How convenient.
@Martyupnorth_2 You guys should really look into it before you comment. I understand there is a fee for taking one that’s similar to mortgage fee. It’s just different categorization of expense.
This legitimately may not be as simple as it seems on the surface. I've worked with this situation before. The issue is that they are not allowed to pay interest to a 3rd party in a transaction, ie a party involved solely to make money on interest. If they buy a property, and carrying costs are included in the purchase price by the seller (one of 2 parties to the transaction) who receives the payments (not considered interest but a cost of purchase), they generally fall within their guidelines. There does seem to be variation in interpretation as well. I've done transaction for people in this community where we had to find a foreclosure (bank owned), where they took their mortgage with that same bank to buy the property. Only a 2 party transaction, buyer and seller. Seems complicated at first and for many not really that logical but compliant for some in their religion. I don't think a Halal mortgage will in fact be interest free but will be charged out differently, ie as above.
@Martyupnorth_2 @DeepaDee92 Word. I’m Muslim now. Inshallah brothers
@Martyupnorth_2 A wholllleee lot of white muslims comin’ in hot!
@Martyupnorth_2 That’s genius actually. I’m going to start a religion that prohibits the repayments of any debt then.
@Martyupnorth_2 People moving to a new land need to adapt to local procatices. Society should not change rapidly to accommodate them.