Q 2 and 3:
What is the Islamic position on taking Riba (usury/interest)-bearing loans from banks? Are mortgages Halal (lawful) or Haram (prohibited)?
If I have a one-acre plot of land and I do not have any money, can I go to someone who will give me a sum of money, and in return they use the land in farming; and the money will remain with me as long as they are using the land?
A:
Taking interest-bearing loans is Haram because it is Riba (usury). The Prophet (peace be upon him) is reported to have said,
“Every loan that brings benefit is Riba.”
There is Ijma‘ (consensus of scholars) on its meaning, and included under this is the loaned party giving a plot of land to be used and benefited from through cultivation or other ways until the repayment of the debt. Accordingly, this is not permissible.
May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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