Will I ever get to buy a house?

asalam-o-aleikum all

i am writing to ask if anybody would be willing to help a young family who would like to buy a home, without dealing with interest and taking a mortgage. We would like to move into a family home and would promise to pay monthly installments over a long period. Allah will reward you Inshalah in the hereafter for helping us in not dealing with ribah. If anyone can help us, please contact us on ahqirhaq@gmail.com

jazak allahkhairun

i would like to buy house but i afraid interes i dont know how to contact isna

Assalam-o-Alekum :

Is this permissible to obtain conventional mortgage for house purchase from Bank when no Islamic/Shariah compliant mortgage system available in true sense? Locally in Toronto there are only few companies exist e.g UMFinancial and ISNA Canada. UMFinancial take money from credit union company and replace interest with profit in the agreement and charge additional 2-3% in the monthly payment, they call it trade which is allowed in Islam. Due to credit and housing slump in US, UMFinancial is off-business these days. While ISNA Canada (Ansar Housing Cooperative) needs atleast 6 months of prior investment in their company and there is long waiting list. This system is not practical as to buy a new home the funds often not available at closing.
One brother of Islam argues that it is not necessary to buy house for living if there is no true Islamic way available and just keep renting forever. Is this justified? There is a Fatwa from Dr Yusuf Al Qaradawi which allows "Muslims living in Western countries to buy homes using conventional mortgage, on the premise that this is the only way available, and that rent is a long term waste of money".

Please advise me in this respect at your earliest.

Jazak Allah,

W'assalam

Mashkoor Baig
Toronto.

The word "mortgage" is derived from the French language which basically means "death grip". "Mort" in French means death and "gage" in French means grip. So, when you buy a house and get a "mortgage", the bank has a "death grip" on you for the next 30 or so years. Plus, Riba (interest) is Haram and punishable by Allah (SWT). Allah (SWT) says that on judgement day the ones who deal with Riba will come out of their graves as if they are possessed by demons. Angels will descend and bring weapons and give it to that person and say "Prepare to fight a war with Allah and his Messenger Muhammed (SAWS)". So, to my fellow Muslims......please check into the "True" Sharia way to buying a home and don't fall into the "Death Grip" and punishment from Allah (SWT) for paying Riba.
Salam Alaikum,
Rachid.

Asslayam Alykhum

I am living in calgary, alberta. I am interested in Sharia-Compliant home financing program. Coop do the islamic financing but there downpayment is high. If there is any other institue or individual can provide halal financing with a musherkah or mudarba model, please email me at azmat100@hotmail.com.

Allah hafiz

Azmat

What does it really mean by sharia complaint loan? These banks are making you and me fool.

If you take amortization table from a sharia complaint bank, and compare it with a riba based bank, you would not find any difference.

They would talk about diminishing musharka and products like that but you would find out that there is no joint owner ship in business, you would bare loss, there is no profit sharing (like riba based loans), you are responsible for repairs, maitnanace, insurances, taxes, other liabliities of home .. however on papers, this is a joint ownership.

Are we that stupd to understand that people are giving us wolves in sheep's skins.

Salam Alekum,

Al Hamed LLAH, There is ways you can do that and In shaa Allah we can help.
My Name is Ahmed Haleim and I work for Guidance Financial and we understand that buying a house is a major personal decision and we are pleased to offer you a unique Sharia-Compliant home financing program.

Ahmed Haleim

You may want to check this article and see if getting a mortagage is a viable alternative.
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Muslim-Investor.com Site Admin