Heter Iska: Difference between revisions
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# The poskim work to explain why the heter iska isn't considered a harama, legal subterfuge to avoid ribbit.<ref>Chelkat Yakov YD 68 writes that the heter iska isn't a harama because the people involved genuinely want to avoid any sin and so they fully mean to comply with all of the stipulations of the heter iska. Chelkat Binyamin Kuntres Heter Iska n. 12 agrees. (In light of the Taz 167:1 and others it is hard to understand this explanation.) Minchat Shlomo 1:27 is troubled how the Heter Iska is permitted but yet allows it completely as is the practice. Sefer Hazichronot cited by Brit Yehuda ch. 40 fnt. 1 writes that the heter iska is a harama. Maharsham 9:71 writes that the heter iska needs to be made in a way that is reasonable and not evident that it is going to come to interest since if there's a loss the borrower can swear he didn't gain and not pay any interest.</ref> | # The poskim work to explain why the heter iska isn't considered a harama, legal subterfuge to avoid ribbit.<ref>Chelkat Yakov YD 68 writes that the heter iska isn't a harama because the people involved genuinely want to avoid any sin and so they fully mean to comply with all of the stipulations of the heter iska. Chelkat Binyamin Kuntres Heter Iska n. 12 agrees. (In light of the Taz 167:1 and others it is hard to understand this explanation.) Minchat Shlomo 1:27 is troubled how the Heter Iska is permitted but yet allows it completely as is the practice. Sefer Hazichronot cited by Brit Yehuda ch. 40 fnt. 1 writes that the heter iska is a harama. Maharsham 9:71 writes that the heter iska needs to be made in a way that is reasonable and not evident that it is going to come to interest since if there's a loss the borrower can swear he didn't gain and not pay any interest.</ref> | ||
# Quicken loans which goes through Chase Bank and has a large ownership of Jews has a heter iska provision in their loans.<ref>It is [http://www.5tjt.com/quicken-loans-and-the-issue-of-ribis/ reported] that the heter iska for the quicken loans was approved by Rav Dovid Feinstein, Rav Shmuel Kamenetsky, Rav Shlomo Miller, Rav Moshe Heinemann, Rav Yisroel Reisman and Rav Shmuel Fuerst. Listen to [https://www.yutorah.org/lectures/lecture.cfm/915453/rabbi-yona-reiss/from-the-dayans-desk-49-heter-iska_-quicken-loans-case/ Rabbi Yona Reiss's] discussion of this heter iska.</ref> | # Quicken loans which goes through Chase Bank and has a large ownership of Jews has a heter iska provision in their loans.<ref>It is [http://www.5tjt.com/quicken-loans-and-the-issue-of-ribis/ reported] that the heter iska for the quicken loans was approved by Rav Dovid Feinstein, Rav Shmuel Kamenetsky, Rav Shlomo Miller, Rav Moshe Heinemann, Rav Yisroel Reisman and Rav Shmuel Fuerst. Listen to [https://www.yutorah.org/lectures/lecture.cfm/915453/rabbi-yona-reiss/from-the-dayans-desk-49-heter-iska_-quicken-loans-case/ Rabbi Yona Reiss's] discussion of this heter iska.</ref> | ||
# Using a credit card in Israel is permitted since the companies use Heter Iska.<ref>Torat Ribbit 17:28</ref> | |||
===Conditions of the Heter Iska=== | ===Conditions of the Heter Iska=== | ||
# Some heter iska's add a condition that if the borrower doesn't appear in bet din each erev rosh chodesh to submit his claims for his losses he has admitted that there were no losses. Some argue that this condition should not be added.<ref>Teshuvot Vehanhagot 6:181 argues that adding this clause of the Chayei Adam is a complete haarama and forbidden. He explains that the Chayei Adam is referring to a case where the investor wanted to know the deals of the business each month and as such he ask the borrower to inform him. However, for a bank that gives loans today they have no interest to know the works of each person's business monthly and requiring a borrower to do so is a complete mockery of halacha.</ref> | # Some heter iska's add a condition that if the borrower doesn't appear in bet din each erev rosh chodesh to submit his claims for his losses he has admitted that there were no losses. Some argue that this condition should not be added.<ref>Teshuvot Vehanhagot 6:181 argues that adding this clause of the Chayei Adam is a complete haarama and forbidden. He explains that the Chayei Adam is referring to a case where the investor wanted to know the deals of the business each month and as such he ask the borrower to inform him. However, for a bank that gives loans today they have no interest to know the works of each person's business monthly and requiring a borrower to do so is a complete mockery of halacha.</ref> | ||
