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﴿ فَاسْأَلُوا أَهْلَ الذِّكْرِ إِن كُنتُمْ لَا تَعْلَمُونَ ﴾

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Disposing of a house purchased with a riba (usury or interest) loan

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Question:
Peace be upon you. This questioner says: I bought a house and took out a loan from a riba (usury or interest) bank. I was ignorant of the ruling at the time, and I was far away from my children in college. The loan term is eight years; I have paid for four years, and the rest remains. What should I do now? Should I sell the house and return the money to the bank so that I am done with what I did, or should I keep it and then rent it out?

Answer:
Keep it, or pay the bank back. There is no harm in the money they lent you. If you rent it out, you must pay the bank from the rent, because the bank has a claim on you. The riba (usury or interest) that the bank added to it, you should give in charity in its place. Calculate the increase that was added to it, and give that amount in charity. This does not serve as a means of getting rid of it, but perhaps Allah will accept your repentance.
Source قناة «العلامة الدكتور صالح الفوزان»، اللقاء الأسبوعي-23 من 32-لفضيلة الشيخ صالح بن فوزان الفوزان -حفظه الله- مشروع كبار العلماء — youtube.com (57:51)

The Arabic text is a machine transcription of the audio recording.

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