Richard Askew

Is it true that Muslim mortgage companies dont/cant charge interest on money lent to other muslims due to it contradicting their faith?

TelBoy

And leaders of Muslim countries definitely DO NOT syphon off their wealth into foreign interest-bearing tax havens.

Richard Askew

Thanks Jason - knew that 0% mortgage would be too good to be true

carl

Strictly, paying or receiving interest on money is against the Muslim faith. So some mortgage companies do "Muslim mortgages" where you pay a "repayment" part and a "rent" part on the bit that you don't own. To me, this is just interest dressed up as something else. And I wouldn't mind betting that the "Muslim mortgages" aren't as competitive as the ordinary products...

SomeDude

You can put on your normal clothes again now Richard

Prince Popeye

Apparently HSBC was offering some form of interest free loans etc. it beggars belief

jaycee

LOL @ somedude I was smelling a scam coming on!!

Jason

ProperCharlie

does it?

Richard Askew

ROFL!!!

Rumbled again...


<wanders off and puts tea towel back into the drawer>

Dracoro

Hmmm, I wonder how they work out this 'rent' ?? Daft, just call it rent rather than interest and it's suddenly all ok. absurd (but then again, so's most religious stuff).

Hmmm, HANG ON. I know what...The Church of St Drac (my religion you see ) stipulates that one is not allowed to rent property or pay interest or pay tax (other than to the church of st drac) and must drive a aston martin by 'law'. Now, can the government pander to my 'religious' doctrine? Surely they're being insensitive and predjudiced against my religion by not assisting me in my lifestyle?

jaycee

Drac, if you get the required number of members (not sure how many) you could set up your own religion and then set out to achieve your aims!!
Sign me up!!

Jason

Dracoro

That's easy. According to my religion, each one of us is a million people all rolled into one. So you, me, that's 2 million members already.

SomeDude

Make that 3 million

jaycee

There's as many Drac'sters as there is Muslims in the UK now!!

Jason

Dracoro

Can't make my mind up whether to have a DB9 or a Zagato. Sod it, I'll have both, there's enough garage space in my Chelsea house that I've got my eye on.

SomeDude

Dang, just read your bible and the cars all have to go to your house. I feel a schisma coming on

Aaquil

None of these so called Islamic loans or mortgages are truly Islamic and therefore for any honest Muslim sticking to non interest dealing will not take them period. By the way there is no such think as the so called Interest Free loan that Prince Popeye cares to quote I think you should check your info before you quote ta mate.

Aaquil

By the way I am a Muslim I don't know what you mean by genuine. I do not have a mortgage nor do I have a hire purchase or whatever it is car and good old Natwest do not give me ANY Interest on my Current Account. No Credit cards just Debit. I only owe the Inland Revenue some money which I paid today and my very kind brother.

Richard Askew

Aaaquil - meant genuine as in not one of those wind-up merchants who've been posting on here recently

Moski

from what i kno, the muslim mortgage is not that great- the majority i seen seem to dress up the interest as something else just to appeal to those muslims who r unclear of the laws regardin interest.

a typical muslim mortgage is that say u see a house for £500,000, the loan company will buy that house then resell it to u for £650,000 or sumthing like that

u'll make monthly payment etc till u pay it off

now the thing with a mortgage is if u come in2 money u can pay it off and thus not incur the full interest charge

with a muslim mortgage, u will still hav to pay the inflated price...... from what i am aware alot of the Islamic Scholars in this country agree that it is acceptable to pay interest on a mortgage but u cannot charge interest on any money u r loan 2 sum1 else

personally i dont c anything wrong with acceptin interest from a bank account, since they are usin my money to do business- i am not lendin them the money in order to make a profit, they are usin mine to do business therefore i feel i am entitled to a miniscule amount of the profits

Islam is against the interest that has been cripplin the third world countries who hav paid their original loan amount many times over, but due to interest on their loans still owe the banks ridiculous amounts of money.

hope this has cleared a few things up.

PS i am muslim and these views r my personal views and do not represent the views of the muslim community as a whole (gotta say that just cover me back!)

Mo

Dracoro

gggggggggggggggggggggggggggggggggg - I think you need some of these


£150,000 interest/rent (whatever you wanna call it) on a £500,000 loan over, say, 25 years is a very good price. I doubt many banks would give you those sort of offers. Maybe £400,000 would be closer to the mark.

Incidentally, the religion forbids loaning money where you pay 'interest' BUT what about the lending institution who make money by charging interest to others and indeed only have the cash to loan you in the first place by using these non-islamic methods?

Aaquil

You hit the nail on the head Dracoro which a lot of Muslims do not understand or CHOOSE to not understand.

Aaquil

Richard,

I am not a wind up merchant when it comes to Islam. Its got enough self inflicted bad press anyway (Maybe not all self inflicted). You can ask me whatever within reason.

Please don't be a wind up merchant to me!!!

Aaquil

Right...sorry, well yes I certainly am a Muslim. If you are ever in the Northwest you can meet up with me and then you will certainly know. The problem is when I normally get into a discussion like this people like to make stupid comments in order for things to kick off and I don't like that...so I usually keep away.

Aaquil

Thanks for the nice reply mate.