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m0nica3

Mortgage

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i know mortgage is BAD, but what are there ways around it?

 

do u:

 

-rent for the rest of your life and never own?

-are there Islamic banks you can go to in Canada?

-there is no option C :sl:

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Salam

 

Are there no Islamic mortgages available? I know here in England there is Islamic bank and also some of the conventional banks have partnered with others and offer Islamic mortgages. I would research on the net.

 

Wassalam

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The Islamic mortgage option is really the same as the regular mortgage. The only difference is intention. With Islamic banking the bank buys your house and then you end up buying it from the bank. The difference comes in when instead of paying interest to the bank, you are just buying the house for a little more price. The bank adds in the interest for 30 years and gives you a final value that you slowly pay off each month for 30 years (or however many years you set in the contract).

 

This is my knowledge of the system in the US. I think a similar option should be available in Canada as well. Though I dont know how 'halal' this is.

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It is best to go to Islamic finance institutions, and the ones from the GCC are best at that. There should be a lot of institutions represented in Canada.

 

An Islamic bank mortgage is an acceptable means, just stay clear from "refinancing" your home because that is Eina trade and it is not permissible in Islam, yet Islamic bank execs twist around to make it seem so because it gets them more business and more money.

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Assalamu alaikum, check out the links below, both are based in Ontario, but I know they work for all of Canada. If not you can check with them if there similar organizations in British Columbia, I think you are based there. Or you can go and check at the Surrey Masjid, InshaAllah the brothers there can help you out.

 

 

(you are not allowed to post links yet)"you can't post links until you reach 50 posts_torontoseeker(contact admin if its a beneficial link)/cooperativehousingfederationtorontoontariocanada.hm"]ISLAMIC HOUSING CO-OPERATIVE:[/url]

 

(you are not allowed to post links yet)"you can't post links until you reach 50 posts_you are not allowed to post links yetnurcoop(contact admin if its a beneficial link)/"]AN NUR CO-OP:[/url]

 

Assalamu alaikum.

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As-salamu alaykum

 

The other option to free yourself from doubts is not to get one.

Tawakul in Allah is very important. If you tread the path to please him, he will aid you.

 

I have felt uncomfortable with the Islamic mortgages around at the moment, and many economists tell me that it is not that much difference between them and standard mortgages. It kinda reminds me of the story of the 'people of the sabbath' in the Quran.

 

That they used to leave their nets out to catch the fish on the sabbath, to try and technically circumvent the laws of Allah(swt) on them not to catch the fish on the Sabbath.

But Allah(swt) punished them for this action and for those who didn't speak out about it.

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BTW I am only commenting in general on the Islamic Mortgages in the UK, I don't really know what goes on in other countries.

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forget the Islamic finance and banks its just a stunt by the jews to attract muslims, no there is no place for a bank in Islam, its like saying youve invented Islamic beer, or opened an Islamic pub.

 

renting is not an option either as the person you rent from has taken out a mortage on that home you will live in.

 

we live in kuffur times and its hard to stay away from riba.

 

i recommend this speech by imran hossain on riba and how to live in todays world

(you are not allowed to post links yet)"you can't post links until you reach 50 posts_you are not allowed to post links yetyoutube(contact admin if its a beneficial link)/profile?user=AjmalUnobest&view=videos&start=20"]you can't post links until you reach 50 posts_you are not allowed to post links yetyoutube(contact admin if its a beneficial link)/profile?user=AjmalU...os&start=20[/url]

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Salam Alekum,

 

there is another option and the one that most Muslims are going for. That is rent to own. You find a house and in these times not hard to find and instead of paying cash for the home you give a down payment say a$5000 and up and each month you make a payment to the owner. You write in the contract that you are merely paying money each month till the house is paid in full. Never mention the word interest. You have the option to pay the house off early if the need arises.

 

With the econmy the way it is, it is not hard to find one like this. If the owner has a mortgage you pay your rent direct to the escrow company and Allah knows best.

 

Sara

 

PS: I don't trust the Islamic way as we cannot be sure that they are not investing the money in some haram ways.

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Assalamualaikum

 

Alhamdulillah my husband and I have decided to rent a house until such time, if it ever arises, we are in a position to afford to buy a house outright. There is so much doubt when it comes to mortgages and even the Islamic mortgages seem very doubtful too. The scholars themselves cannot agree. I just pray that in time we (my husband and i) will be in a position to afford to buy a house. until then, we are 100% happy knowing that the house we rent is 100% halaal :sl: alhamdulillah .

 

wasalaam

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