Let's Buy a House Islamically

[Abu Rago]

Let's Buy a House Islamically

Buying a home is a major dream for almost every family. However, it is a decision that goes well beyond finances. You want your home to reflect your values and your lifestyle. The biggest advantage to owning a house over renting an apartment is that your house belongs to you. It's your home, and that's a pretty big achievement in itself.

This is why when a person is ready to buy a house, emotion can often get in the way of effective decision making. Not only can it hinder sound financial planning, but it can lead one into major sins. This CD Set is a guide to know what Islamic Finance really is, how one can understand the different terms used by various Islamic financial institutes, and how to make the best decision for your family in this life as well as the next.

Shiekh Ghassan had the honor to study under the late scholar of Yemen, Shiekh Muqbil bin Haadi al-Waadi'ee, and earned an Ijaazah in Hadith from him. He has a Masters degree in Business and is an advisor who is able to give guidance in the field of Finance. He is also the founder of the Islamic Institution of Islamic Studies of Columbia, South Carolina. At present he is the Imam of the Islamic Center of Mobile, Alabama.

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[WomanOfJihad]

hmm.. i dnt understand nowadays pple go for HALAL morgage.. so wats the difference between halal morgage and haram morgage? isnt it still a morgage at the end of the day?
if Any1 can explain plz. JazakAllah.
:w:

[Brother_Mujahid]

its got to do with the way in which the whole process takes places. a normal mortgage you borrow the money and pay x amount back to the bank.

With some halal mortgages basically the bank buys it and then you buy it off them.

Theres questions raised on a few of these transactions so its best to look into them before taking a mortgage out.

I dont think right now would be an ideal time to take one out even if you wanted to, especally with the credit crunch.

[WomanOfJihad]

:sl:

Allahu Akbar! how is one supposeto buy a house then !!!!!

wat ive heard wen u take halal morgage its turns out quite expensive coz u pay MORE to them.

*very confusing*

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[Brother_Mujahid]

yea i was just going to mention that.

Who said you need to buy a house anyway? thats the headache of the husband, no?

[Snowflake]

aslam alaikum

Someone I know consulted an islamic bank about a halal mortage and was told that basically the bank would own the house and she would be paying 'rent' to live in it for such a such years until the mortage was repaid. However in total the repayments still worked out as more than the intitial mortage. I don't see a difference except that islamic banks invest money in buying raw metals, i.e. halal investments.

P.S. I will still read the document out of curiousity (later).

[Mikayeel]

:sl:

Buying a house is big trouble nowadays, esp for us young people :(