Borrowing from the Real Estate Development Fund
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Fatwa No. ( 15729 )
Q: There is a person who applied for a loan from the Real Estate Development Fund, and his loan has been approved. This person does not want the loan, and I personally want to take the loan from him for a sum of money, without the land. Is this permissible in the Shari'ah? I hope you will clarify the situation. May Allah preserve you and care for you.
A: The system of borrowing from the Real Estate Bank ranks people in their entitlement to the loan based on the seniority of their application. It is not permissible for a person who is entitled to the loan to sell his name to another person; because he does not own the loan, because of the lying involved in it, and because by doing so he gives priority to one who is not entitled over one who is entitled, and because of other harms. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: There is a person who applied for a loan from the Real Estate Development Fund, and his loan has been approved. This person does not want the loan, and I personally want to take the loan from him for a sum of money, without the land. Is this permissible in the Shari'ah? I hope you will clarify the situation. May Allah preserve you and care for you.
A: The system of borrowing from the Real Estate Bank ranks people in their entitlement to the loan based on the seniority of their application. It is not permissible for a person who is entitled to the loan to sell his name to another person; because he does not own the loan, because of the lying involved in it, and because by doing so he gives priority to one who is not entitled over one who is entitled, and because of other harms. 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.