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Wednesday, 21 March 2018

Riba, specifically mortgages

Assalumu aleikum, This is a tough one, I feel reborn with my faith, feel closer to my creator and trying to be the best muslim I can be, there's a long road ahead but feel like I'm making excellent progress and feel Allah's embrace however I am very concerned with Riba....

I live in the west, the UK to be exact whereby Riba is part and parcel of every day life, it's ingrained in almost all transactions within the banking system and feel it's nearly impossible to get away from completely...however I feel like I could tackle the smaller stuff but not my mortgage.

In the UK we have a very exploitive private rental market whereby there is no security for you or your family, the public rental market is for the most needy as it should be and I wouldn't qualify so 7 years ago I took out a standard mortgage that is up for renewal next year, I don't feel at peace with renewing and wanted to know what I could do? Could I take a halal option from a Muslim bank a Islamic product? These seem to differ in name only?? Any help / thoughts would be very much appreciated!

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