Navy Net - Royal Navy Community

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Mortgages for muslims

NotmeChief

Banned
Islamic Mortgages
It is against Islamic law to pay interest, this has been a huge problem for Muslims living in Britain.

When it came to home buying it was only the very rich who could afford to buy a home outright. Fortunately however many banks and building societies are starting to recognise this as a problem and are offering an alternative.


How conveniant - so how do their banks make a profit?
 

chieftiff

War Hero
Moderator
NotmeChief said:
How conveniant - so how do their banks make a profit?

It's semantics, what do you define as interest? A fee for borrowing? or rent whilst you pay off the loan for the property your bank own? This explains how it works: http://news.bbc.co.uk/1/hi/business/2525635.stm

Interestingly it often works out more expensive than a standard mortgage, as you infer the bank has to make a profit!!!
 

slim

War Hero
NotmeChief said:
Islamic Mortgages
It is against Islamic law to pay interest, this has been a huge problem for Muslims living in Britain.

When it came to home buying it was only the very rich who could afford to buy a home outright. Fortunately however many banks and building societies are starting to recognise this as a problem and are offering an alternative.


How conveniant - so how do their banks make a profit?


Very easily.
More information on how the profit is made here;

http://www.bbc.co.uk/religion/religions/islam/living/mortgages.shtml


To be frank it is not dissimilar to the way that council tenants are given huge discounts when purchasing their homes from the local authority.
 

chieftiff

War Hero
Moderator
NotmeChief said:
Guess I should have looked deeper rather than just post a received email.

I think if it were some conspiracy to support the Islamic faith by giving out free money, a lot of people would have converted their "faith" despite their obvious; and probably public disgust at the very idea.

People have "strong morals" but are very mercenary when it comes to the one thing most actually worship!
 

hnhnwilliam

Lantern Swinger
I think we have this "arse about face" under shaiar law, sic, Muslims in dealing with their financial affairs,bank accounts etc do not expect any interest or "free, unearned money" I wonder if the Department of works and pensions, (Benefit System) are aware of this
 
Don't worry about Shariah and interest, just call it profit, then they get round it by paying Zakat (charity tax) on the profit at the end of Ramadan.

Easy.
 

Rocket_Ron

Lantern Swinger
slim said:
To be frank it is not dissimilar to the way that council tenants are given huge discounts when purchasing their homes from the local authority.

Where i live in Gods County the council have slapped in a maximum discount of £24,000. We are `entitled` to a 68% discount on a £155,000 house. But due to this new limit we are now `entitled` to the same discount as all the asylum seekers are straight away.
Gee thanks,another reason to feel so proud.
 
Thread starter Similar threads Forum Replies Date
MoD_RSS Help with mortgages to continue for homeowners affected by Coronavirus MoD News 0
MoD_RSS Press release: End to Metro Bank "no DSS" mortgages MoD News 0
MoD_RSS News story: Boxing Day deal on mortgages for Armed Forces MoD News 1
MoD_RSS News story: Banks offer better deal on mortgages for Armed Forces personnel MoD News 0
A Mortgages for Matelots Current Affairs 5
J mortgages Joining Up - Royal Navy Recruiting 3
S Mortgages on Mobilisation Royal Naval Reserve (RNR) 7
N Muslims at Sea , National Maritime Museum History 0
MoD_RSS News story: Mordaunt Cohen: A Jewish officer commanding African Muslims in Burma MoD News 0
soleil Independent: "Muslims In The Armed Forces: A Proud Tradition" MoD News 21
R Muslims in the Royal Navy Joining Up - Royal Navy Recruiting 24
soleil BBC Asian Network: "UK's Muslim soldiers ‘fighting extremists not Muslims'" Current Affairs 3
andym Muslims Against Remembrance Day The Gash Barge 4
wet_blobby Muslims get Queens medal banned Current Affairs 12
Oil_Slick Bishop warns of no-go zones for non-Muslims Current Affairs 29
slim One in 11 British Muslims backs suicide bombers, says Brown Diamond Lil's 1
slim EUROPE TELLS BRITAIN: DON'T SAY 'MUSLIMS' Diamond Lil's 67
slim One in four Muslims thinks the state was involved in 7/7 att Diamond Lil's 15
N Why We Have Problems with Muslims Current Affairs 68
P Muslims too sensitive ? The Gash Barge 42
Shakey Christians and Muslims, unite and fight! Diamond Lil's 1
F Muslims The Gash Barge 53
higthepig muslims upset? Diamond Lil's 70
Top