Is taking a mortgage allowed in Islam? All mortgages are interest based (including the so called Islamic home purchase plans). This mortgage will be for an investment property in London, UK rather than as a first home.
I would be most grateful for a prompt response as I have a property I would like to purchase and don't want to lose it, if mortgage's are permitted.
We are a charitable organization and one of our activities is to grant benevolent loans to poor people who are able to work. The aim is to help them establish simple projects that would generate income to help them with their living expenses. A sheikh told us that these loans garner half a reward since they are returnable. Consequently, if ten people receive  loans, then we our reward is [only] fivefold. Is this true?Read more...
What type of bank loans is considered halal, like this exist in nowadays?Read more...
I took out a 13,000 EGP loan, based upon my income, from the Bank of Alexandria. The bank deducts a monthly sum of 100 EGP from my salary. After calculating the interest, I found that upon the date of maturity, the repaid sum will more or less be 18,500 EGP.
The reason I took out the loan was to build a concrete ceiling for the second floor of my house, and a third floor, fearing future rising prices. What am I to do now after I have spent the money on constructing the ceiling and the third floor? If this is considered usury, how can I repent from this sin since I do not have the money to pay back the loan at present?Read more...
My question is about taking a bank loan in order to enroll my son in a college, and are there specifications for the loan?
I would also like to ask about the use of credit cards (such as MasterCard) what are the Islamic limits in using them?