Halal (lawful) Mortgage

zabbyh

Basically - try not to get a mortgage - Its a rip off anyway when my sister was thinking of getting one for a £80,000 house, with mortgage it would have come out to have cost £200,000

grumbler

zabbyh wrote:

Basically - try not to get a mortgage - Its a rip off anyway when my sister was thinking of getting one for a £80,000 house, with mortgage it would have come out to have cost £200,000

Take mortgage not for 25 years as usually, but for 10, for example, an it will cost you significantly less.

cfc125

:rotfl:

danmanchester wrote:

Hmmm I wonder if the Vatican Bank would do me a Christian mortgage..on the understanding that I'd pay up in full when I get to heaven....:A ...
just a thought:D

:rotfl: :rotfl: nice one dan :rotfl:

sarahlouise210

very interesting thread... I have several muslim friends and each time they have married "the community" has bought them a house! Everone gives money and it is lumped together to buy their home, I always thought it was just wonderful community spirit and good money management but now I understand WHY they do it! The theory is good, however 3 of my muslim friends now also own rented properties! I suppose they bought them with one of these allowed mortgages.mmmm it is all clear to me now

meheraltaf

danmanchester wrote:

Hmmm I wonder if the Vatican Bank would do me a Christian mortgage..on the understanding that I'd pay up in full when I get to heaven....:A ...
just a thought:D

Am sure the Vathican bank would gladly offer you a Christian mortgage ..on the understanding that you would manipulate someone else to pay to for it and also spread Christianity in return

deemy2004

zabbyh wrote:

Basically - try not to get a mortgage - Its a rip off anyway when my sister was thinking of getting one for a £80,000 house, with mortgage it would have come out to have cost £200,000

Mortgage literally means until death.... your selling a chunk of your life.......

What's next ? Kids with credit cards ?

This credit bubble just knows no limits as it continues to sucks people into it.

Yeh Muslims have it right for the long-run credit / interest is bad... it can destroy the future of not only individuals but whole countries.

Don't SPEND more than you earn !
If you want a house then save up to buy it... if that was the norm then houses would be £25,000 and not £250,000 ! The difference is created by the ever inflating credit bubble !

When it bursts the assets will be far less valuable then the debts and then what will people do ............ :rolleyes:

P.S. 99.999% of muslims in britain partake in credit either the paying of or the recieving off.. Even the ultra religious Saudi government buys US Treasury Bonds and recieves interest on it.

EdInvestor

sarahlouise210 wrote:

very interesting thread... I have several muslim friends and each time they have married "the community" has bought them a house! Everone gives money and it is lumped together to buy their home, I always thought it was just wonderful community spirit and good money management but now I understand WHY they do it!

Our mutual building societies were based on the same principle when they started.

Islamic finance is now becoming quite complex as the market is growing rapidly. Of course Muslims can't receive interest either: so a savings product is structured on a profit sharing basis. Dividends on shares are quite OK,as they are already based on profit sharing.

Anyone one can partake of Islamic products, but they are often a bit more expensive than the norm.

Phonix

***Edited by MSE Controller2***

Anyone one can partake of Islamic products, but they are often a bit more expensive than the norm.

There is stuff in sharia about different housing arrangements for non-muslims (different housing rights), so they must or at least should become part of this surely. I will try and track them down.

Don't SPEND more than you earn !
If you want a house then save up to buy it... if that was the norm then houses would be £25,000 and not £250,000 ! The difference is created by the ever inflating credit bubble !

I don't think this is strictly true. The prices also reflect the level of investment in housing, which would inflate the prices? The demand for housing pushes the prices up? and the property developers + owners or part owners cashin on the demand for housing by raising prices?

I'd have thuoght it's a demographic trend more than just an economic, more people, more housing demand, higher prices.

meheraltaf

Phonix wrote:

I don't think this is strictly true. The prices also reflect the level of investment in housing, which would inflate the prices? The demand for housing pushes the prices up? and the property developers + owners or part owners cashin on the demand for housing by raising prices?

I'd have thuoght it's a demographic trend more than just an economic, more people, more housing demand, higher prices.

Mortgage is something that definitely makes most of western nations mighty wealthy which indirectly creates a difference in the house prices.This must be fascinating concept for the economist

Phonix

It's likely that a large proportion of that investment is probably from western nations, however it's also pretty likely a great deal of it is from elsewhere. So "mighty western wealth" is a bit of a generalisation.

Am sure the Vathican bank would gladly offer you a Christian mortgage ..on the understanding that you would manipulate someone else to pay to for it and also spread Christianity in return

I know I'll probably get slapped for saying this but catholicism veers away from christianity on a number of points and isn't considered christianity by alot of christians.