Transferring a loan from the Real Estate Fund to another person in exchange for a sum of money
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Fatwa number ( 20645 )
Q: Since I purchased a plot of land eight years ago and applied for a
loan on it from the Real Estate Financing Bank, and then I sold the land this year to another person, and the loan is about to be disbursed, is it permissible for me to transfer the loan, as the regulations allow this? The buyer has offered to receive (250,000 riyals) and I to receive (50,000 riyals), and he will pay the bank the full amount of the bank’s debt, which is (300,000 riyals), to the Financing Bank over (25) years. The amount I receive is in exchange for the transfer and for the eight years I waited for the loan, not in exchange for the cash the bank disburses. If this is not permissible, what is the Sharia-compliant formula if I want to receive compensation for transferring the loan and for the years I spent waiting, since if I applied to the bank again, I would spend the same amount of time or more, whereas this person will not have to wait except for the time required to complete the transfer in a regulatory manner?
A: It is not permissible for you to transfer the loan from the Real Estate Fund to another person in exchange for a sum of money, but without that, there is no harm, according to the Fund’s regulations. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: Since I purchased a plot of land eight years ago and applied for a
loan on it from the Real Estate Financing Bank, and then I sold the land this year to another person, and the loan is about to be disbursed, is it permissible for me to transfer the loan, as the regulations allow this? The buyer has offered to receive (250,000 riyals) and I to receive (50,000 riyals), and he will pay the bank the full amount of the bank’s debt, which is (300,000 riyals), to the Financing Bank over (25) years. The amount I receive is in exchange for the transfer and for the eight years I waited for the loan, not in exchange for the cash the bank disburses. If this is not permissible, what is the Sharia-compliant formula if I want to receive compensation for transferring the loan and for the years I spent waiting, since if I applied to the bank again, I would spend the same amount of time or more, whereas this person will not have to wait except for the time required to complete the transfer in a regulatory manner?
A: It is not permissible for you to transfer the loan from the Real Estate Fund to another person in exchange for a sum of money, but without that, there is no harm, according to the Fund’s regulations. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.