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Mortgages from jewish banks

Question:

I recently took a bank loan and then discovered that the bank is Jewish Owned
There are however many none jewish shareholders
I didn’t sign a heter iska -was I supposed to and if yes how do I go about this?

Answer:

If it is possible to sign a heter iska with the bank, even though it is after the loan started, at least the heter will apply for the remainder of the interest that will be paid. It is possible that the bank manager has already heard of a heter iska, and would be willing to sign it. However, since it is after the time of the loan, there is a need that a kinyan be made. (If he heter is made before the loan, the giving of the money is the kinyan, but since it is already afterwards then a kinyan has to be made now to establish the agreement of the heter iska. When signing a heter iska, both people have to understand what it is. It is converting the loan into a business investment, and the bank now has a part in whatever profits the lender is going to make, up until the amount that was agreed upon, (the amount of money that would have been paid in interest). If a heter iska can not be made, there is the opinion of R’ M. Feinstein that since the bank is publicly owned, and the trustees don’t have personal liability, and that it is permitted. Most poskim however disagree with this, therefore try to make a heter iska with the bank.

Sources:

Igros Moshe Y:D 2-63, Har Tzvi Y:D 126, Minchas Yiitzchok 1-3, Bris Yehuda 7 ftnt. 66, Minchas Shlomo 28.

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