I'm not here to judge anyone, I have debt myself and am paying interest on this, some of it from my pre-Islam days, some from later. This is debt I am working to clear, and try hard not to increase.
The question is: what attitude do we take to taking credit and paying interest?
Interest (Riba in Islam) has clear rules in Islam: Neither pay it nor receive it.
Surah Al-baqarah verse no.275
"Those who devour usury will not stand except as stands one whom the
Satan by his touch has driven to madness. That is because they say, "trade
is like usury", but Allah has permitted trade and has forbidden usury",
Surah Al-baqarah verse no.278-279
Oh you who believe! Fear Allah and give up what remains of your demand
for usury if you are indeed believers. If you do not, take notice of war from Allah and his Messenger but if you repent you shall have your capital sum. Deal
not unjustly and you shall not be dealt with unjustly."
While the verses above deal specifically with the receipt of interest, paying interest is also haram.
This is known via various hadith, such as
Volume 7, Book 63, Number 259 :
Narrated by Abu Juhaifa
The Prophet cursed the lady who practices tattooing and the one who gets herself tattooed, and one who eats (takes) riba' (usury) and the one who gives it. And he prohibited taking the price of a dog, and the money earned by prostitution, and cursed the makers of pictures.
Astaghfirullah. May Allah swt help me to finish out my debt, because having to pay interest is something I truly hate.
Recently we considered getting a mortgage to buy our own home. I was very tempted by some of the beautiful houses we saw, and imagined how sweet our lives could be, using that kitchen, barbecues in that garden, children playing in front of that fireplace...
Now I'm aware of the European Council of Islam's fatwa that a single mortgage for one home that is to be used purely as primary family residence (not investment, business premises, holiday home etc) is allowed because of the hardship that may be caused otherwise, and I was satisfied to follow this, until I saw the colossal amount of interest I would be paying back over 30/35 years. It amounted to nearly the same price of the house again. Then I started to think about this, and I felt that I couldn't be comfortable to pay that kind of money in interest justified by a fatwa. That is no disrespect to anyone who has chosen to follow it, as I am not a Sheikh and I make no comment on the fatwa itself. Only that for me, I couldn't risk it.
Since there is no Islamic finance available in Ireland, it looks as though we will have to rent for a long time to come :( This makes me unhappy as I've lived in over 10 different places in 12 years, and would love to have my **own** home, especially with the baby coming. But inshaAllah we will find somewhere to live that we can stay a few years, and inshaAllah Islamic finance will come to Ireland soon.
And may Allah swt forgive me for paying interest. I've closed the main card down (I keep a low limit second card for small purchases and things like car rentals which require one) but I would love to be both debt and interest free. InshaAllah, ya Allah.
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