Chartered Accountant living in Pakistan. I want to leave it for good to stay away from corruption and all the vices we have here in professional life. I wanna move to the US or any other country with stability and security of life. But if I move there and start my life afresh I have to go to banks for the mortgage of the house and for capital to open up my firm to retain independence from financial institutions. But I don’t wanna get indulge in riba based transactions.What can I do?Can I do futures trading in cryptocurrency with low leverage that involves gharar (that is much less sin than riba) to gather up capital up to 300-500k dollars. Given my financial expertise, I can design an algorithm to do so in 1-2 years. After that I wanna use that money as an interest free loan, buy a house and start my business and after that to give that capital money in charity without any intention for reward from Allah?Given that;I will do that to the amount mentioned Treat it as interest free loan for businessReturn that after getting established My basic intention is to stay away from banks and interest based loans and to retain my independence from financial institutions.

    Umer replied 8 months ago 2 Members · 2 Replies
  • 2 Replies
  • Issues Surrounding Interest, Mortgage And Futures Trading

    Umer updated 8 months ago 2 Members · 2 Replies
  • Umer

    Moderator November 7, 2024 at 9:37 pm

    According to Ghamidi Sahab, there’s nothing wrong with buying a house on mortgage. There is no element of Riba in it.

    Secondly, In Ghamidi sahab’s understanding of Islam, lending money on interest is strictly prohibited, however, it’s not impermissible to borrow money on interest. Please refer to the following video:

    https://youtu.be/x5PVaiCMsjw?si=PYedkqDj6be6Nipc

  • Umer

    Moderator November 7, 2024 at 9:39 pm

    For futures trading please see:

    Discussion 50049

    For leverage trading please see:

    Discussion 50409

    Please also see:

    Discussion 48229

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