younga

Assalam Alaikum Ya Sheikh; I am confused on my one investment with a friend and had debate with my spouse for the validity of the investment. Please reply by email so I can take the decision on the subject and forward the message to the concerned which may be the turning point for the friends to get away from Riba?a. I booked an apartment in Canada in 2005 with a friend on the share of 50% each. We booked the apartment with the intention to sell it on the possession or keep as a rental property, if financed by the Islamic Finance Company.the total booking price for the apartment was C$220,000/= (March 2005), scheduled date for possession March 2008. We paid cash C$ 31,000/= (approximately) each, until the possession in March 2008 (at possession time, the property market value was around C$ 270,000/= to 280.000/=). Before the possession we arranged an Islamic loan of C$ 160,000/= but they dishonored the promise at the last moment. Now we cannot go back and had to take the possession, at that time my friend has taken a loan in his name only from a conventional bank on interest (my name is not on loan documents) and subsequently rented out the property. Please note that the friend is involved in interest based investments, I convinced him to get rid of all the Riba?a based investments, he is convinced and agree to comply with Islamic laws. So I have taken the initiative to share the investment with him and gradually transfer all his investment to Riba?a free investment. In the situation in March 2008, I had no choice so I prepared a document mentioning that I have no share in the loan and now my property share reduced to the 14% (approx), based on the new investment ratio. I asked the friend to sell the property and distribute the profit, or again try with other Islamic institution for a loan. So far the property is not sold and I am taking the rental share of my investment only (reduced 14%). The current market value of the property is around C$ 300,000/=. I am planning to visit Canada in a few months time and to settle the investment. Please guide me that what will be my status in settling the profit margin. Following are my queries: ? Currently, what is my legal (Islamic) share in the investment, when the property is sold? ? Am I allowed to continue on 14% of the rental value share? What about the rental money received so far? ? If the property is sold, can I take my 50% profit share of the market value (average C$ 275,000/=) at the possession time (March 2008)? And any additional profit distributed with the current share of 14%. ? So far I have not received the single dollar from the rental share, it is safe deposited with the friend but I paid the Zakat on the rental amount, last Ramadan. ? We are trying to get the loan from an Islamic institution, if we get it, on what condition I can go back to 50% share holder? ? Please provide me some documents or the web links detailing the dealing with Riba?a, so I could discuss authentic re ferences when visiting Canada to convincing friends for getting out of Riba?a investments.I will appreciate your detail response to know my status on the money invested. Further, I am more interested convincing my couple of friends living in Canada to be away from Riba?a. Allah may guide us to the straight path and protect from the hell fire.Jazak Allah Khair, Allah may bless you.Massalam