interest and islam

[kashif_pel]

Assalam O Alaikum





I have a confusion about the pure concept of sood in islam with respect to our current economical and social surroundings. I can explain my question -



Question # 1



I live in Canada, where I pay around $1000 for the rent of my appartment and I cannot save money to purchase my own house because at the end of the month I dont have enough money to save. I have three options



1. I will live in this appartment as long as I am alive, but this appartment can never be mine.



2. There is an Islamic Association Name Isna ( http//www.isnacanada.com ) who gives money to purchase home how that works is as under -

Suppose if you want to buy a home whos value is $200,000/- you must have to pay 30% of the total amount. After that their experts will come and check the rent value of the home (home rent is always expensive) and suppose the rent value is $1200/- then 70% of the rent I will have to pay them monthly as long as I won't get the 100% shares of the Home. if something need to be replaced in the house or broken/damaged and all utilities bills and taxex (around monthly $550/-) I will have pay from my pocket. Since I am paying the rent not interest but I evaluated the percentage of the total amount I would approx need to pay for $200,000/- Home value in Seventeen-(17) years is around $301,515 including rent but excluding taxes & utilitise, which is almost 50% extra the amount of the house. Is it not sood?



3. Bank is giving me Mortgage on 2% annual interest on remaning amount, and if I would paid off all the amount within 17 years I would need to pay approx. 255,543/- dollors, which is comparatively less from the Isna.





I need your help to understand the right path according to Islam. Is it right that what Isna is doing or what other options I have in Islam in this situation. Is there any organization in Islam who provides loan without interest? If not then who is responsible for this?



My Following question is also related to the above question-




Question # 2



There is a rich man. He is a father of two children(2 sons). His wife had already passed away(died). After his death his children gets their share accordingly(as per islamic rules). Suppose his both sons get an equal amount of Rs 5 million each. The 1st Person(1st son) utilize that amount by making a house and after that gives it on monthly rent to some tenant, and he gets some amount as rent on monthly basis. He visualizes that he will get his amount of 5 million back in certain time period and after that the rent will become the profit.




At the same time his 2nd son utilize that amount by giving that to a person who is a businessman, and that businessman requires money for his business as working capital so he borrows that 5 million from the 2nd son, and agreed to pay it back in 2 years by paying in monthly installments and they also agreed that the borrower will pay him back a sum of Rs. 5.5 million or 6 million.

The 2nd son also thought that the person whom he had lent an amount will pay him back within a period of 2 years and he will get 0.5 million as profit.

The amount above the actual borrowed amount is

The Both sons of that rich man, thought in different ways and started earning money.

NOW HERES A POINT OF CONFUSION ARISES!!!

The 1st son gets a monthly rent on the house he has made of Rs 5mn nad the 2nd son gets a monthly installment on the 5 mn. Is this amount will be called as sood??

Or it is just a jugglery of words between monthly rent and monthly installment???

Matlab yeh ke aik banda kch raqam se ghar banata hai aur us ko rent(Karaye) pe deta ha aur apni marzi ka rent leta hai ya jo market me chal rah ho. aur us pe monthly rent ke tor pe kch raqam ajati hai. aur doosra banda usi raqam se ghar banay ke bajaye us raqam ko ksi aisay banday ko udhar de deta ha is niyat se k wo yeh raqam wapis karey ga aur phir us se monthly kch amount wapis leta retha ha...to yeh sood hogya...Shariyat is silsilay me kia hukam deti hai?? Islam aik logical mazhab hai.



Please state your answer in very clear words.



Thanks