Having debt is not in keeping with the Muslim faith as I understand it. How do religious Muslim families buy a house?
2007-01-07 06:56:23 · 8 answers · asked by Anonymous in Society & Culture ➔ Religion & Spirituality
"Sharia-Compliant Declining Balance Co- ownership Program." It allows Muslims to buy a house without technically borrowing money. Customers jointly buy the home for cash with a co-owner (Guidance Residential, LLC) and then pay the company monthly payments until they assume full ownership.
It takes 30 years and "simulates traditional mortgage financing for federal income tax purposes."
2007-01-07 07:00:38 · answer #1 · answered by Anonymous · 3⤊ 0⤋
The debt isn't the real problem, the interest is. There are Islamic Mortgages which do not have interest, but do have fees to make them profitable for the lending institution. Otherwise, Muslims can just save up for a house, and buy with cash when they have enough money for it. How long does it take to save $100 000?
2007-01-07 15:11:37 · answer #2 · answered by Smiley 5 · 1⤊ 0⤋
Well, I'm not Muslim (I didn't know debt was forbidden - good idea!), but there are other ways to buy a house than with a mortage: saving up money, investing wisely, building it yourself (still costs $$$, but not as much), etc.
2007-01-07 15:00:40 · answer #3 · answered by godlessinaz 3 · 2⤊ 0⤋
it's not forbidden to have a debt but it's forbidden to pay or take intreset on them. and there r so many ways to buy a house other than having debt.
2007-01-07 15:10:07 · answer #4 · answered by anabella 2 · 0⤊ 0⤋
yeah I know the answer
all muslem believe in brotherhood
so brothers help the man to buy a house
and this man will help his brothers later..
they have nice way to buy houses
2007-01-07 15:18:51 · answer #5 · answered by hado 4 · 0⤊ 0⤋
They use zero coupon financing, its just a technical way to pay interest, banks are getting into 'Islamic banking' in a big way and trust me, they wouldn't do so if there was no money in it.
2007-01-07 15:04:21 · answer #6 · answered by fourmorebeers 6 · 1⤊ 1⤋
We paid cash for ours.
2007-01-07 16:50:23 · answer #7 · answered by Simplicity 4 · 0⤊ 0⤋
yep
when it comes to money, they seem to forget islam
hehe
2007-01-07 15:00:01 · answer #8 · answered by Stein 1 · 0⤊ 3⤋