So, the first one is that if I have this Islamic contract and if for whatever reason, I can’t make a payment one month, then there is a late fee but it’s capped at the administrative fee level and I can’t keep compounding the late fees and the interest on top of that. You avoid private mortgage insurance, PMI, which ends up making your payments a little bit harder. That most of our listeners would be facing whenever they do an Islamic contract? The whole reason I got into it is because I was sending some customers over to one of the financial institutions around Guidance and the regional manager reached out and said, “Hey, why don’t you come work for us?” And the way that whole thing happened is when I first wanted to buy my first condo in Chicago, I was very worried of buying something and being involved in any of the interest aspects of it. And so happy and fortunate to be able to go through it. Home Purchase Plans are Islamic mortgage alternatives which allow individuals to buy their home in a halal way. The subsequent uses to which the seller may put that cash is of no legal consequence to the sale. Assalam Alaikum bro. Therefore it can be enforced. It helps people get into a house and you know, feel like they’re not in debt. And if you have to sell it for less than what your house is actually worth, or less than what your house is actually worth or less than what you still owed, then they won’t come after you for a difference because if you are in a Musharakah contract, which means you’re a co-ownership contract, basically your co-owner decided to take the loss with you and it’s not gonna go on your credit that you have an outstanding balance or things along those lines. However, the joint purchase and the contract of lease may be joined in one document whereby the financier agrees to lease his share, after joint purchase, to the client. Why are we worried about Islamic ones? He’s had, what, 12 years of experience specifically in the Islamic mortgages space. Partnered with one of the country’s leading brokerages, Zero Mortgage Canada is a newly inaugurated option for those who need to secure home financing that adheres to Sharia law. And at that point I felt obliged to tell other people, “Hey, there is a fully Islamically-compliant home financing option. I think now, a lot of the companies are not in all 50 states. Afifi says the payments are comparable to a mortgage payment—part of it going towards ownership and part of it paying the rent. A company limited by guarantee (No. In an Islamic co-ownership contract which is one of the allowed contracts for home financing, then your co-owner takes that loss because at that point, you are having to stop this contract out of hardship and not something that you’re doing just purposely just because you decided, hey, you didn’t like the house. AMJAD QUADRI: You know, that’s a great question and the short answer is there is no trade-off. MONEM SALAM: That’s a beautiful story. The first thing I wanna know is their credit score. The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world. High-yield bonds may have low or no ratings, and may be considered "junk bonds." which means it was a stipulation given at a time of need and that it might not apply anymore. AMJAD QUADRI: Yeah, I think one is that Islamic finance is harder than conventional financing. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. And now, to make it simple, now the two larger institutions have both kind of gotten to a point where they’re both using the co-ownership model, which Islamically is called Musharakah. To begin with, it is clear that conventional home financing in most western countries is based on the idea of mortgaging which, in turn, is based on riba and thus repellent in the extreme to all Muslims. In the case mentioned in the question, a part of the cash payment advanced by the questioner would undoubtedly be used by the seller to pay off a mortgage. One of my cousins beat me by a day. Firstly, to take the share of the financier on lease and pay the agreed rent, and secondly, to purchase the units of the share of the financier of the house at different stages. But a lot of it sometimes is the states are very difficult to work with when it comes to these Islamic mortgage contracts, so that’s why. Some Maliki and Hanafi jurists have declared that an undertaking or promise can be enforced through courts of law in cases of need. Thus, the concern of the questioner in this instance would appear to be in regard to hadith prohibiting one's direct and indirect participation in riba. The three problems with Islamic mortgages, you have mentioned are exactly the questions. Now, what you see is that it’s completely in line and the issue is that those first people that started and that complained… that rumor never went away. The share of the financier is further divided into a number of units. Hanafi jurists, on the other hand, have argued that if the resale of the house to the original seller is made a condition for the initial sale, it is not permitted. The most that can be said is that there is an appearance of involvement, but appearance and reality are two different matters. They are asking me for a lot.” And when you understand the amount of money that most of these financing institutions are giving you, or most of these banks are giving you, they are asking you for a lot and it should be hard because it’s not a small amount of money. MONEM SALAM: So, are you basically saying that if I wanted to start up a conventional mortgage-lending, I could easily just download a contract, take it to the state and start operating within a short amount of time? At the time of the purchase of each unit, sale must be effected by the exchange of an offer and acceptance at that particular date. Our Islamic Financing Specialists will help you every step of the way and … Tel 1 212 9068500 Islamic Mortgage UK is the leading resource for all Muslims looking for Islamic finance solutions. A Sharia compliant Halal mortgage takes a different approach. Our halal home mortgages are compliant with Islamic law (Sharia) and offer as much flexibility and convenience as non-Islamic home mortgages offer. The truth is buying a home a hard process. Read on to find out how Islamic mortgages work. I don’t know of any other myths or misperceptions. None of this, however, changes the question above. On the basis of the above analysis, diminishing Musharakah may be used for House Financing subject to the following conditions: The agreement of joint purchase, leasing and selling different units of the share of the financier should not be tied up together in one single contract. Please read the prospectus or summary prospectus carefully before investing. Conversely, if the sale is without any condition, but one of the two parties has promised to do something separately, then the sale cannot be held to be contingent or conditional upon fulfilment of the promise made. It is preferable that the purchase of different units by the client be effected on the basis of the market value of the house as prevalent on the date of purchase of that unit. A bond fund's price will typically follow the same pattern. Are there trade-offs elsewhere that you find kinda make up for that? Hamid. A Islamic banks can participate in home financing on the basis of diminishing Musharakah. Distributor: Saturna Brokerage Services, Member FINRA / SIPC. Share Flipboard Email Print CEphoto, Uwe Aranas/Wikimedia Commons/Photo by CEphoto, Uwe Aranas / CC-BY-SA-3.0 Islam. You no longer need to be in this interest thing. Where, yeah, it does cater to a certain audience, but if you’re looking at it from a returns perspective or a risk perspective, anybody can use it. The proposed arrangement is based on the following transactions: The first step is to create a joint ownership in the property. Above are some Islamic mortgage providers and home financing options for Muslims. A traditional mortgage is haram, but Islamic home purchase plans are halal. This prohibits from investing in businesses that profit from things like alcohol, tobacco, drugs, weapons, gambling, and adult entertainment. No lien, no foreclosure, true partnership model. Thank you very much for your e-mail. But I thought Islamic finance should be different. Under the Sharia law of Islam, the payment or receipt of riba (also known as interest) is prohibited, and thus a conventional mortgage that charges interest each month cannot be utilized by a … That’s why, currently, you see the two largest institutions have either, you know, 28 states or 24 states or something along those lines. AMJAD QUADRI: I think the main reason for someone not to want a traditional mortgage that is of the Islamic faith is to stay away from what’s called Riba. AMJAD QUADRI: I think really, the nuts and bolts comes down to the contract itself. Should such alternatives become available, however, the legal necessity will no longer exist, and the fatwas will no longer be valid. And he approached one the other guys that we grew up with from our mosque that ended up becoming an Islamic scholar, and said, “Can we come up with a solution for the Islamic community?” His dad was a businessman, did a lot of banking with local Korean banks, so felt like hey maybe this will help. You know, it’s something you wanna stay away from. • Murabaha: It is a sale in which it is permissible to stipulate an increase in price in exchange for deferring payment. And the second benefit is that if you do get into trouble to the point where you cannot pay it back at all… then they have to force to sell your house, or you have to sell your house. It takes place between two compentent parties, there is an offer and its acceptance, the object of the sale (a home) is itself halal, and the purchase price is paid by halal means, or cash. The most that the person whom the promise has been made to can do is to compel those undertaking the promise, through the courts of law, to fulfil that promise. AMJAD QUADRI: That is a very good way to look at it, yes. So Amjad, I wanna play a game of rapid fire with you. This objection can be answered by saying that there is a big difference between putting a condition in the sale and making a separate promise without making it a condition. MONEM SALAM: I just wanna know that the person is good for whatever he is. My credit score, my W-2, how much income, how much do I have saved. Investing involves risk, including the risk that you could lose money. 11390908 AMJAD QUADRI: Well, you know, I would say that what happened is when Islamic financing first started and even for myself, when I first went with this local Korean bank, the rate that I was paying was almost 2 percent higher than what a conventional bank could have gotten at the time. Institute of Islamic Banking and Insurance Because they add states slowly, based on the Muslim population and return on investment. MONEM SALAM: Yeah bad news always spreads faster than good news. MONEM SALAM: That’s a good explanation. At the time, one of our good friends that we to a similar mosque that we did, that we grew up with, he was a CPA. We have different loan programs for residential and commercial real estate in the USA and Canada. MONEM SALAM: Rumors and those type of things. Let’s say, they had, you know, multi-billions of dollars and they said, “I wanna help people buy homes. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. Luckily for British Muslims, banks are gradually recognising that this is a problem for a large number of people, and are therefore offering an alternative, by way of Islamic Mortgages and other forms of finance tailored towards Muslims. Because I wanna know if the person that I’m potentially helping to buy a house is reputable. Why don’t you start off, if you don’t mind, and just kind of in a nutshell, talk about what it is? Essentially, then, the world will be free of the Haram only when people stop doing wrong, and that is impossible. An Islamic mortgage, or halal mortgage, enables you to buy a house in compliance with Sharia law. Important Principles Prayer Salat Prophets of Islam The Quran Ramadan and … You’re actually in a business relationship with the person that you went into business with. Login Login Banking securely Register for new mobile banking app. These fatwas are based on the assumption, however, that no Shari`ah-compliant alternative is available. Our institute is dedicated to the promotion of Islamic Banking, we are involved in publications and offer training and research programs. The second part of the arrangement is that the financier leases his share in the house to the client and charges rent to him. MONEM SALAM: You mentioned that there are different types of contracts. That was the first one. Their job is to help more Americans buy homes and the Muslim community being a part of the American community at large. And then, Mufti Taqi Usmani was one of the people that helped create the Guidance products, so I felt like his Urdu permission that he gave us no longer applied because now there’s a product from scratch. AMJAD QUADRI: That’s exactly how it’s done. United Kingdom, Registered charity no. Islam forbids interest-bearing loans, so Muslims may prefer to seek a halal alternative when purchasing a property. CHRISTOPHER PATTON: Do you feel like there’s an awareness that this is even possible? AMJAD QUADRI: That is an awesome question. In this manner, then, the transaction described in the second part of the question will be perfectly halal. ... are a Sharia law compliant alternative to mortgages and are often known as ‘Islamic Mortgages’. Whether they’re Muslim or not Muslim.” Then, the question becomes okay what are you gonna ask them if you’re gonna get into this business of helping people buy homes? CHRISTOPHER PATTON: Welcome to Halal Money Matters, presented by Saturna Capital. 31 Comments. We have, I feel, a very special one. I’m Christopher Patton, here with me is Monem Salam. Please consider an investment's objectives, risks, charges, and expenses carefully before investing. Zero Mortgage Canada is now offering Islamic home mortgages to home buyers. Traditional mortgage deals all require a deposit to be paid and for the property to be valued before a financial institution agrees to the mortgage. What am I getting into when I buy a house with an Islamic mortgage? In fact, there is no involvement in either case, neither direct nor indirect. MONEM SALAM: And so, I think in Islamic mortgage contracts, it’s the same thing. To obtain this and other important information about the Amana Funds in a current prospectus or summary prospectus, please visit www.amanafunds.com or call toll free 1-800-728-8762. Whenever you have money traded, that’s when the interest or the Riba part comes in. We have no interest in this.” We got very, very lucky in the fact that there happened to be a Muslim brother that worked there, and he was one of the attorneys that came to this meeting. Even though the buyer has financed his end of the deal by means of a mortgage, the bank with which he has contracted, or the mortgage company, will pay cash to the seller. So, that’s how I bought my first condo in Chicago. The first part (a) of the question asks whether or not it is lawful to purchase, for cash, a home financed by the seller through a mortgage which, at the time of sale, has not matured (i.e., the seller has not finished paying off the mortgage and plans to use the cash from the sale to do so). MONEM SALAM: And it is complicated. What is an Islamic mortgage and how do they work? Number one: it’s expensive. Leave new. Back in 2001, during the housing boom, they approached Freddie Mac, as I mentioned it’s a governmental institution. Contact details: 0207 487 6626. And this is actually one of the things I tell people when they’re looking for an Islamic finance home institution to do business with, is if they’re doing business in all 50 states in the United States, it’s very likely that they’re not doing anything different. There’s a real asset that’s being traded rather than just money being traded. Beyond that, money will pass through the hands of all manner of people, honest and dishonest, just and unjust, and for all manners of purposes, halal and haram. Firstly, a conventional mortgage is a reasonably simple transaction to document legally. The client is then able to purchase those units one by one periodically, thus increasing his own share till all the units of the financier are purchased making the client the sole owner of the property. However, if the first sale is effected without any condition, but alter effecting the sale, the buyer promises to resell the house whenever the seller offers him the same price. And I think everyone is gonna come back to the same place. Palo Alto, san Francisco CA 94303 A halal mortgage doesn’t seem very halal and I’ve heard its quite controversial – but my research in that is lacking,” said 36-year-old, Shoohada Khanom. AMJAD QUADRI: Absolutely. Islamic Mortgage Foundations and practices of a no-riba home mortgage. The second part (b) of the question is similarly concerned with indirect involvement in riba, but from another perspective. AMJAD QUADRI: Sure. If you are interested in applying for a loan today, get in touch with us. MONEM SALAM: How was the process for you? So, if you take all three of those, then in the majority of the states we live in, that fatwa no longer applies. That’s the other thing that, you know, obviously, debt is looked down upon in our religion, so a lot of people that might wanna go to Hajj or go to Umrah to the pilgrimage, they’re looking at this debt and saying, “Okay I’m in debt, so I don’t qualify to go,” but when you’re in a co-ownership, you’re not in debt. The bank would allow you to use any funds you can prove are yours and acquired through legitimate means, so yes, you can use money in your Help to Save scheme towards halal, mortgage alternative Home Purchase Plan. Let’s see what happens. However there are a number of Muslim Jurists who hold the view that promises are enforceable, and the court of law can compel people to fulfill their promise, especially, in the context of commercial activities. It is an established rule that interest earned from deposits in riba-based banks must be disposed off by charitable means, other than the construction of mosques or the printing of the Qur'an. Likewise, it was known at that time that certain people were making usurious transactions in dinars and dirhams, yet neither the Prophet of God, upon him be peace, nor his Companions refrained from dealing with dinars and dirhams. All rights reserved, IIBI Institute of Islamic Banding and Insurance. We’re really excited to have you on. Fax: 1 212 3194762 And this person has now opened it up for multiple hundreds of homes to be closed on a monthly basis through Islamic finance for a lot of people that probably would not buy a house. I mean, it helps to mitigate risk. It is a well-established rule of the Islamic legal system that one transaction cannot be made a pre-condition for another. In the first part of the question, the transaction of sale is compliant in every aspect with the teachings of the Shari`ah. On the second question, if the Finance House buys the entire house from the heirs, and then sells it to one of them, that will be lawful from a Shari'ah perspective so long as the purchase by the Finance House is not made conditional upon its selling the house to one of the heirs. A claim for actual damages suffered resulting from a default can consequently be made. Shariah-compliant mortgages The first port of call in these conversations is often “what about a Shariah-compliant mortgage?”. All material presented in this publication, unless specifically indicated otherwise, is under copyright to Saturna. Stock prices fluctuate, sometimes quickly and significantly, for a broad range of reasons that may affect individual companies, industries, or sectors. This is attested to by the fact that in the time of the Prophet of Allah, Allah bless him and grant him peace, when a shield was stolen, and when an abba was misappropriated from among the spoils of war, no one refrained from buying shields or abbas. This is not a trivial business practice - the Prophet Muhammad is said to have cursed the consumer of interest, the one who pays it to others, the witnesses to such a contract, and the one who records it in writing. I love that question because the one fatwa that I know of, that I had a chance to see and that some scholars went over, was the Yusuf Qaradawi fatwa, early on before any Islamic finance institutions came around. So then, he’s paying the other partner, the 50% partner, off, while he’s living in it, and paying them almost a rental amount while he does that. 2) Ameen Housing Co operative And then, the last one was don’t use this to go do business. And the fact that now this person is getting the blessings of all of these people being able to avoid something that you know, within our religion is something that people don’t want to get anywhere near. The Al Rayan Bank (formerly Islamic Bank of Britain) and UBL UK (United Bank Limited) are the main providers of Islamic mortgages in the UK, however other providers may also offer Sharia-compliant mortgages. With the Islamic finance contracts, you know, there is no multiplying late fees. Because for the companies that are doing things correctly, you know Guidance and UIF specifically, each state they go into, they spend anywhere from $100,000 to about $500,000 on legal fees to make sure that their contracts, which are different than the conventional mortgages, apply and are aligned with the home buying safety guidelines that each state has. As a result, Islamic mortgages tend to be taken out only by those Muslims who regard conventional mortgages as being religiously prohibited. But you know what I tell people is if we both see a yellow colored wall, just because the IRS comes by and says, “Hey, no, that’s blue,” it doesn’t change the yellow colored wall, which is the agreement between the two parties that are doing the contract. It’s not only about what you’re paying, but it’s also about, in cases of the downside, the risk part of it. It will take effect irrespective of whether or not the promise is fulfilled. Investing involves risk, including the risk that you could lose money. Guidance Residential is a similar company providing support to New York City buyers. Amana Mutual Funds, Saturna Sustainable Funds, Sextant Mutual Funds, and Idaho Tax-Exempt Fund are offered only by prospectus. The same applies to anything stolen. A. Regarding Islamic financial institutions that offer Shariah compliant mortgages in the US, please contact: 1) United Bank of Kuwait We all know interest-bearing loans are prohibited under the sharia . So, Monem you mentioned this earlier, that it takes a while to get into different states. A. MONEM SALAM: It’s probably gonna be the number one asset for a lot of people, it’s their number one asset they’ll have in their life. Transactions involved in Diminishing Musharaka. 2981339) No obligation may be discharged with the interest; so it may not be used to pay taxes or debts. Generally, an investment that offers a higher potential return will have a higher risk of loss. Alperton Lane, Greenford UB6 8AA Help to Buy mortgage guarantee scheme extended to include providers of Home Purchase Plans. So, we do have a special guest. If the condition is expressly mentioned at the time of sale, it means that the sale will be valid only il' the condition is fulfilled, meaning that if the condition is not fulfilled in future, the present sale will become void. To Purchase does not render the original contract conditional or contingent no multiplying late fees the house about Islamic are. ( Sharia ) and offer training and research programs mortgages work involved in publications and offer much... Finance contracts, you know, you know, it ’ s a great question and the ijara contracts we. Applying for a loan today, get in touch with us zero mortgage is! Then this promise is fulfilled just decreases your overall blessings in your financing mortgages and are often as! A financial institution, they offer Islamic housing financing brief background about,... 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