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Salam alaikum I have a question. I am currently working for td bank in Canada as a financial advisor. I am salary based right now but I do help finance mortgages currently as part of my job. I have been presented with the opportunity to work as a Mobile mortgage specialist for TD. This is a 100% commission based position and I would get paid per mortgage that I help finance. I am wondering if it is permissible to work as a mortgage specialist? I found the following on Ayatullah Sistani website but I couldn't get a clear answer from it: There are two kinds of bank business: 1. The first is haraam. This may cover the type that relates to transactions leading to usury, such as acting as an agent in handling, registering, acting as witness, receiving excess money [interest] on behalf of the owner and the like. Of the same nature are transactions pertaining to companies involved in usury or the merchandise of alcoholic drink, be it sale of their shares, the opening of letter of credit or similar work. All this sort of work is haraam. It is not permissible to be involved in it and those working in it are not entitled to wages in return for the work they do. 2. The second kind is that which does not involve interest. It is permissible to take part in it and receive wages thereof. (29) If, in the usury transaction, the party paying the interest is an unbeliever, be it a foreign bank or other, it is, as explained earlier on, permissible for a Muslim to take. Accordingly, it is permissible to deal in such work, which is linked to carrying out such usury transactions within the banks and outside them. (30) In some cases, some of the money, deposited with either state owned or national bank in Muslim countries is considered among money of majhoulil malik, needs consultation with the Marji’ to having the right of disposal over it. There is, therefore, ishkal in working for the bank and getting involved in either receiving from or delivering such money to bank customers, from those who might have the right of disposal over it without a license from the Marji’ to make it good. (31) The validity of ji’aala, ijarah, and money order and similar dealings with state banks in Muslim countries is dependant on the license of the Marji’. It is not in order without his permission. If anyone knows the answer to this please let me know Thank you
Mortgage and Loan based on Islamic rules
Amir59 posted a topic in Science/Health/EconomicsSalam alaykom, It seems there are some banks and institutes in west which have kinds of Mortgage or loan for Muslims according to Islamic rules such as Storebrand in Norway and HSBC (Norway bank) Amanah in Malaysia. Does anyone know these banks? Is that correct? Does anyone know any other bank or institute in Europe or North America which has Islamic Mortgage or loan? Please share your information about mortgage and loan in Europe and America. Thanks
Working As A Mortgage Loan Officer?
Night_Inshallah posted a topic in Jurisprudence/LawsMake a long story short.......I will be getting my mortgage loan originators license this fall. I was contacted by a brother in my community about possibly working for his company. How haram is it really to work in this business? I've read many things concerning fatwas on the topic. Some say it is not allowed, other's say if you don't have any choice, then there is the condition that you don't take out more that what you are approved for and must pay it off quickly (no 30yr loans). Please advise.
Explanation Of Ruling - Mortgage
Ali_Hussain posted a topic in Jurisprudence/Laws(bismillah) (salam) Question: Banks in the West give loans —known as mortgage— to those who do not have enough money to buy houses; this is to be paid back in [weekly or monthly] installments with a high rate of interest. Is a Muslim allowed to use this facility? If it is not permissible, is there a solution in your view for someone who claims that he needs the mortgage to buy his own residential house and does not possess enough money to pay for it? Answer: It is permissible to take the money from the bank that is financed by non-Muslim government or private funds but not with the intention of loan. The knowledge that the bank will sooner or later force him to pay the capital as well as the interest does not affect [the lawfulness of] his taking the money. http://www.sistani.org/english/qa/01256/ I don't quite understand how to go about this, what intention should one have when taking money from the bank? Thanks. (wasalam)
Buying A House In The West
gajarkahalva posted a topic in General Islamic DiscussionSalaamun Alaikum, How does one go about buying a house here in the West? Given that most people do not have the full amount of cash to buy a house outright, how can one go about owning a house without getting a mortgage? I have seen the fatwa's that say you can get a mortgage as long as you have the intention of not paying the interest or something along those lines. But i can't see how you can actually get a mortgage and intend on not paying the interest. When you are taking the mortgage, you already know that you will have to pay the interest and you will obviously be intending to pay it - you can't lie to yourself! So, any novel ideas on how to own a home? I think there should be some central shia house buying thing set up, where they lend people money to buy a house and do not charge interest. E.g. They lend 100000, and then the borrower has to pay back 110000, so 10000 is the fee that they charge. I guess this should be ok? If only..............
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