{"id":2192,"date":"2011-09-01T13:52:03","date_gmt":"2011-09-01T13:52:03","guid":{"rendered":"http:\/\/daruliftabirmingham.co.uk\/wp\/?p=2192"},"modified":"2011-09-01T13:52:03","modified_gmt":"2011-09-01T13:52:03","slug":"emi","status":"publish","type":"post","link":"https:\/\/daruliftabirmingham.co.uk\/home\/emi\/","title":{"rendered":"EMI"},"content":{"rendered":"

I have purchased a house financed by a commercial bank in India. I have to pay an E.M.I. comprises with Principle & Interest. I am compelled to go for this arrangement for purchase of a house as my financial condition does not permit me on its own.
\nTherefore my questions are –
\n1. Whether Shariyah permits this arrangement?
\n2. Can I pay the Interest component in my EMI through some investment in a business of leasing, hiring & renting of automobiles where I get a fixed, assured monthly income?<\/p>\n

In the name of Allah, the most Beneficent, the most Merciful. <\/strong><\/p>\n

Answer<\/h1>\n

Interest is haraam and unlawful.\u00a0 Equal monthly installments includes the payment of the principle sum together with interest for a certain number of months.\u00a0 As this arrangement consists of interest payment, it would therefore be impermissible.<\/p>\n

One is not allowed to give halal lawfully earned money to pay off interest.\u00a0 The money gained from investing into a business of leasing, hiring and renting is lawful, thus one cannot use this money to pay the interest of an EMI agreement. (Jadeed Fiqhi Masaail p.406 v.1)<\/p>\n

Only Allah Knows Best<\/p>\n

Mohammed Tosir Miah<\/p>\n

Darul Ifta Birmingham<\/p>\n","protected":false},"excerpt":{"rendered":"

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