Mortgages for muslims

#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?
 
#6
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
#8
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
#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
 

Rocket_Ron

Lantern Swinger
#11
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.
 
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