Assalaamu alaykum. I live in Canada and would like to buy a house according to the sharia. I own an corporation, I am the only employee in my company. I would like to borrow money from my business account in order to buy a house. The law in Canada mandates that I must repay the loan to my company in five years, but with interest, is this loan halal? Let us say that I need 200,000 to buy a house, If I do not take it as a loan, then I can pay it to myself as an income, but I would lose about 60,000 in taxes, thus I would be 60,000 short to buy the house. If I take it as a loan, I do not pay any taxes, but I will have to repay it to my business account in five years with some interest. Note that I own a small business, I can not find an Islamic mortgage in Canada, and I need to buy an apartment for my family.
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah and that Muhammad is His slave and Messenger.
The nature of the transaction is not very clear to us but if you withdraw the amount from your capital money in your company and you are its only owner and you will return the amount with a surplus (an additional amount), then this is not considered riba (interest or usury) because there is no riba between the person and his own self.
Allaah knows best.
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