Is it permissible for the Muslims living in western societies (Australia in my case) to use interest based finical products, such as home loan? Some people say that it (home loan) is totally haram. But we seem to have no other option. After all, we need to buy a house of our own. We can't pay rent for the rest of our lives, can we!
We believe that we can take loan on interest. In Islam taking interest is prohibited and paying it is not. In fact the Qur'an terms those who have been subjected to pay interest as mazloom (oppressed). For detail please refer to: http://al-mawrid.org/pages/articles_english_detail.php?rid=467&cid=385