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Friday, June 19, 2009

Renting Home and Riba (Interest)

Q: Home owner is renting out his house bought on interest through the bank. Is he out of Riba
A: He will remain in Riba until the bank loan is not cleared, whether he rents the house or not. The Riba transaction with the bank is a different deal, and renting the house to a third party is a different deal. Although because of the Riba he will not have much Barakaat or blessings in the money he gets in rental.