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Din & Daf: Heter Iska – How does it work?

Din & Daf: Conceptual Analysis of Halakha Through Case Study with Dr. Elana Stein Hain

Dr. Elana Stein Hain โ€“ dinanddaf@hadran.org.il

Printable source sheet

What are the principles upon which the heter iska is built? How do we understand the role of legal circumvention in upholding Jewish law and life?

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The mechanisms!

  1. Business partnership rather than a full loan.
  2. Recipient gets paid for their work investing the money.
  3. Recipient can pay in lieu of taking oath about the profits.

For different types of heter iska forms, see See: https://www.jlaw.com/Forms/

For more on Chazalโ€™s legal circuvmentions, check out my new book, Circumventing the Law. Itโ€™s available here at 30% off with discount code PENN-ESHAIN30

Sources:

  • ื‘ื‘ื ืžืฆื™ืขื ืกื—:-ืกื˜.

ื‘ึผึฐื ึตื™ ืจึทื‘ ืขึดื™ืœึดื™ืฉื ื ึฐืคึทืง ืขึฒืœึทื™ึฐื™ื”ื•ึผ ื”ึธื”ื•ึผื ืฉืึฐื˜ึธืจึธื ื“ึผึทื”ึฒื•ึธื” ื›ึผึฐืชึดื™ื‘ ื‘ึผึตื™ื”ึผ ืดืคึผึทืœึฐื’ึธื ื‘ึผึทืึฒื’ึทืจ, ืคึผึทืœึฐื’ึธื ื‘ึผึฐื”ึถืคึฐืกึตื“ืด. ืึธืžึทืจ ืจึธื‘ึธื: ืจึทื‘ ืขึดื™ืœึดื™ืฉื ื’ึผึทื‘ึฐืจึธื ืจึทื‘ึผึธื” ื”ื•ึผื, ื•ึฐืึดื™ืกึผื•ึผืจึธื ืœึฐืึดื™ื ึธืฉืึตื™ ืœึธื ื”ึธื•ึตื™ ืกึธืคึตื™ ืžึธื” ื ึทืคึฐืฉืึธืšึฐ. ืึดื™ ืคึผึทืœึฐื’ึธื ื‘ึผึทืึฒื’ึทืจ โ€“ ืชึผึฐืจึตื™ ืชึผึดื™ืœึฐืชึตื™ ื‘ึผึฐื”ึถืคึฐืกึตื“.

The Gemara relates: A business document emerged concerning the sons of Rav Ilish, as it was a venture entered into by their late father, in which it was written that Rav Ilish and his partner will share one-half of the profit and one-half of the loss. Rava said: Rav Ilish was a great man, and therefore he would not feed people with something forbidden. Consequently, no matter what, there must have been some mistake with regard to this document. If the actual condition stated that one party would receive one-half of the profit, the other party must have agreed to accept upon himself two-thirds of the loss,

 

ืึดื™ ืคึผึทืœึฐื’ึธื ื‘ึผึฐื”ึถืคึฐืกึตื“ โ€“ ืชึผึฐืจึตื™ ืชึผึดื™ืœึฐืชึตื™ ื‘ึผึทืึฒื’ึทืจ.

or it must have been that the other party accepted one-half of the loss and that Rav Ilish was entitled to two-thirds of the profit. Either way, the disparity in the terms served as payment to Rav Ilish for his effort, removing any concern about violation of the prohibition of interest.

 

  • ื‘ื‘ื ืžืฆื™ืขื ืงื“:

ืึธืžึฐืจึดื™ ื ึฐื”ึทืจึฐื“ึผึธืขึตื™ ื”ึทืื™ ืขึดื™ืกึฐืงึธื ืคึผึทืœึฐื’ึธื ืžึดืœึฐื•ึธื” ื•ึผืคึทืœึฐื’ึธื ืคึผึดืงึผึธื“ื•ึนืŸ ืขึฒื‘ื•ึผื“ ืจึทื‘ึผึธื ึทืŸ ืžึดื™ืœึผึฐืชึธื ื“ึผึฐื ึดื™ื—ึธื ืœึตื™ื”ึผ ืœึฐืœึนื•ึถื” ื•ึฐื ึดื™ื—ึธื ืœึตื™ื”ึผ ืœึฐืžึทืœึฐื•ึถื”

A common type of business venture was one where the capital or merchandise was supplied by one person and managed by another, who would receive a share, commonly half of the profits, for his efforts. This arrangement can also be viewed as one where the investor is lending half of the invested capital or merchandise to the manager, with the manager agreeing to supervise the venture in exchange for receiving the loan. In order to avoid violating the prohibition of interest, the investor agrees to accept a greater share of the possible loss, e.g., two-thirds, than of the profits, e.g., one-half. (The Sages of Nehardeโ€™a said: With regard to its halakhic status, this joint venture is considered a half-loan and half-deposit, as the Sages formulated an enactment that would be satisfactory for the borrower, i.e., the manager, and equally satisfactory for the lender, i.e., the investor.

 

  • ืฉื•ืœื—ืŸ ืขืจื•ืš ื™ื•ืจื” ื“ืขื” ืงืกื–:ื

ื‘ืื™ื–ื” ืื•ืคืŸ ืžื•ืชืจ ืœื”ืœื•ืช ืžืขื•ืช ื‘ืชื ืื™ ืฉื™ืชืขืกืง ื‘ื• ืœืจื™ื•ื—. ื•ื‘ื• ืกืขื™ืฃ ืื—ื“:

ืžืœื•ื” ืื“ื ืœื—ื‘ื™ืจื• ืžื ื” ืขืœ ืชื ืื™ ืฉื™ืชืขืกืง ื‘ื• ืœืจื™ื•ื— ื”ืžืœื•ื” ืขื“ ืฉื™ื”ื ืฉื ื™ ืžื ื™ื ื•ื™ื”ื™ื” ื‘ืื—ืจื™ื•ืช ื”ืžืœื•ื” ืขื“ ืื•ืชื• ื–ืžืŸ ื•ืœื›ืฉื™ื”ื™ื• ืฉื ื™ ืžื ื™ื ื™ื—ื–ืจื• ืฉื ื™ ื”ืžื ื™ื ืœืžืœื•ื” ื•ืžืฉื ื•ืื™ืœืš ื™ื”ื™ื” ื›ืœ ื”ืจื™ื•ื— ืœืœื•ื” ื•ื‘ืœื‘ื“ ืฉื™ืชืŸ ืฉื›ืจ ืขืžืœื• ืขื“ ืฉื™ื”ื™ื• ื‘’ ืžื ื™ื ื•ืื ื”ืชื ื” ืขืžื• ืžืชื—ื™ืœื” ืืคื™ืœื• ื‘ื›ืœ ืฉื”ื•ื ืฉื”ืชื ื” ืœืชืช ืœื• ื‘ืฉื›ืจ ืขืžืœื• ืกื’ื™: ื”ื’ื” ื•ื”ื•ื ื”ื“ื™ืŸ ืื™ืคื›ื ืฉืžืœื•ื” ืœื• ืชื—ื™ืœื” ืœืฆื•ืจืš ื”ืœื•ื” ื•ืื—ืจ ื›ืš ื™ืขืกื•ืง ื‘ื• ืœืฆื•ืจืš ื”ืžืœื•ื” ื•ื ื•ืชืŸ ืœื• (ื‘ื™ืช ื™ื•ืกืฃ):

 

In what way is it permissible to commit lend money on the condition that one will use it to make a profit.

A lends 100 zuz to B on the condition that B engages in it for the lender until there are 200 zuz and it will be the responsibility of the A until that time. And when there are 200 zuz the 200 zuz will become a loan, and from then on all the profit will belong to the borrower (B) provided that A pays the wages of Bโ€™slabor until there are 200 zuz. And if A made a condition with B from the beginning that any amount of money could be the wages of Bโ€™s labor this is sufficient. Rama: and likewise, in the opposite order – A might lend the money first as a loan for Bโ€™s needs, and then afterwards, B might invest the money on Aโ€™s behalf for Aโ€™s needs.ย 

 

  • ื‘ื™ืื•ืจ ื”ื’ืจ”ื ืขืœ ืฉื•ืœื—ืŸ ืขืจื•ืš ื™ื•ืจื” ื“ืขื” ืงืกืดื–:ืืณ

ืžืœื•ื” ื›ื•’. …ื ”ืœ ื“ืื™ื ื• ืžื•ืชืจ ืืœื ื‘ื ื•ืชืŸ ืœื• ื‘ืขื™ืกืงื ืื‘ืœ ื‘ื”ืœื•ืื” ืืกื•ืจ…ื•ืžื” ืžื”ื ื™ ืฉื ื•ืชืŸ ืœื• ืฉื›ืจ ืขืžืœื• ื”ื ืืคื™ืœื• ื—ืฆืจ ื“ืœื ืงื™ื™ืžื ืœืื’ืจื ื•ื’ื‘ืจื ื“ืœื ืขื‘ื™ื“ ืœืžื™ื’ืจ ืืกื•ืจ ืœื“ื•ืจ ื‘ื—ืฆืจื•…ื›”ืฉ ืฉืžืชื ื” ืขืžื• ืฉื™ืขืกื•ืง ื‘ืคืงื“ื•ื ื• ื‘ืฉื‘ื™ืœ ื”ืœื•ืืชื• ืืฃ ืฉื ื•ืชืŸ ืœื• ืฉื›ืจ…:

It seems to me that it is only permitted if [the lender] gives it to [the borrower] as an iska, but, if as a loan, it is prohibited…And how does it help that [the lender] pays [the borrower] for his labor? Even in the case of a courtyard that is not being offered for rent, and a person who would not rent it, it is prohibited for [a lender] to dwell in [a borrower’s] courtyard…All the more so when he stipulates with him that [the borrower] will use [the lender’s] deposit for his loan, even if [the lender] gives [the borrower] paymentโ€ฆ

 

  • Beth Din of America Heteir Iskaย 

Introduction

Jewish Religious Law strictly prohibits the paying or receiving of interest on loans made between Jews. However, when monies are advanced in the course of a business transaction, an agreement may be entered into, whereby the provider and receiver of these funds are considered equal partners. This partnership is based upon the stipulation that, upon request, every loss must be attested to by two trustworthy witnesses, and all profits verified by oath. All consequent profits and losses are then equally shared. However, in order to avoid these very stringent requirements, the provider of the funds, under this โ€œShtar Iskoโ€, agrees to waive his share of the profits in lieu of receiving a fixed percentage of the money advanced. This percentage is then considered profit, rather than interest on a loan. This agreement becomes effective when the receiver of the funds executes a form as set below.

The Agreement

I, the undersigned, have received from __________________________________, the sum of ____________ repayable over ______ years for the purpose of transacting business in connection with __________________________________ in which profits and losses are to be equally shared. However, the said ____________________________ has agreed that in lieu of such sharing of profits and losses, which would require substantiation of all losses by two trustworthy witnesses, and verification of all profits by oath, he shall accept my payment of an annual percentage of ______% of the said sum of ____________ and waive all other profits which may be earned from the advanced funds. I have received a token payment of $1.00 from the said _________________________ for my efforts in connection with this undertaking, and have signed herewith the receipt of the said $____________. SIGNED THIS ______ day of _______________ at _______________________________. _____________________________________ Recipientโ€™s Signature

  • ืฉื•”ืช ืื’ืจื•ืช ืžืฉื” ื™ื•ืจื” ื“ืขื” ื—ืœืง ื‘ ืกื™ืžืŸ ืกื‘

ื‘ืขื ื™ืŸ ืžืืจื˜ื’ื™ื™ื“ื– /ืžืฉื›ื ืชื/ ื”ื ื”ื•ื’ ื‘ื‘ืชื™ื ืื™ืš ืขื•ืฉื™ื ืฉืœื ื™ื”ื™ื” ื‘ืื™ืกื•ืจ ืจื™ื‘ื™ืช ื›”ื’ ืชืžื•ื– ืชืฉื›”ื. ืžืข”ื› ื™ื“ื™ื“ื™ ื”ื ื›ื‘ื“ ืžื•”ื” ืจ’ ืคืกื— ืงื•ืคืขืจืžืืŸ ืฉืœื™ื˜”ื.ย 

In the matter of mortgages/mortgage/ which is customary regarding houses, how do you make it not be violate the prohibition of usury? 23 Tamuz 5771. My dear friend, R. Pesach Cooperman, may he live and be well..

ย ื”ื ื” ื•ื“ืื™ ืขื ื™ืŸ ืžืืจื˜ื’ื™ื™ื“ื– ืฉืขื•ืฉื™ืŸ ื‘ืžื“ื™ื ืชื ื• ื”ื•ื ื”ืœื•ืื” ื•ื™ืฉ ื‘ื–ื” ืื™ืกื•ืจ ืจื™ื‘ื™ืช ื•ืฆืจื™ืš ืœืขืฉื•ืช ื‘ืื•ืคืŸ ืฉืœื ื™ื”ื™ื” ืจื™ื‘ื™ืช ื•ื™ืฉ ื‘ื–ื” ืฉื ื™ ื“ืจื›ื™ื.ย 

Of course, the type of mortgages that we do in our country is a loan and there is a ban on interest, and it should be done in such a way that there will be no interest. And there are two ways to do this.

(ื) ื”ื•ื ืœืขืฉื•ืช ื‘ื”ื™ืชืจ ืขื™ืกืงื ื•ืฉื™ื“ืขื• ืฉื ื™ ื”ืฆื“ื“ื™ื ืขื ื™ืŸ ื”ืขื™ืกืงื ื•ืœื ืจืง ื‘ืืžื™ืจื” ื•ื›ืชื™ื‘ื” ื‘ืขืœืžื ืฉื–ื” ืื™ื ื• ืœื—ืฉ ื•ืกื’ื•ืœื” ื”ืžื•ืขื™ืœื™ื. ืืœื ืฉื”ื•ื ืฉื•ืชืคื•ืช ื‘ื”ืขืกืงื™ื ืฉื™ืขืฉื” ืžืงื‘ืœ ื”ื›ืกืฃ ื‘ื”ืกืš ืฉืœื•ืงื— ื›ื’ื•ืŸ ื‘ืœืงื— ืขืฉืจืช ืืœืคื™ื ืžื”ื ื•ืชืŸ ื”ื•ื™ ื—ืžืฉื” ืืœืคื™ื ื”ืœื•ืื” ืžื ื•ืชืŸ ื”ืžืขื•ืช ืœื”ืžืงื‘ืœ ื•ื—ืžืฉื” ื ืฉืืจื• ืฉืœ ื”ื ื•ืชืŸ ืฉื ื—ืฉื‘ ื‘ืฉื ืคืงื“ื•ืŸ ื•ื ืžืฆื ืฉื™ืฉ ื‘ื”ืขืกืง ืžืขื•ืช ืฉืœ ืฉื ื™ื”ื ืžื—ืฆื” ืœืžื—ืฆื” ืžืžื™ืœื ื™ืฉ ืœื”ื™ื•ืช ื‘ื™ืŸ ืจื™ื•ื— ื‘ื™ืŸ ื”ืคืกื“ ื‘ืฉื•ื” ืžื—ืฆื” ืœื–ื” ื•ืžื—ืฆื” ืœื–ื”.

(1) It is to do this with a heter iska, and that both parties know about the business and not just by saying and writing, for this is not a beneficial spell or magic! Rather, it is a partnership in the business that the recipient of the money (B) will do with the sum that he takes, such as in taking ten thousand from the giver (A), five thousand is a loan from the giver (A) that is transferred to the recipient (B), and five thousand remain for the giver (A), which is considered as a deposit. And thus in the transaction each of them has half, and they split the profits and losses.ย 

ื•ืฉืžื• ื‘ื™ืŸ ืฉื ื™ื”ื ื›ืคื™ ื™ื“ื™ืขืชื ืฉื™ื›ื•ืœื™ืŸ ืœื”ืจื•ื™ื— ื‘ื”ืขืกืง ืฉืœ ืกืš ื”ืขืฉืจื” ื”ืืœืคื™ื ืฉื”ื ื™ื—ื• ื‘ืขื™ืกืงื ืœืžืฉืœ ื™”ื— ืคืจืืฆืขื ื˜ /ืื—ื•ื–/ ื•ื ืžืฆื ืฉื”ื•ื ื‘ืขื“ ื—ืœืง ื”ื ื•ืชืŸ ื˜’ ืคืจืืฆืขื ื˜ ืฉื”ื•ื ืžื—ืฆื” ื”ืจื™ื•ื—, ื•ืื ืฉืžื• ื‘ืคื—ื•ืช ื™ืฆื˜ืจื›ื• ืœื”ืขืžื™ื“ ืจื™ื•ื— ื”ื ื•ืชืŸ ืžื—ืฆื” ื›ืคื™ ืฉื™ืฉื•ืžื• ืฉื™ื”ื™ื” ืจื™ื•ื— ื‘ื›ืœ ื”ืขืกืง. ื•ืื ืื—”ื› ื™ืืจืข ืฉืœื ื™ื”ื™ื” ื›ืœ ื›ืš ืจื™ื•ื— ืื• ื—”ื• ื”ืคืกื“ ืื–ื™ ืฆืจื™ืš ื”ื ื•ืชืŸ ืœื™ืงื— ืจืง ืžื—ืฆื” ืžืจื™ื•ื— ืฉื”ื™ื” ื•ืžื—ืฆื” ืžื”ืคืกื“ ืื ื”ื™ื”

And they appraise, based on their knowledge, what profit they could make with an investment of ten thousand that they placed in this business – e.g., 18 percent /percent/ that means 9 percent which is half of the margin for the sum belonging to the giver (A).ย  And if they apprise it at less profit, then half of that will be for the giver (A). And if it happens that there is not so much margin or, God forbid, a loss, then the giver (A) should take only half of the margin that was and half of the loss if there was.ย 

. ืื‘ืœ ื›ื™ื•ืŸ ืฉื”ื ื•ืชืŸ ืื™ื ื• ื™ื•ื“ืข ื›ื™ ื”ืœื ื”ืžืงื‘ืœ ืœื‘ื“ื• ืžืชืขืกืง ื‘ื”ื ื•ืื™ื ื• ืžื—ื•ื™ื™ื‘ ืœื”ืืžื™ื ื• ืœื›ืŸ ื”ื•ืชื ื” ืฉืื ื™ืืžืจ ื”ืžืงื‘ืœ ืฉืœื ื”ื™ื” ื”ืจื™ื•ื— ื›ืคื™ ืฉื•ืžืชื ื•ื›”ืฉ ื›ืฉื™ืืžืจ ืฉื”ื™ื” ื”ืคืกื“ ืฉื™ืฆื˜ืจืš ืœื™ืฉื‘ืข ื‘ืฉื‘ื•ืขื” ื—ืžื•ืจื” ื‘ื ืงื™ื˜ืช ืก”ืช ื•ื™ื›ื•ืœ ืœื”ืชื ื•ืช ืขื•ื“ ื—ื•ืžืจื•ืช ื‘ื”ืฉื‘ื•ืขื” ืฉื™ื”ื™ื” ื“ื•ืงื ื‘ื‘ื™ื”ื›”ื  ื‘ืฉืขืช ื”ืงืจื™ืื” ื‘ืคื ื™ ืจื‘ื™ื ื•ืฉื™ืืžืจ ื’ื ื‘ืœืฉื•ืŸ ืงืœืœื” ืขืœ ื ืคืฉื• ืื ืื™ื ื• ืื•ืžืจ ืืžืช. ื•ื‘ื ื•ืกื—ืื•ืช ื›ืชื•ื‘ ืฉืื ื™ืืžืจ ืฉื”ื™ื” ื”ืคืกื“ ื™ืฆื˜ืจืš ืœื”ื‘ื™ื ืขื“ื™ื ื“ื•ืงื ืื‘ืœ ื‘ืžื“ื™ื ื” ื–ื• ื‘ืขื•ื””ืจ ืฉื—ืฉื•ื“ื™ื ื›ืžื” ืื ืฉื™ื ืœื”ืขื™ื“ ืฉืœื ื›ื“ื™ืŸ ื›ืžื• ืžืื•ืžื“ ื•ืขืœ ืคื™ ืžื” ืฉืžืืžื™ื ื™ื ืœื”ื‘ืข”ื“ ืฉืœื›ืŸ ื˜ื•ื‘ ืœื”ืชื ื•ืช ืฉื™ื”ื™ื” ื ืืžื ื•ืชื• ื‘ืฉื‘ื•ืขื” ื—ืžื•ืจื” ื’ื ืขืœ ื”ืคืกื“ ื•ืžืื—ืจ ืฉืœื ื™ืจืฆื” ืœื”ืฉื‘ืข ื™ื”ื™ื” ืžื—ื•ื™ื™ื‘ ืœืฉืœื ืœื”ื ื•ืชืŸ ืืช ื—ืœืง ื”ืจื™ื•ื— ืฉื”ืชื ื•. ื–ื”ื• ืขื ื™ืŸ ื”ื™ืชืจ ืขื™ืกืงื ืฉื”ื ื”ื™ื’ื• ื•ื”ื™ืชืจื• ื”ื•ื ืฉื”ืจื™ ืื ื™ืจืฆื” ื™ื›ื•ืœ ืœื™ืฉื‘ืข ื›ืฉื™ื”ื™ื” ื”ืคืกื“ ืื• ืจื™ื•ื— ืคื—ื•ืชโ€ฆ

But because the giver (A) doesnโ€™t know, because after all the recipient (B) is the one doing the investing, and the giver (A) doesnโ€™t have to believe the recipient (B), therefore it would be stipulated that if the recipient (B) says that the profit was less than what they set, and even more so if B says there was a loss, B would have to swear a severe oath on a sefer Torah and could stipulate more seriousness in the oath that he would be in the synagogue during the reading in front of many and that B would also say in the language of a curse on their soul if Bis not telling the truth. And in some renditions it is written that if B says that there was a loss, B will have to bring witnesses, but in this country, in our great iniquity, some people are suspected of testifying illegally, as estimated, and according to what they believe, it is better to condition that B take a severe oath, even for a loss. And since B will not want to swear, B will be obligated to pay to give A the profit that they set. This is the issue of heter iska that they introduced and it is allowed because if B wishes to, B can take an oath when there is a loss or less profit…

(ื‘) ืœืขืฉื•ืช ื‘ืื•ืคืŸ ืฉืœื™ื›ื ื”ืœื•ืื” ื›ืœืœ ืืœื ืœืคื™ ืกืš ื”ืžืขื•ืช ืฉื™ืฉ ืœื ื•ืชืŸ ื”ืžืืจื˜ื’ื™ื™ื“ื– ื‘ื™ืŸ ืฉื”ื•ื ื”ืžื•ื›ืจ ืขืฆืžื• ื‘ื™ืŸ ืฉื”ื•ื ืื—ืจ ื”ื•ื ืงื ื™ืŸ ืฉืœื• ื‘ื”ื‘ื™ืช ืžืžืฉ ื›ื’ื•ืŸ ืื ื”ื‘ื™ืช ืฉื•ื” ืขืฉืจื™ื ืืœืฃ ื•ื”ืžืืจื˜ื’ื™ื™ื“ื– ื”ื•ื ืขืฉืจื” ืืœืคื™ื ื™ืฉ ืœื”ื ื•ืชืŸ ื—ืฆื™ ื”ื‘ื™ืช ื•ืœื”ืœื•ืงื— ื—ืฆื™ ื”ื‘ื™ืช ื•ื”ืœื•ืงื— ืฉื•ื›ืจ ืืช ื”ื—ืฆื™ ืฉืœ ื‘ืขืœ ื”ืžืืจื˜ื’ื™ื™ื“ื– ื‘ื”ืกืš ืฉื™ื—ืฉื‘ื• ื›ืžื” ืขื•ืœื” ื”ืคืจืืฆืขื ื˜ืŸ ืœืฉื ื” ื•ืฉื•ื›ืจ ืžืžื ื• ืขืœ ืกืš ืฉื ื™ื ืฉื”ืชื ื• ื•ื–ืžืŸ ืคืจืขื•ืŸ ื”ืฉื›ื™ืจื•ืช ื”ื•ื ื›ืคื™ ื”ื—ืฉื‘ื•ืŸ ื‘ื›ืœ ื—ื“ืฉ, ื›ื’ื•ืŸ ืฉื”ืคืจืืฆืขื ื˜ืŸ ืฉื™ืฉ ืœื• ืœื™ื˜ื•ืœ ื”ื•ื ืฉืžื ื” ื•ื—ืฆื™ ืขื•ืœื” ื–ื” ื‘ืขื“ ืขืฉืจืช ืืœืคื™ื ืœืฉื ื” ืชืช”ื  ื™ื›ืชื‘ื• ืฉืžืฉืœื ืœื• ืฉื›ื™ืจื•ืช ืœืฉื ื” ืชืช”ื  ื“ืืœืืจ ื•ื›ืฉื”ืชื ื• ื”ืจื‘ื” ืฉื ื™ื ื™ื›ืชื‘ื• ื”ืกืš ื–ื” ืœื›ืœ ืฉื ื” ืื• ืœืฆืจืฃ ื›ืžื” ื”ื ื‘ืขื“ ื›ืœ ื”ืฉื ื™ื. ื•ืฆืจื™ืš ืœื›ืชื•ื‘ ืฉื”ื•ืชื ื” ืฉืื™ื ื• ื™ื›ื•ืœ ืœืžื›ื•ืจ ื—ืœืงื• ื‘ื”ื‘ื™ืช ืœืื—ืจ ื•ื’ื ืื™ืš ืฉืžื•ื›ืจื— ืœืžื›ื•ืจ ื—ืœืงื• ืœื”ืœื•ืงื— ืฉื™ืฉ ืœื• ื”ื—ืฆื™ ืื—ืจ ื”ื–ืžืŸ ืฉื”ืชื ื• ื‘ืžืงื— ื”ื–ื” ืืฃ ืื ื™ืชื™ื™ืงืจ. ื•ืื ื ืขืฉื” ื‘ืื•ืคืŸ ืฉื‘ื›ืœ ืฉื ื” ืฆืจื™ืš ื”ืœื•ืงื— ืœืฉืœื ื’ื ื—ืœืง ืžื”ืงืจืŸ ืฉื™ื”ื™ื” ื”ื—ื•ื‘ ื ืงื˜ืŸ ื‘ื›ืœ ืฉื ื”, ื™ื›ื•ืœ ื’ื ืชื ืื™ ื–ื” ืœืขืฉื•ืช ื‘ืื•ืคืŸ ื–ื” ืฉื™ื›ืชื‘ื• ืฉื”ื•ืชื ื” ืฉื”ืœื•ืงื— ืฆืจื™ืš ื‘ื›ืœ ืฉื ื” ืœื™ืงื— ืžื‘ืขืœ ื”ืžืืจื˜ื’ื™ื™ื“ื– ืžื—ืœืงื• ืฉื‘ื‘ื™ืช ื—ืœืง ื›ืš ื•ื›ืš ื•ืžืžื™ืœื ื™ืฆื˜ืจืš ืœืฉืœื ืœื• ืคื—ื•ืช ืžืกืš ื”ืฉื›ื™ืจื•ืช ืฉื”ื™ื” ื‘ืขื“ ื›ืœ ื”ื—ืฆื™ ื›ืคื™ ื”ื—ืฉื‘ื•ืŸ. ื•ื–ื” ื•ื“ืื™ ืขืฆื” ื˜ื•ื‘ื” ื”ื™ื ื•ื’ื ื”ืœืื™ืขืจืก ืžืกืชืžื ื™ืจืฆื• ืœืขืฉื•ืช ื–ื”. ื•ืื ืœื ื™ืจืฆื• ื”ืœืื™ืขืจืก ืœืขืฉื•ืช ื›ืŸ ืืœื ื‘ืื•ืคืŸ ืžืืจื˜ื’ื™ื™ื“ื– ืฉื”ื•ื ื‘ืจื™ื‘ื™ืช ื™ื›ืชื‘ื• ื‘ืฉื˜ืจ ื”ืฉื›ื™ืจื•ืช ืฉื”ืขื™ืงืจ ื”ื•ื ืฉื˜ืจ ื–ื” ื•ืฉื˜ืจ ืฉืข”ื™ ื”ืœืื™ืขืจืก ื”ื•ื ืจืง ืœื‘ื˜ื—ื•ื ื•ืช ื›ืฉืœื ื™ืจืฆื” ืœืฉืœื ื”ืฉื›ื™ืจื•ืชโ€ฆ

2) Do it in away that there is no aspect of a loan at all,. Rather, according to the sum that the mortgage provider (A) has, whether A is the seller or a third party, is Aโ€™s ownership of property in the house itself. For example, if the house is worth twenty thousand and the mortgage is ten thousand, half of the house belongs to the giver (of the mortgage) (A) and half of the house belongs to the buyer (B). And the buyer (B) rents the half of house owned by the provider of the mortgage (A) according to the total the percentage per year and B rent from A for the total number of years that they stipulated. And the time for paying off the rent is as calculated in each month. For instance, if the percentage that A has to take is eight and a half for ten thousand per year is 850, they will write that B pays A rent $850 each year. And when they stipulated many years, they will write the total for each year or how much over the years.. And it should be written that it was stipulated that A cannot sell their share in the house to someone else, and also that A must sell their share to the borrower who has half after the time stipulated in this mortgage even if the house becomes more expensiveโ€ฆ

Dr. Elana Stein Hainย is the Rosh Beit Midrash and a senior research fellow at the Shalom Hartman Institute of North America. Passionate about bringing Torah into conversation with contemporary life, she teachesย Talmud from the Balcony, an occasional learning seminar exposing the big ideas, questions, and issues motivating Talmudic discussions; she authoredย Circumventing the Law: Rabbinic Perspectives on Legal Loopholes and Integrityย ย which uses halakhic loopholes as a lens for understanding rabbinic views on law and ethics; and she co-hostsย For Heavenโ€™s Sake, a bi-weekly podcast with Donniel Hartman and Yossi Klein Halevi, exploring contemporary issues related to Israel and the Jewish world.ย Elanaย has also startedย TEXTing; a podcast where she and guest scholars study Torah texts that engage issues of the moment for the Jewish world. She lives in Manhattan with her beloved family.


Hadranโ€™sย Beyond the Dafย shiurim are also available by podcast on

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Beyond the Daf is where you will discover enlightening shiurim led by remarkable women, delving deep into the intricacies of Talmudic teachings, and exploring relevant and thought-provoking topics that arise from the Daf.

 

Dr. Elana Stein Hain

Dr. Elana Stein Hain is the Rosh Beit Midrash and a senior research fellow at the Shalom Hartman Institute of North America. Passionate about bringing Torah into conversation with contemporary life, she teaches Talmud from the Balcony, an occasional learning seminar exposing the big ideas, questions, and issues motivating talmudic discussions; she authored Circumventing the Law: Rabbinic Perspectives on Legal Loopholes and Integrity (pre-order discount code: PENN-ESHAIN30) which uses halakhic loopholes as a lens for understanding rabbinic views on law and ethics; and she co-hosts For Heavenโ€™s Sake, a bi-weekly podcast with Donniel Hartman and Yossi Klein Halevi, exploring contemporary issues related to Israel and the Jewish world. In mid-January, Elana will be starting a new podcast called TEXTing, where she and guest scholars study Torah texts that engage issues of the moment for the Jewish world. She lives in Manhattan with her beloved family.
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