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I’ve heard Shuyukh mention that Islamic mortgages are no different to normal mortgages and that one should just opt for the latter given, as they’re usually a lot more cheaper too in the long run.
If I’m not wrong this is Sheikh Akram’s view
Can someone explain how Islamic mortgages even work?
Whenever I have looked into the topic, I’ve simply come out confused. Generally I feel most people are skeptical of the implementation of ‘halal’ mortgages
Maybe this video will help? Ngl I’m still confused
This one was a lot more helpful
It really depends on what a person means by a mortgage. There lots of halal option to buy a house like way home and primary finance.
However, there are problematic models too. For instance, the original model was the murabaha model which was essentially interest in disguise.
Another problematic model was the ijara model, which had interest disguised as rent.
Oh no. So which model is permissible? The Musharakah model?
I thought Murabahah was allowed?
You get a traditional mortgage sprinkle salt on top and say bismillah
It’s not the type of contract. These contracts are permissible in and of themselves it’s the way these Islamic mortgage providers manipulate the contracts.
Oh I see that makes sense. Though it makes Islamic mortgages so much more confusing then.
Would the solution be to only take Islamic mortgages/schemes from places that are sharia checked by a scholar you personally trust?
I can’t lie, I’m more confused than ever about this “halal” mortgage. I have heard the same as brother @Khalil, in that Islamic mortgages aren’t actually “Islamic”… But I wonder what isn’t halal. I haven’t seen their arguments
For those that didn’t watch this, can you give us a summary please ? Jazakum allahu khairan
As a Muslim living in the west, I really really hope we find halal alternatives that aren’t as expensive as all the rest. I’m getting restless and as older I get, I am increasingly becoming more and more worried. I’ve heard of primary finance, they have their own issues, wayhome as well, they have their issues too and there is another one, (the name has slipped my mind)… What can wahed do to help us?
What are the issues with primary finance?
Veryyy confusing, I wonder if there are courses on this or seminars to get a good understanding!!
The issues with them are that they are quite new and the queue is quite big from what I heard… So you’ll have to wait for years to hear back. Not guaranteed a date or anything which can be very stressful while waiting