Muslims, on Yahoo.com, there is this video about Islam and mortgages under "Money talks", is this true?

Question

I know the verse in Qu'ran is true but what did you do in aquireing a mortgage?

Serious question, just interested in other cultures.

its under "Featured" next to "high school mean girls"

Answer 1

Artist is wrong, Muslims are not allowed to charge or pay interest. However many scholars have said if you live in the US or some other western country, since you do not have a choice, you are allowed to pay interest only for a house, but everything else must try to be paid without interest.
http://www.islamonline.net/servlet/Satellite?pagename=IslamOnline-English-Ask_Scholar/FatwaE/FatwaE&cid=1119503543140
http://www.islamonline.net/servlet/Satellite?pagename=IslamOnline-English-AAbout_Islam/AskAboutIslamE/AskAboutIslamE&cid=1123996015508
Paying and charging are forbidden.

Answer 2

We're allowed to get a mortgage for a home. Interest is not allowed because it's the same as taking advantage. It's like knowing a homeless person needs money to live, and once they have some money charging them more than they were given. It's sort of like theft and oppression, and that's not allowed. But you know something? It certainly keeps us debt free and on top of things. Notice how many muslim families in the US have more things and nicer thing than others? Our children have their own completely themed rooms, more toys than they know what to do with, beautiful clothing both from here and from their fathers' home countries, and have no worry about money because their father doens't need to pay off credit cards and fulfills his duty in giving his wife varying quantities of money every week.

Answer 3

I dont know about the article or video but here in toronto, there are Muslim organizations that give interest free loans. I don't know how the system works but there is not interest on it which is what a faithful muslims concern would be directed at.
UM Financials is one group offering mortgage alternatives.

http://www.umfinancial.com/

Answer 4

Muslims can't charge high interest rates themselves, and many believe we can't charge interest rates at all. Paying interest is permissible (Logically since people have their own actions, and beggars can't be choosers.)

Many Muslims disagree if the Quran means one can only charge low interest rates or non what so ever. To be safe and do the greater good, most Muslims just do the last.

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*****But from my research and the person whom corrected me, looking up the word usury I found it means charging any Interest. So it is totally against the Islam to charge any interest what so ever. Since it envolves getting something for nothing.
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[4:161] And for practicing usury, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution.

[30:39] The usury that is practiced to increase some people's wealth, does not gain anything at GOD. But if you give to charity, seeking GOD's pleasure, these are the ones who receive their reward manifold.

Answer 5

Yes.

Desert Credit Cards are rare too.

Strange that is Saudi Arabia the RICH can do banking and all kinds of LOAN FOR PROFIT jazz.

Answer 6

>>what did you do in aquireing a mortgage?<<

I'm not Muslim, but the link explains:

Answer 7

I can't say, I'm on dial up so I can't watch videos.