Q: Alhamdulilah my family has kept away from bank loans and mortgages due to interest involvements but as everyone knows house is a necessity so some scholars do say one can compromise on interest issues when it comes to buying one house in your life time,please clarify how strong is this argument.what should one do in such circumstances.
الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب
A: In our view, this argument is not at all strong. The sin of riba is a huge sin. It is possible to live on rent as millions of people do. If one is unable to afford the rent one is likely to qualify for housing benefit. Even if one does not qualify for housing benefit one can either downsize or move to an area where the rent is more affordable. The desire to own one’s own home or to ensure better value for money does not legitimise taking out an interest bearing loan. Additionally, one can resort to a sharia compliant Home Purchase Plan where that is available.