As far as I understand it, the payment or earning of interest is not allowed under Islam. I have heard that Islamic mortgages and loans are now available in the UK on a repayment only basis. As a homeowner struggling under the burden of interest-laden debt, I'm curious - Are these only available to muslims, or for anyone of any faith?
2006-07-27 20:31:24 · 8 answers · asked by grpr1964 4 in Business & Finance ➔ Renting & Real Estate
Do you think Muslim's get to live in their homes for free?
The answer is no.
Instead under a Muslim Mortgage, the 'lender' buys the home on your behalf and rents it to you.
Under this model the 'buyer' pays rent to cover, Principal, Interest, Taxes, Insurance and a Management Fee to the 'owner' of the property.
No one is getting over with a Muslim Mortgage.
2006-07-28 07:16:21 · answer #1 · answered by HMMMMMM 3 · 3⤊ 0⤋
There are muslim mortgages via West Bromwich Building Society, also a number of brokers can offer mulsim mortgages from a number of sources. I can't understand why if you are not muslim you would want one as a repayment mortgage is the most expensive way of paying a mortgage (although the only guaranteed way). If you're struggling with your mortgage, it may be worth considering a remortgage taking it as interest-only for a short while and then converting to repayment when times are easier.
2006-07-27 23:26:38 · answer #2 · answered by voodoobluesman 5 · 0⤊ 0⤋
interest isn't "interest" in the Sharia regulation banking equipment. fairly than charging "interest", they use countless kinds of expenses they call "prices" -- which merely happen to be notably a lot equivalent to the going expenses of interest. you do not actually own your position until eventually the top of it, it really is basically a lifeless ringer for the different personal loan except that the economic agency has the right to toss you out of the homestead at any time, even if you're making your funds. This has befell to a lot of human beings - I remember one case the position the economic agency realised it ought to correctly be getting significantly better earnings month-to-month funds for the homestead, so it merely tossed out the relations that develop into residing there and had already had a private loan with them, and put in yet another relations and charged them a larger personal loan. at the same time as the first relations protested there develop into no help for them, it really is permitted lower than Sharia banking. So this area is somewhat diverse than regular banking.
2016-11-26 20:21:25 · answer #3 · answered by mcdole 4 · 0⤊ 0⤋
What an interesting question! How good would it be if we could all take advantage of this.
2006-07-27 20:36:20 · answer #4 · answered by ehc11 5 · 1⤊ 0⤋
just another stupid thing for them once again....as long as we ALL benefit i dont mind.....can u imagine if that was the other way round cor there would be an out-cry
2006-07-27 20:38:58 · answer #5 · answered by devine_gem22 4 · 0⤊ 0⤋
They are available to all, in theory.
2006-07-27 20:35:04 · answer #6 · answered by Anonymous · 1⤊ 0⤋
great question, I'd like one of those - and if I don't get one, I will sue for racial discrimination
2006-07-27 20:34:06 · answer #7 · answered by Anonymous · 0⤊ 1⤋
if thats true its a disgrace.
2006-07-27 20:46:31 · answer #8 · answered by Anonymous · 0⤊ 1⤋