Mortgages In Islam?

[SoU3Ad]

Originally posted by Khalidz
Salamma3likoum All,

Ive asked this question before, but I just want to clear up this dilema, Are Mortgages Haram even if you have no where to live? What about Islamic Mortgages?
They seem so a like...

Anyone no of any websites for Islamic Mortgages?

I can give you some information. Send me your details to souad@islamicmortgagecompany.co.uk

[moroccanchica]

There is nothing wring with morgages......

If khalid wants to get one with abbey national or suad's company its fine
The problem with riba. Dont get the two confused.

[Casablanca04]

Originally posted by RuDe_GaL
i was told that mortgages are not haram because this is not a muslim country and their way of life is different to muslims. but we live in this country and even though we try hard to keep our muslim ways and do things that god told us, it is not always possible. everythin to do with money in this country is to do with interest, u cant help that. it is a good thing when u buy a house because you are thinking about ur family's future and its better than payin thousands of pounds on rent when you can get a house with that money.

Salam
i am sorry i can not agree with you,saying that i am no perfect myself but like sister Houda said right is right wrong is wrong.
Living in a non muslim country has nothing to do with our daily way of life let me explain
Allah forbids certain thing like haram meat etc...but gave us alternatives even the most important thing in Islam like prayer has alternatives when faced with harship and allah knows best.
See it all depends on what you are after? driving a fast posh car or getting to your business using public or simple transport. owning a house or working toward heaven?.

Living in a rented accomodation is sometime better than owing thousands of pounds to the banks. you may end up paying up £700 a month on interest alone if you decided to buy one.
i remember in the 80s interest rates jumped to 15% and millions lost their homes see???
can you imagine one million customers pay £700 each per month that is equal=700 million pound a month which may easilly go toward weapons/cigarettes porn business gambling weapons that may kill your own brothers and sisters etc..
would you rather live in a rented accomodation or pay global companies that maybe sponsoring terrorism against innocent people???
think???

[RuDe_GaL]

Originally posted by Casablanca04

Salam
i am sorry i can not agree with you,saying that i am no perfect myself but like sister Houda said right is right wrong is wrong.
Living in a non muslim country has nothing to do with our daily way of life let me explain
Allah forbids certain thing like haram meat etc...but gave us alternatives even the most important thing in Islam like prayer has alternatives when faced with harship and allah knows best.
See it all depends on what you are after? driving a fast posh car or getting to your business using public or simple transport. owning a house or working toward heaven?.

Living in a rented accomodation is sometime better than owing thousands of pounds to the banks. you may end up paying up £700 a month on interest alone if you decided to buy one.
i remember in the 80s interest rates jumped to 15% and millions lost their homes see???
can you imagine one million customers pay £700 each per month that is equal=700 million pound a month which may easilly go toward weapons/cigarettes porn business gambling weapons that may kill your own brothers and sisters etc..
would you rather live in a rented accomodation or pay global companies that maybe sponsoring terrorism against innocent people???
think???

i no dis was posted ages ago but i was only stating what i was told... yeah i agree.. whats right is right and whats wrong is wrong but life doesnt go as smoothly as we want it to

[Theja]

Bravo, on your Mortgage attitude.... you certainly has broken free of religious bondage.

In the US many Muslims are disadvantaged because of the same mental blockage on interest, and they are losing out in the housing market.

The goose that keep laying the golden egg for the world's economy: INTEREST.

[voltaires_priest]

Most of the posts on this thread are from over a year ago. It's dead. It's stone cold. It's an ex-thread.



V

[wuzzo]

Salaam alaikum,

I'll add to this old thread, if I may, as some of the thoughts expressed within it seem very relevant to today's trembling financial markets.

In America, it would appear, 'usury' was taken to extremes in the mortgage market and the result was that those exploited failed to meet the conditions of debt imposed upon them. So widespread was the exploitation that this 'sub-prime' debt failure has caused huge monetary organisations to fail.

It seem justice to me that 'usury' failed these institutions and that they were themselves unable to obtain credit on any reasonable terms , a situation commonly faced by the ordinary man, and in particular those ordinary men seeking that most basic of requirements- a place to live.

I sympathise with all Muslims in their dealings with mortage matters, and I hope that they are successful in balancing any such dealings with the teachings of their faith. The system that has become known as 'the Islamic Mortgage' in London may be of benefit as it avoids directly imposing 'interest' or 'loans'. Whether this is a suitable route for all will depend upon further investigation and I look forward to people's opinions.