I’m a mortgage broker looking to escape the world of riba and love this concept! I am keen to learn more… What are the key eligibility requirements for this product? What is the rent based on? Does the rent increase/decrease inline with the market conditions? Given that the property is primarily purchased in the institutions name, does it appear on an individuals credit report? Jzk in advance
It’s a great product. I’m with an Islamic bank and I believe the mortgages are unethical because they charge too much rent compared to the acquisition payments.
Abdullah ibn `Umar who quotes that the Prophet (peace and blessings be upon him) as saying, “No Muslim is allowed to seek a woman for marriage while she is already engaged to his fellow Muslim, unless the betrothal has been cancelled or the betrothed gives the new suitor the permission.” (Al-Bukhari and Muslim)
Masha Allah Wish this brothet can come South Africa with this product, the "Shariah compliant" bank here, is just for the elite... doesnt matter how much you earn or pay rent for your house, its difficult to get a home loan 😢
a little bit of mixed message when you said the property is zakat inelgible so it's a better use of your funds to invest in property rather than have it in stocks, shares and bank account. I think back during the time of the nabi, the world population was nowhere near as it is now. There wasnt a massive value on land the way it is now. Land and property wasn't nowhere near as lucrative as it is today. I do wonder if the shariah was passed down today would investment property require a type of zakat paid on the revenue on rent. I feel that passive income through hoarding property is far worse than having money in the bank account as property can grow exponentially where as investments in shares/businesses doesn't do nowhere near as much as property. So this moralistic arguement that "Allah wants you to do something better with your money than to store it" is misgudied. Zakat is Allahs mercy on the poor passing through your hands. It should be a privelage to be able to have so much barakah that you are paying zakat on it. A quarter of a tenth is minuscule.
28:40 brother it is haram to lie. If you want to overpay by £200 a month you can do that no problem with conventional mortgages. Dont misinform people. Never do you have to apply for a new mortgage product if you simply want to overpay some money.
If you’re on a fixed rate then its capped at how much you can overpay per year. You would have to move to a variable rate to overpay by however much you want
If I put 10k into an account which they used to buy property for rent, I still would need to pay zakat on that. That property is not in my name? It's not clear how zakat is not liable on the investment, as I would have simply given them 10k in my savings which they used to generate a return for me.
MashAllah, the production is amazing. Already an insightful conversation.
I’m a mortgage broker looking to escape the world of riba and love this concept!
I am keen to learn more…
What are the key eligibility requirements for this product?
What is the rent based on?
Does the rent increase/decrease inline with the market conditions?
Given that the property is primarily purchased in the institutions name, does it appear on an individuals credit report?
Jzk in advance
It’s a great product. I’m with an Islamic bank and I believe the mortgages are unethical because they charge too much rent compared to the acquisition payments.
Kazi amazing pod... please do more like this. Financial literacy is required to escape riba, and very possible if ummah gains this knowledge
Wow amazing guest very helpful thanks kazi bhai
Masha allah jazakallah Khaira for this interview
Is this app only available in Uk or world wide
Abdullah ibn `Umar who quotes that the Prophet (peace and blessings be upon him) as saying, “No Muslim is allowed to seek a woman for marriage while she is already engaged to his fellow Muslim, unless the betrothal has been cancelled or the betrothed gives the new suitor the permission.” (Al-Bukhari and Muslim)
great plan by the family to get him to take action to get married.
is this product available?
Very interesting
Masha Allah
Wish this brothet can come South Africa with this product, the "Shariah compliant" bank here, is just for the elite... doesnt matter how much you earn or pay rent for your house, its difficult to get a home loan 😢
a little bit of mixed message when you said the property is zakat inelgible so it's a better use of your funds to invest in property rather than have it in stocks, shares and bank account.
I think back during the time of the nabi, the world population was nowhere near as it is now. There wasnt a massive value on land the way it is now. Land and property wasn't nowhere near as lucrative as it is today.
I do wonder if the shariah was passed down today would investment property require a type of zakat paid on the revenue on rent. I feel that passive income through hoarding property is far worse than having money in the bank account as property can grow exponentially where as investments in shares/businesses doesn't do nowhere near as much as property.
So this moralistic arguement that "Allah wants you to do something better with your money than to store it" is misgudied. Zakat is Allahs mercy on the poor passing through your hands. It should be a privelage to be able to have so much barakah that you are paying zakat on it. A quarter of a tenth is minuscule.
Sallalah ho alay he wa aali he wa askhabi he wa ummati he wasallam
28:40 brother it is haram to lie. If you want to overpay by £200 a month you can do that no problem with conventional mortgages. Dont misinform people. Never do you have to apply for a new mortgage product if you simply want to overpay some money.
If you’re on a fixed rate then its capped at how much you can overpay per year. You would have to move to a variable rate to overpay by however much you want
I want to be an actuary 😢
If I put 10k into an account which they used to buy property for rent, I still would need to pay zakat on that. That property is not in my name?
It's not clear how zakat is not liable on the investment, as I would have simply given them 10k in my savings which they used to generate a return for me.
We need a scholar to come out and endorse this product.
Fantastic guest
Thank you