Halal (lawful) Mortgage

charlesworth82

Hi. As muslim it is haram (unlawful) to take regular mortgages - as interest has to be paid.

I know HSBC do a halal (lawful) mortgage but wondered if anybody knows any other alternatives out there.

Thanks in advance

tiger

I Charlesworth There Is A New Bank,(branches In Birngham,coventryi Think Aslo Luton And London) That Is Purely Halal.the Bank Is Called Islamic Bank Of Uk

tiger

WEBSITE I THINK https://www.islamic-bank.com

p3gg

tiger wrote:

I Charlesworth There Is A New Bank,(branches In Birngham,coventryi Think Aslo Luton And London) That Is Purely Halal.the Bank Is Called Islamic Bank Of Uk

One in Leicester as well (London Rd, the former HSBC branch)

pre-reg

Hi i also looked into halal mortages a year ago when i was buying my flat. Unfortuantily at the time it seemed like a joke...i had to something crazy like 20% deposit. Which amounted to about £30k.....impossible...

So regretably i had to take HSBC graduate 100% mortgage.

I sincerely hope these so called islamic mortgages actually make life easier for people...when i was shopping around it seemed like a joke esp for somebody in my situation without a deposit.

Regards

tiger

pre-reg i do agree with you. i think at the moment they are just into providing halal morgage that is it.nothing to do with cost effectiv.may be they may change in furure

pre-reg

its sad really...that they not making it any easier for muslims...its rather a profit making opportunity for most of these providers

purply

salam/hi,
my friend has a halal mortgage with HSBC and she says its not bad (she's earning £19-20k and was able to get a mortgage on a £100k house)

If it is proving very difficult to get a halal mortgage or its un-affordable, it would be acceptable to go for a normal mortgage (i think the European Fatwa Council has commented on this).

bigup

£100k house...do they still exist?

You can just about buy 1 bedroom for that much down south!

bagzithat

As we are living in a none islamic state, then there is no getting away from paying interest, whatever you do, whatever you buy, you are paying interest on it.

For example if you are living in rented accommodation then you are paying someone elses morgage, so whats the difference.

There is nothing wrong with taking out a morgage, its not Haram, if you are providing a roof over your children, if thats the case then all muslims would be living rent free or on the street. Think about it logically.

Debt_Free_Chick

bagzithat wrote:

As we are living in a none islamic state, then there is no getting away from paying interest, whatever you do, whatever you buy, you are paying interest on it.

Not all Muslims strictly follow Sharia law, so one can't make sweeping generalisations.

That said, a Google for Sharia mortgage throws up plenty of resources, including Lloyds TSB.

As an aside, isn't the term Halal only relevant to meat? The term for Islamic law being Sharia?