Mortgages for muslims

Discussion in 'Diamond Lil's' started by NotmeChief, Jul 27, 2007.

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  1. 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?
  2. Now that is a quality avatar!
  3. NO mixyblobs
  4. Snakes eyes and harbour stations negat WAFU rules!
  5. chieftiff

    chieftiff War Hero Moderator

    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:

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

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

    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.
  7. Guess I should have looked deeper rather than just post a received email.
  8. chieftiff

    chieftiff War Hero Moderator

    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!
  9. 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
  10. 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.

  11. 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.

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