Miscellaneous topics- Fatawa- Transactions- Loan and Interest- Fatwa (5): Is it Haram to buy a house in New York through usurious installments, and Is life insurance Haram?

2013-02-05

Question:

Dear Dr. Nabulsi

Inshallah your in great health shiekh mohamed al nabulsi
1.I would like to ask you if life insurance is haram or not?
2.We live in new york city, renting is very expensive and when you have
a big family the landlords give you a hard time. Therefore we want to buy a house.
We can only do it with interest is this haram or not.
We cant afford to buy the house in full we need to make payments,
We wanted to go threw islamic banks but it's double the money.

Thank you

Answer

Dear brother,

Both matters, you have mentioned, are Haram due to Islamic law, and some scholars permitted (and I am not one of them) buying a house through usurious installments to expatriates who are in dire need to it.