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  • Issue on Mortgage, need you help!

    Asalamu Alaikum, we would like to know if our present mortgage with Amana Bank is halal, because recently we found out none of the Islamic Mortagages are halal. Therefore, we are really finding a way out of our present situation. We were advised by one of our sheikhs that if a wealthy Muslim could buy a share in our property and we could pay him/her of through rent. But if there is anyone who has any other advise they could give on our situation, please let me know how to overcome this obstacle. JazakAllah Khair. Just to let you know aswell it is hard for us to move out and rent out a flat as we have 7 people living in our house, which includes a married couple who also have a baby on the way, and this house is the only thing that we own that is big enough to accomodate all of us Alhamdulillah. JazakAllah khair, please post your ideas. :)

  • #2
    Re: Issue on Mortgage, need you help!

    anyone to share any ideas?

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    • #3
      Re: Issue on Mortgage, need you help!

      Originally posted by Muz2008 View Post
      Asalamu Alaikum, we would like to know if our present mortgage with Amana Bank is halal, because recently we found out none of the Islamic Mortagages are halal. Therefore, we are really finding a way out of our present situation. We were advised by one of our sheikhs that if a wealthy Muslim could buy a share in our property and we could pay him/her of through rent. But if there is anyone who has any other advise they could give on our situation, please let me know how to overcome this obstacle. JazakAllah Khair. Just to let you know aswell it is hard for us to move out and rent out a flat as we have 7 people living in our house, which includes a married couple who also have a baby on the way, and this house is the only thing that we own that is big enough to accomodate all of us Alhamdulillah. JazakAllah khair, please post your ideas. :)
      Islamic mortgages are a relabelling of interest and there is absolutely no difference between the non islamic ones... well, for starters, they borrow money the same way as non muslim banks do to lend out... instead of interest, they label it 'Rent'... Interest Rate as 'Profit rate'.... If you have a look at the contract, you can easily find there is absolutely NO difference between Riba loans and Islamic loans (this is true for the Islamic Bank of Australia (MCCA and others)... but not sure about other banks in other countries... Allah knows best

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      • #4
        Re: Issue on Mortgage, need you help!

        Originally posted by Muz2008 View Post
        anyone to share any ideas?
        Well, plenty of ideas... why not rent? I can afford to buy my house but I am renting because I dont want to take out a mortgage and lose my shade in the day of kiyama... So U gotta give up something to gain something I suppose... its all about priorities

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