Question ID: 28811
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I bought a house & car 2 years ago and tried not to go through a bank for the loans to buy these but could not come across anyone who would lend me the money , so I tried Albarakah & other Islamic banking institutions but their manner of lending was such that I had to at least come up with 20% of the loan amount which I couldn’t So I was forced to go through a Bank and get involved it their Haraam schemes.
I owe R25 000 on my car (paid R33 000 loan for R30 000) basically I am just paying the interest now on my car.
I also owe R87 000 on my house (paid R17 500 loan for R90 000), I am now realizing that my money has no barakat as I am living hand to mouth every month,
I am deciding to sell my car of which I can get approx. R20 000 back after settling the bank , but a car is a necessity so I am planning to look for a car for about R10 000 , so my car story will insha-allah be solved, now my house and my question to you my respected elder.
There is an investment that a bank is offering if I invest the other R10 000 that I get back from my car this investment pays out about 10% of the lump sum, which would be my repayment of my house but the thing is that this is interest that I am getting back, My question to you is can I use interest that I get from this investment to pay off interest on my home loan?
I will pay off the R72 500 that I rightfully owe the bank as I have already paid R17 500 , but the remaining interest that I am being charged, Is it jaiz for me to pay this interest charged to me off with interest I earn from the same bank?

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Asked on April 19, 2008 12:00 am
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Yes
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Answered on April 19, 2008 12:00 am