A simple business transaction or a credit sale? The 570easi is a system that raises many questions among Muslim practitioners. Is it haram or halal? What does this practice consist of? In this article, we will discover whether the 570easi is halal or haram.
Is 570easi haram?
In the case of a traditional loan, if you want to purchase a good, you go to the bank of your choice, and it will lend you the necessary amount. You can buy the good of your choice with this money, and in return, you repay the bank the borrowed capital plus interest. For Islam, interest is considered Rîba, which is therefore illicit, in other words haram. Although interest is haram, trade is not.
On the other hand, in the Murabaha real estate financing system, instead of lending you money, the bank directly purchases the good. It will become the owner of the good and will resell it at a higher price. It should be noted that this system is completely halal, a trade like any other, buying a product at one price and selling it at a higher price to make a profit. If you want to have the good, you must go to the notary with the bank, sign, and become the owner.
Then, you pay an initial part of the price or personal contribution. You will pay the rest through monthly installments spread over years depending on the duration of the financing in the contract. Generally, it stretches from 10 to 20 years. To answer the question, for Islam, the 570easi is a simple business transaction, nothing haram.
Origin of the 570easi concept
This concept was invented by two great enthusiasts of Islamic finance in 2010. It thus became a pioneer in the market, with the simple idea of offering financial solutions in accordance with Muslim ethics. It is dedicated to clients who want to realize their projects without compromising their values and ethics. In France, the 570easi has gained notoriety, especially concerning Murabaha real estate financing since its inception. Furthermore, it owes its reputation to various investment and savings solutions. These have become increasingly accessible in recent years. It also offers diversified services to be closer to clients.
The 570easi has been around for 12 years now, collaborating with various recognized partners in the market to produce solutions that meet the needs of Muslims in terms of real estate financing as well as savings solutions without RIBA that adhere to Islamic ethical standards.
In summary, 570easi is not haram since it involves a simple business transaction. Indeed, there are several harams in Islam, which can sometimes be quite surprising to those who are unaware; for example, discover whether trading is haram in its turn.
