I have come across a situation whereby i think that if it is explained further can be of much benefit to many people. InshAllah
The issue pertains to Interest/Usury and its related transactions. I have come across many texts from the Qur'aan and the Sunnah that clearly prohibit the entering into Interest based transactions and the like. The intent of this thread is not to somehow find a loop-hole around this issue, which many people consider a dilemma living in the west but the intent is to find a solution for those individuals who may have entered into these transactions unknowingly or ignorant of its severity.
It would be much appreciated if anyone could either shed some light on the following situations with some scholarly advise.
Situation 1: What should a person do if they have taken out a mortgage on a house not knowing that it is haraam or was ignorant of the affair and didnt know its severity. They have now found out and have sworn never to return to interest and its associated transactions again. Should they now continue to repay the installments or should they take extreme measures and sell the house and live on rent until they have enough money to buy a house?
Situation 2: What should a person do in a similar situation but now the case is with loans or credit cards whereby they are not able to pay in full to clear them as soon as? Do they continue to pay until they are cleared, if not what should they do since law enforcement may take effect if they cease payments. Bearing in mind that the individuals are seeking repentance and have cut their cards.
and lastly Situation 3: An individual is currently paying interest on a loan or something related at a high interest rate. Is it permissible for an individual to transfer their debt to a lower rate interest company with the intent to pay less interest and clear the debt as soon as possible?
How does all these affect the Hadeeth whereby the Messenger cursed the taker of interest, the payer, the scribe and the witness?
Abu-Hanaa'
20-06-2009 @ 4:11 AM
12-08-2009 @ 12:19 AM