Fatwa

  1. Fatwa
  2. Fiqh of Transactions and Inheritance
  3. Riba (Usury)
  4. Other rulings on Riba

Wants to get rid of his Riba-based home loan
Fatwa No: 118331

Question

Asallamolikum! Two years ago i took bank loan on my house without much realising and felling the prey for shaitan in form of interest etc. Now when I finally sold my house on much loss to avoid interest, I still have a specific sum to pay to the bank which is very very hard to pay back since i lost my job and looking for new one which is equally hard to get.Meanwhile the bank is raising the further interest for not paying my dues and installments. What shall i do in this situation? I am very confused and desperate for any help.Could you suggest something plz?

Answer

All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.

 

There are two ways of getting out of this difficulty:

Financial: This is to endeavour to get a lawful income, or to look for someone who may help you in paying back your debts and stopping the accumulation of Riba (interest and/or usury) on you. Therefore, you should try your best in this field and seek the help of your Muslim brothers as Allaah may make a way out to your difficulty.
You should sincerely repent from borrowing with Riba and earnestly supplicate Allaah and perform good deeds. If you are sincere in this, then Allaah will help you and make a way out to your difficulty. For more benefit on supplications that are said in this regard, please refer to Fataawa 90514 and 88282. 

Allaah Knows best.

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