Question:
Assalamu’alaikum,
I live in a non-muslim country and my wish is to start my own business. I currently work in the corporate world and been saving for quite some many years to start my own business, with little success. I now have an opportunity where the government wants to establish affordable housing and has provided me with an opportunity to purchase a building at the prime interest rate minus 2% which is a rate that banks will never provide loans at with a 7% deposit as opposed to 30%. Accepting this deal will allow me Insha Allah an opportunity to leave the corporate world in two years time and run this as a full time business. I would like to establish whether it is acceptable for me to accept this loan at preferential rates which would allow me to financially free in a few years time Insha Allah. Jazakallah.
Answer:
`Alaykum Salam,
The issue of housing is an absolute necessity and therefore the financial strictures for Muslims will tend to be more relaxed for this need. A lot of these issues have been addressed on eshaykh already and you need to ready up on some of these answers and form your own decision.
See:
- https://eshaykh.com/halal_haram/financing-in-todays-world/
- https://eshaykh.com/halal_haram/mortgage/
- https://eshaykh.com/halal_haram/home-mortgage/
- https://eshaykh.com/halal_haram/permissibility-of-conventional-mortgage-under-necessity/
Hajj Gibril Haddad
