[ADVICE] How can i buy a home????

[nocturne]

Assalamualaikum,

I want to buy a home for my family in the near future. I am living in Singapore anyway and there are no Islamic banks here.

An average house here costs around $300,000. I could fork out from saving and getting from my parents half that amount. But that would force me to take loans and pay interest which i don't want to do.

My only alternative is to rent a home all my life and i feel that would not be good for the kids to be constantly moving. But i keep thinking these rents could be paid as installments for my home and eventually i could actually own it.

What do you make out of this?

['Abd-al Latif]

If the loan has interest do not take it no matter what.

[nadia85]

If the loan has interest do not take it no matter what.

I agree

[burdenofbeing]

aren't there any islamic financers in singapore? what they do is they buy the house, and sell it to you for a profit, but you pay in installments.

[burdenofbeing]

it looks like islamic bank of asia has its headquarters in singapore and they provide "financing for acquisition of assets/property"

[ardianto]

aren't there any islamic financers in singapore? what they do is they buy the house, and sell it to you for a profit, but you pay in installments.

Altough it located between two Muslim countries, Indonesia and Malaysia. Singapore is not a Muslim country, and actualy Singapore is not Malayans country but Chinese country. There are Malayans Muslims and some Indian Muslim in Singapore, but they are minority.

In Singapore, only rich people can buy a house, because houses is very expensive in Singapore. Ordinary people live in apartment.

[burdenofbeing]

have you checked islamic bank of asia?

[nocturne]

Thanks brother for your suggestion.

I have yet to contact Islamic Bank of Asia. might go down tml to their head-quarters to ask them about it.

The Islamic Bank of Asia focuses on wholesale commercial banking, corporate finance, capital markets and wealth management services. We have a team of commercial and investment

But it seems they only provide assistance for commercial properties and not home-owners.I will try asking them though.

Do banks overseas provide assistance to other Muslims?

[nocturne]

Assalamualaikum

I just thought i update u guys..

Dear Sir

Thank you for your interest in banking with The Islamic Bank of Asia (IB Asia). IB Asia currently focuses on commercial banking, corporate finance, capital market and wealth management services. At the moment, we do not provide for retail banking (including home financing). Once again, thanks for your interest.



Regards

So they dont provide home financing.

[rpwelton]

aren't there any islamic financers in singapore? what they do is they buy the house, and sell it to you for a profit, but you pay in installments.

There is no such thing as an Islamic loan that is not 0%.

What an Islamic bank does when it buys a house and turns around and sells it for a profit, but lets you pay in installments is the same thing a regular bank does when it sells you a loan. The premium (or "profit") you would pay to an Islamic bank is the same profit the bank is making on interest. It's just worded differently.

The only option you have if you can't pay cash or get a 0% loan is to rent. It's unfortunate, but true.

[aadil77]

Brother you have the right intentions InshAllah you'll find something,

I can't believe singapore doesn't have any islamic banks, its surrounded by muslim majorities

[Al-Hanbali]

Maybe this will help....



Let's Buy a House Islamically

By Ghassan Barqawi

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.

CD 1 | CD 2 | CD 3

[Dawud_uk]

Assalamualaikum,

I want to buy a home for my family in the near future. I am living in Singapore anyway and there are no Islamic banks here.

An average house here costs around $300,000. I could fork out from saving and getting from my parents half that amount. But that would force me to take loans and pay interest which i don't want to do.

My only alternative is to rent a home all my life and i feel that would not be good for the kids to be constantly moving. But i keep thinking these rents could be paid as installments for my home and eventually i could actually own it.

What do you make out of this?

i think what you want is for us to say you taking out a riba based loan is ok which it isnt.

putting a roof over your wife's and children's head is a necessity, owning that roof (and the rest of the building) isn't.

so if you cannot afford to buy then rent, it is simple.