@Alidawah brother ali needs dawah got stuck on 2.5% 😂 @25 mins. Just to clarify brother, there is no 2.5% because there is no zakat due if you invest with them since they are investing the funds you give into a property for rent InshaAllah. So any amount you invest with them there is zero zakat due from that amount.
Could you talk about how to finance your degree in halal way? Also could you promote on your channel to create a poll for the parliament to push the government to set up the Takaful system they have been promisig since 2013 since you have quite a large reach? Jazāk Allāh!
This project only in UK and Dubai? Or it could be in any other country in EU with the same company? I'm interested to have something like that in Belgium
The Prophet Muhammad (peace be upon him) said: “The two rak‘ahs before Fajr are better than the world and everything in it.” - (Sahih Muslim, 725) 🇵🇸❤🇸🇩
I completed a home purchase with Pfida a few years ago, the transaction and model is the best out there (). These brothers are genuine, and their intentions are honorable, May Allah reward them abundantly. Game changers and trailblazers using the community to help the community.
As an engineer with a finance education who has been looking for a long time for Halal solutions to buying a house, this is probably the best one I've seen. These brothers have removed debt from all transactions. Before people pile on and lump them in with other 'Islamic banks' (an oxymoron), understand that they are forgoing profit they are entitled to under Musharakah for the benefit of the customer when a house is sold above the original price. In fact, their venture is structured for the benefit of the community and abiding by the words of Allah swt rather than maximizing profit. The only critique I would have is to remove transactions in legal tender which is inherently based on fractional reserve, interest-based banking and instead transact in currency with intrinsic value (gold, silver, etc.) May Allah swt put barakah in the work these brothers are doing, and inspire others around the world to start similar ventures. Ameen
But you missed a critical point. The brother mentions if the customer wishes to sell the property afterwards, they will inherit a share of the profit from the sale. That way, they (pfida) will always benefit from appreciating house values while also remaining Shari'a compliant!! Awesome tbh
Quick question 🙋♂️ If I am living in the property and paying the rent every month- am I buying more of the share of the property or my ownership stays the same when I went into partnership originally?
@@thephantomterence9211 You will have to pay an amount above the rent. Somewhere in the video, the brother gives an example of a 1000 dollars rental of which your rent is, suppose say 600. You can then set up an agreement where you pay 600 rent and an extra 200 for equity.
When the brother said I have a resposibility to the community with the knowledge I have been given. Subhanallah was so beautiful and filled my heart with joy. That's what we need to be thinking as a community Ma Shaa Allah.
As a Muslim who has tossed and turned in many sleepless nights thinking about what option to go through with when buying a house every option with our honourable shaykh Haitham had dads name stamped on it brings me joy and happiness Alhamdulillah. As long as the part rent side doesn’t cripple us when trying to pay for the rest of the house off, I think we should strive to make it work InshaAllah.
When was the last time you tossed and turned about the meeting with Allaah and whether u gonna be in Hell or heaven. This world and all that it contains doesn't need worrying about..... U worry about the Hereafter and your situation Allaah will grant you what you need. In this life
Who are you to question another muslims’s intentions on their relationship with Allah? Yes our priority is always akhirah but if you are not able to keep your family in a decent environment for their well being then you will struggle to fulfill your duties to Allah. I have seen many single brothers with no responsibilities make your claims but after being married and having children they have Woken up to the challenges of life.
The tossing and turning is because the brother needs a house but doesn’t want to displease Allah by doing it the wrong/haram way. This in itself is honorable.
Ya Allah, protect us from the sicknesses of the heart, backbiting, slandering and speaking ill of others. Protect us from this evil so we don’t have to give our hard-earned deeds away to the people we have wronged. Ya Allah, protect us from malice, jealousy, self-admiration, showing off, hypocrisy, laziness, lies and deceitfulness.
AlHamdulilah what a great Ne'ma this has been bestowed upon us. This will solve the youngsters problems in Sha Allah. Well done guys. Ma Sha Allah these 2 guys are the Youth of the ummah who came with this great mindset. There is a light at the end of the tunnel.
I got a mortgage with Al Rayan Bank; I can tell you there is no difference between a conventional mortgage and a halal one. The rent they charge you is based on the Bank of England base rate, so you will end up paying more rent every month than your capital. In the end, you will end up paying more rent than the capital after 25 years. Be mindful and careful.
Salam, tell me what does Al rayaan bank make it's money for its survival? It remodels riba in to "rent" which then allows the bank to profit. Halal or haram what ever you want to call it. All business need to survive and make Profit or else there wouldn't been a need
Ali dawah please please don't lead people down the lizards hole. There is absolutely no, no, no way on earth there is a halall islamic mortgage out there on the market today
It has to be said, this is by far the most wholesome and shariah-compliant product in the market. I like that we as a community have to invest our funds, help others, and then the community supports us to purchase our home! Allahuma baarik!
SubhanAllah I was very interested in when I saw this video and coincidentally I was on hajj on the same year as this brother in 2016 with my mum and family members. I will be looking into this insha’Allah
SubhanAllah. I am uneducated but I can see right through them. Not FCA regulated means they have no accountability. I wouldn’t go anywhere near these people.
The product is well explained, doesn’t seem to have any complications. The whole activity is transparent, would like to invest or use them to buy the first house . Good work Ali Dawah brother
How do they calculate the rental rate Do they share in the costs for things like house insurance and roof repairs. Sounds good but I think we need more info
As usual what they don't tell you is that if you already have a house there is nothing you can do. If you do go with pfida it will be purchased on a buy to let. Also if your a first time buyer then that bonus is void. Finally it's a 5 year waiting list and you may not get your choice of house. There's also another company where the investors of the house also own the decisions relating to the house so no remodelling etc...withiut permission. And your buy back on the shares of the house will be minimal since you will be paying the "buy to let" price of rent plus an additional. I've had many many emails with pfida sadly for solutions. insha'Allah they will have a contract swap option in future but the british government unlikely to happen. Also you will still need to pay a product fee regardless. This is a good first step.
With Islamic finance, the biggest issue we have is that the Islamic finance institutes charge 100% profit on the purchase price of the property and a shorter term. Problem comes in that your monthly repayment is massively higher compared to the normal financial institutes thus making it unaffordable
It’s a great initiative however is it regulated? Do you have mechanisms or protocols in place to safeguard customers deposit/investment.? in case the company goes bust or goes pear shape what happens to the invested money.?
Please then come up with a solution that is immediate. The reason the waitlist is long is probably because the number of accounts with them is very little still so they can afford as many houses as there is demand for. Let go of the negativity, think about the future
It's not being negative but we shouldn't be delusional either. The average house price in the UK is £282k, even if you can put down a £30k deposit you still need £250k finance. So Pfida needs £1 million to finance 4 houses, £10m to finance 40 houses and so on. So you can clearly see Billions will be required in capital to meet the needs of all muslims that want to buy a house which isn't realistic. The few lucky people who get in early will benefit for sure but the rest of us won't as they will need a lot of capital.
Guys, this is all BS word salading from these two individuals unfortunately ! Take it from me as someone who done a masters in Islamic finance from the Markfield Institute in Leicestershire, and a certified Shariah auditor (CSAA) with the AAOIFI!
what i understand is 4.7 return you would look 100 percent of it and divide by 40 to get 2.5 100000 divide by 100 times 4.7 = 4700 the zakat would be on the 4700 so divide by 40 to get 2.5 percent of zakaat so it would be 117.50
I do like this but you can't get the bank account unless your a high value investor. The savings account should be made available for the normal person
You can get IFA-credited, sign up and they send you an email so you can become one for free by demonstrating that you understand the product and any risks involved.
W'salaam, Ali I would highly recommend you look into their solicitor fee structure, brokerage fees. If you're a buyer going through the initial costs, from brokerage fees, solicitors fees (as the buyer you have to pay both sides through this process), this is borderline extortionate. The ownership structure itself is great but for Muslims who are struggling to put together deposits in the first place, the fees are eye watering. My hope insha'Allah is they become more competitive over time but currently the initial outlay is far too much and weighted so incredibly heavily on the buyer.
Be been following this company for a number of years, where on earth did you get brokerage fees from? Lol As for the solicitor fees, yes that is down to the customer. But with the monthly rental discount of somewhere north of 40%, one would recoup the outlay for a solicitor cost within a few months
I agree. How on earth can you pay extortionate rent to them and then save up a few hundred thousand to buy your house back from them. Also I’d be interested to know how much money they make as a company and what they do with their money. Where are they getting the money from? The money they use to buy houses to rent to us? Somewhere along the line, there will be loans from Bank of England and hence interest.
I think this model should be adopted in other western countries where Muslims live (and even for non-Muslims). Honestly the benefits extend to the whole society ❤❤❤ Jazakum Allah khairan
Genuine question, how is this different to gatehouse. They give you option to buy equity or rent only. Really appreciate a genuine answer from industry experts or pfida rep
My question is, how will rent be reviewed ? Will it be reviewed each month as I will be paying for rent and equity share, Or will it be every year ? And will it be decided before the contract. And is it by fixed or varied amount ?
This didn't make sense. Listened it twice, still don't get your product. You and the home owner buys the house in shared ownership, but who's loaning you to buy the house. U haven't made it clear, seems like your hiding or intentionally misguiding the audience. You need to make a clearer video showcasing your product model. It's not making sense.
The thing is very simple. You need at least 15% of the value so can make a deal. One the deal done, you pay a rent + another amount of money in order to buy the part that you don't have. They make money with the rent of the part that you don't have.
Ma Shaa Allah . May Allah bless the intention of the brothers. I was trying to find a solution like many muslims are. As when i speak people ask what osbthe aolution then tell us. Pleases me that brothers are trying . May Allah reward and bless the effort . Aameen !🤲🏼💯
The rental prices soared in the last couple years mainly caused by rising interest rate, hence landlords raising rent and passing the liability to renters to keep up with the inflation. My guess here after listening, this system/product should be immune to any fluctuation in the economy
When you put your money in the saving account and this money is used to buy property, I understand that you obtained shares from the house. But what if the house is destroy, do you lost your money in the saving account also??
My question is that, where do they get the money to buy their shares? Is it because they have enough customers who put savings in their account and if so how would they benefit from their service as the rent money goes back to share owners??
What is the rent based on? For example, if I put down $50,000 on a $100,000 home what would my cost of rent be? I think this might be the catch. Let’s say rent is set at the same price it would be for interest, wouldn’t it be the same thing? The amount on returns of interest might be less than what rent is even. For example, if my mortgage would be $1000 a month, that is principal and interest but rent is $800 a month but I own 50% of the home that would make it more expensive than a mortgage even though it might be Islamic. I would like to see a comparison of what would the cost be after 30 years of payments. Will the buyer actually be paying less or the same amount due to a high rent price?
They calculate the rent based on the market value, property type etc. If you owe 50% and the market value for the property you chose is £1000, then the rent you need to pay is £500 a month.
@ rent is usually higher than mortgage rates so if rent at a place is $2000 but mortgage would be $1200 and you own 50%, does that mean you pay $1000 a month or $600 a month? Because if you pay $1000 a month , that $1000 gets you nowhere close to paying it off and it’s only $200 less than a mortgage. Let’s say you pay 10% so you own 10% of the home. Does that mean your rent is $1900 a month before you can even start to pay anything off? Let’s say you get a mortgage with 10% down and it’s $1200 a month in payments. You could add $700 a month towards your principal but with the Islamic one you would have to pay $2600 plus to start paying down your mortgage.
It’ll be the same as market rent of the similar property in your area but you’ll only pay for the percentage of house they own not for your part. If that makes sense.
@@Themanhasnonme which for most will be unaffordable compared to a conventional mortgage. In the longer term if one can afford the mortgage, why would they take up this shared ownership option, in reality most wont increase on their shares/equity in the property, purely due to the market rent rates that will be applied. As others have said this will suit the more cashed strapped buyers who can afford a higher deposit. It'll be interesting to read further into the T&C's of the agreement for things such as repairs and maintenance and if this will split based on ownership or onus on the customer as they're living in the property
@@Physocrusher if it’s a shared ownership which is likely, you pay for all your repairs even if you own one share. Plus you can’t do any work on the house or garden without their consent. I recently got declined when I asked if I could put in solar panels.
I imagine that they benefit from expensive rental payments equal to the current market prices which is usually based on mortgage payments. Once the customer decides to pay the rest of the share and own the house completely, the company will get back the money from the customer. Until you buy the whole share, each time you pay rent, it goes into the pocket of the investors and the company.
Infact I just googled their website, right at the bottom in watermark print they say homeowners are not protected by FCA, hence they are not regulated by FCA. this is concerning
It sounds like one big comittee, I like it!! The good thing is they are making their return in a halal way in rent and not interest. Also they are giving other ppl a chance to make money on their savings. 4% is not alot to be honest but it will at least combat inflation.
Alhamdulillah. Finally, more Islamic and Muslim based solutions. I would be interested as I wasn't aware of how holding money works in a bank. I would like to move what little money I have towards an Islamic, Sharia Compliant Banking.
As we know SECTS, IMAMS, PREACHERS and SCHOLARS are all differing with each other The ONLY reason why we MUSLIMS are differings is because we are following SECTS, IMAMS, PREACHERS and SCHOLARS Did the complete & perfected islam instruct us to follow any IMAM ( Madhab ) ❓ ❌ Did the complete & perfected islam instruct us to follow any SECT ❓ ❌ Did the complete & perfected islam instruct us to follow any PREACHER ❓ ❌ Did the complete & perfected islam instruct us to follow any SCHOLAR ❓ ❌ Did the complete & perfected islam instruct us to follow the QURAN & HADITH ❓ ✔ The BEST way for us MUSLIMS to unite is by following the QURAN and HADITH ✔ The perfected & complete islam taught us to follow the Quran ( Quran 3 : 103 ) & Hadith ( Quran 59 : 7 ) ‘✔
Dear muslims the truth is if you can't afford a house with your own money then it is your destiny not to get one in this life, banks will never ever offer you interest-free loans because it doesn't exist.
The Shaikh said, you barrow from another brother with the intention of helping and not expecting the money back. You can put a spin on borrowing with different way to mimic conventional loans but end of the day they are all the same
3 holy mosques run everything on earth. Al aqsa is the doorway to the after life. Im sick of explainin myself. The 3 holy mosques cannot be interrupted.
Hadith:Sahih al-Bukhari 310 One of the wives of Allah's Messenger (ﷺ) joined him in I`tikaf and she noticed blood and yellowish discharge (from her private parts) and put a dish under her when she prayed..
Use the link below to apply and find out more. pfida.tv/findoutmore
Bro there's a 5 year waiting list to get home finance from Pfida. So this option is not really available to most Muslims. Back to square one.
@Alidawah brother ali needs dawah got stuck on 2.5% 😂 @25 mins.
Just to clarify brother, there is no 2.5% because there is no zakat due if you invest with them since they are investing the funds you give into a property for rent InshaAllah.
So any amount you invest with them there is zero zakat due from that amount.
Could you talk about how to finance your degree in halal way? Also could you promote on your channel to create a poll for the parliament to push the government to set up the Takaful system they have been promisig since 2013 since you have quite a large reach? Jazāk Allāh!
This project only in UK and Dubai? Or it could be in any other country in EU with the same company? I'm interested to have something like that in Belgium
Brother can this be done if i want to buy a house here in USA?
The Prophet Muhammad (peace be upon him) said:
“The two rak‘ahs before Fajr are better than the world and everything in it.”
- (Sahih Muslim, 725)
🇵🇸❤🇸🇩
SubhanaAllah al adeem
I completed a home purchase with Pfida a few years ago, the transaction and model is the best out there (). These brothers are genuine, and their intentions are honorable, May Allah reward them abundantly.
Game changers and trailblazers using the community to help the community.
Do they have office in the U.S
As an engineer with a finance education who has been looking for a long time for Halal solutions to buying a house, this is probably the best one I've seen. These brothers have removed debt from all transactions.
Before people pile on and lump them in with other 'Islamic banks' (an oxymoron), understand that they are forgoing profit they are entitled to under Musharakah for the benefit of the customer when a house is sold above the original price. In fact, their venture is structured for the benefit of the community and abiding by the words of Allah swt rather than maximizing profit.
The only critique I would have is to remove transactions in legal tender which is inherently based on fractional reserve, interest-based banking and instead transact in currency with intrinsic value (gold, silver, etc.)
May Allah swt put barakah in the work these brothers are doing, and inspire others around the world to start similar ventures. Ameen
But you missed a critical point. The brother mentions if the customer wishes to sell the property afterwards, they will inherit a share of the profit from the sale.
That way, they (pfida) will always benefit from appreciating house values while also remaining Shari'a compliant!! Awesome tbh
Quick question 🙋♂️
If I am living in the property and paying the rent every month- am I buying more of the share of the property or my ownership stays the same when I went into partnership originally?
@@thephantomterence9211As far as I know u have to pay an amount for their share too on top of your rent.
@@thephantomterence9211 You will have to pay an amount above the rent. Somewhere in the video, the brother gives an example of a 1000 dollars rental of which your rent is, suppose say 600. You can then set up an agreement where you pay 600 rent and an extra 200 for equity.
I see a light at the end of the tunnel for the Youth of today Alhamdulilah
When the brother said I have a resposibility to the community with the knowledge I have been given. Subhanallah was so beautiful and filled my heart with joy. That's what we need to be thinking as a community Ma Shaa Allah.
May he continue on this Path and to remind himself to make sure it's not compromised.
Pfida needs a well done info-graphic video for financial lay people like myself
JazakaAllah Khair for finding a solution in this sphere.May Allah make it easy.
This GENUINELY seems like a UNIQUE honourable place for me to put my money in the future I will look into it ali
As a Muslim who has tossed and turned in many sleepless nights thinking about what option to go through with when buying a house every option with our honourable shaykh Haitham had dads name stamped on it brings me joy and happiness Alhamdulillah. As long as the part rent side doesn’t cripple us when trying to pay for the rest of the house off, I think we should strive to make it work InshaAllah.
When was the last time you tossed and turned about the meeting with Allaah and whether u gonna be in Hell or heaven.
This world and all that it contains doesn't need worrying about..... U worry about the Hereafter and your situation Allaah will grant you what you need. In this life
Who are you to question another muslims’s intentions on their relationship with Allah? Yes our priority is always akhirah but if you are not able to keep your family in a decent environment for their well being then you will struggle to fulfill your duties to Allah. I have seen many single brothers with no responsibilities make your claims but after being married and having children they have Woken up to the challenges of life.
The tossing and turning is because the brother needs a house but doesn’t want to displease Allah by doing it the wrong/haram way. This in itself is honorable.
Ya Allah, protect us from the sicknesses of the heart, backbiting, slandering and speaking ill of others. Protect us from this evil so we don’t have to give our hard-earned deeds away to the people we have wronged. Ya Allah, protect us from malice, jealousy, self-admiration, showing off, hypocrisy, laziness, lies and deceitfulness.
Ameen
Amin
Is your dua relevant to this video ?
@fathimamasoofa8429 🙄🤷♀️
Ameen
Their concept seems like a really good idea
This is big. May Allah grant all parties success
Ameen
Summa Ameen 🤲🏼
They should really start this in Australia. I would back their business up. Smart genuine people
Agreed. As would I.
This is the most critical episode you made. Great value. I pray they succeed.
This is genius! How could we haven't thought sbout this already
This is very interesting, and very useful for Muslims in the UK.
AlHamdulilah what a great Ne'ma this has been bestowed upon us. This will solve the youngsters problems in Sha Allah. Well done guys. Ma Sha Allah these 2 guys are the Youth of the ummah who came with this great mindset. There is a light at the end of the tunnel.
I got a mortgage with Al Rayan Bank; I can tell you there is no difference between a conventional mortgage and a halal one. The rent they charge you is based on the Bank of England base rate, so you will end up paying more rent every month than your capital. In the end, you will end up paying more rent than the capital after 25 years. Be mindful and careful.
But it’s halal the way it’s structured right? Don’t want to get into haram mortgages
Salam, tell me what does Al rayaan bank make it's money for its survival? It remodels riba in to "rent" which then allows the bank to profit. Halal or haram what ever you want to call it. All business need to survive and make
Profit or else there wouldn't been a need
Ali dawah please please don't lead people down the lizards hole. There is absolutely no, no, no way on earth there is a halall islamic mortgage out there on the market today
There is no sound from 36:05 to 36:35. Can you fix this please?
Quite an important part too.
A bit suspicious
No its there business idea that’s why its cut out “i think“
Thats true@@alushabufluz3200
It has to be said, this is by far the most wholesome and shariah-compliant product in the market.
I like that we as a community have to invest our funds, help others, and then the community supports us to purchase our home!
Allahuma baarik!
SubhanAllah I was very interested in when I saw this video and coincidentally I was on hajj on the same year as this brother in 2016 with my mum and family members. I will be looking into this insha’Allah
What happens if I need to repair the roof or replace the water tap. Will Pfida’s share the cost?
If the answer is not, then I would have some concern
SUBHANAALLAH!!! This is AMAZING!!! And an answer to a-lot of Muslims prayers to help buy their 1st home… 🤲🏻 bless u brothers! ❤
SubhanAllah. I am uneducated but I can see right through them. Not FCA regulated means they have no accountability. I wouldn’t go anywhere near these people.
Sadly it seems that this is only for high net worth individuals... So most of us will still be stuck in a rut
It's a start tho right.
The one who deals with interest has declared war with Allah and his messager, enough said
Do you think this is haram? If yes why if no why? thank you and jazak Allah
The product is well explained, doesn’t seem to have any complications. The whole activity is transparent, would like to invest or use them to buy the first house . Good work Ali Dawah brother
Voice goes out at 36:03 in the vid Brother. Not sure if you can fix or add subtitles.
masya allah , we really need this kind of projects in Indonesia
Brother Ali. I have a question. Who determines how much is the rent to be paid ?
How do they calculate the rental rate
Do they share in the costs for things like house insurance and roof repairs. Sounds good but I think we need more info
Very informative video. Jazakallah khair
So essentially they are the same as shared ownership but they label it as “Islamic”…..
As usual what they don't tell you is that if you already have a house there is nothing you can do. If you do go with pfida it will be purchased on a buy to let. Also if your a first time buyer then that bonus is void. Finally it's a 5 year waiting list and you may not get your choice of house. There's also another company where the investors of the house also own the decisions relating to the house so no remodelling etc...withiut permission. And your buy back on the shares of the house will be minimal since you will be paying the "buy to let" price of rent plus an additional. I've had many many emails with pfida sadly for solutions. insha'Allah they will have a contract swap option in future but the british government unlikely to happen. Also you will still need to pay a product fee regardless. This is a good first step.
They dont tell you? They never claimed anything about people already having a house. The question was never asked.
What bonus are you talking about
With Islamic finance, the biggest issue we have is that the Islamic finance institutes charge 100% profit on the purchase price of the property and a shorter term. Problem comes in that your monthly repayment is massively higher compared to the normal financial institutes thus making it unaffordable
This is huge for the ummah inshallah everyone should look to use this if you're a Muslim in the UK.
Thank you for this Ali. May Allah reward you and the brothers.
It’s a great initiative however is it regulated?
Do you have mechanisms or protocols in place to safeguard customers deposit/investment.?
in case the company goes bust or goes pear shape what happens to the invested money.?
JazakAllah for posting this..I really needed this, Allah swt has a solution for everything..Alhamdililah for receiving this on my FYP.
This is out of reach of most Muslims as there is a 5 year waiting list to get home finance. So for most Muslims it doesn't help with the immediate.
Please then come up with a solution that is immediate. The reason the waitlist is long is probably because the number of accounts with them is very little still so they can afford as many houses as there is demand for. Let go of the negativity, think about the future
so you are expected two people to solve the riba problem in like 1 year ?
It's not being negative but we shouldn't be delusional either. The average house price in the UK is £282k, even if you can put down a £30k deposit you still need £250k finance. So Pfida needs £1 million to finance 4 houses, £10m to finance 40 houses and so on. So you can clearly see Billions will be required in capital to meet the needs of all muslims that want to buy a house which isn't realistic. The few lucky people who get in early will benefit for sure but the rest of us won't as they will need a lot of capital.
It's a great initiative and InshaAllah it's successful so we can all benefit from it.
@@Ryuk-applesexactly
Alhamdulillah, finally. We in Indonesia known this bank as Syariah Bank ❤
Guys, this is all BS word salading from these two individuals unfortunately ! Take it from me as someone who done a masters in Islamic finance from the Markfield Institute in Leicestershire, and a certified Shariah auditor (CSAA) with the AAOIFI!
I've found that alot of these halal providers charge monthly admin fees which are more than the interest in haram banks
what i understand is 4.7 return you would look 100 percent of it and divide by 40 to get 2.5
100000 divide by 100 times 4.7 = 4700
the zakat would be on the 4700 so divide by 40 to get 2.5 percent of zakaat so it would be 117.50
To approach influencers is a clever marketing step.
I do like this but you can't get the bank account unless your a high value investor. The savings account should be made available for the normal person
You can start investing from £100
You can get IFA-credited, sign up and they send you an email so you can become one for free by demonstrating that you understand the product and any risks involved.
Mashalalh may Allah bless the project and grant it success
W'salaam, Ali I would highly recommend you look into their solicitor fee structure, brokerage fees.
If you're a buyer going through the initial costs, from brokerage fees, solicitors fees (as the buyer you have to pay both sides through this process), this is borderline extortionate.
The ownership structure itself is great but for Muslims who are struggling to put together deposits in the first place, the fees are eye watering.
My hope insha'Allah is they become more competitive over time but currently the initial outlay is far too much and weighted so incredibly heavily on the buyer.
Be been following this company for a number of years, where on earth did you get brokerage fees from? Lol
As for the solicitor fees, yes that is down to the customer. But with the monthly rental discount of somewhere north of 40%, one would recoup the outlay for a solicitor cost within a few months
@@Dusty118the 40% rental discount is not a blanket %. Where did you get 40% from
I agree. How on earth can you pay extortionate rent to them and then save up a few hundred thousand to buy your house back from them.
Also I’d be interested to know how much money they make as a company and what they do with their money.
Where are they getting the money from? The money they use to buy houses to rent to us? Somewhere along the line, there will be loans from Bank of England and hence interest.
I believe they get the money from investors people like you and me who opened up an investment account/Savings account. And Allah knows best
Let's push it together, muslims changing the game and taking over
FYI Pfida was originally known as Primary Finance
Because pfyda is not FCA regulated hopefully they won't ask me where all the cash came from. Lol 😂
I think this model should be adopted in other western countries where Muslims live (and even for non-Muslims). Honestly the benefits extend to the whole society ❤❤❤ Jazakum Allah khairan
Genuine question, how is this different to gatehouse. They give you option to buy equity or rent only. Really appreciate a genuine answer from industry experts or pfida rep
Pfida ❤
Ps 36 mins sounds drops out for a while when sheikh Salman is speaking
My question is, how will rent be reviewed ? Will it be reviewed each month as I will be paying for rent and equity share, Or will it be every year ? And will it be decided before the contract. And is it by fixed or varied amount ?
This didn't make sense. Listened it twice, still don't get your product. You and the home owner buys the house in shared ownership, but who's loaning you to buy the house. U haven't made it clear, seems like your hiding or intentionally misguiding the audience. You need to make a clearer video showcasing your product model. It's not making sense.
The thing is very simple. You need at least 15% of the value so can make a deal. One the deal done, you pay a rent + another amount of money in order to buy the part that you don't have. They make money with the rent of the part that you don't have.
Bring this to Australia please. JazakAllah kheir
Just seen their website, you have to be a certified investor to grow your own savings. The average person won't have the certification
I believe there is a workaround, email them as I’ve been informed there is a way
I've emailed them about that and they're going to help me open an GYS Home account inshallah
How can you be considered a certified customer?
Amazing. Wish you guys allow US participants
In the United States, you have Guidance Residential LLC
May Allah bless you, this should be supported and promoted
Sounds good but if someone wants to change structure in house or change boiler or something how that will work?
Very good question
Ma Shaa Allah . May Allah bless the intention of the brothers. I was trying to find a solution like many muslims are. As when i speak people ask what osbthe aolution then tell us. Pleases me that brothers are trying . May Allah reward and bless the effort . Aameen !🤲🏼💯
Insha'Allah if this is actually halal, then let this be more successful than all the riba banks put together.
The rental prices soared in the last couple years mainly caused by rising interest rate, hence landlords raising rent and passing the liability to renters to keep up with the inflation. My guess here after listening, this system/product should be immune to any fluctuation in the economy
When you put your money in the saving account and this money is used to buy property, I understand that you obtained shares from the house. But what if the house is destroy, do you lost your money in the saving account also??
im on benifits with a disability illness and i rent private with housing benifits payin rent.how dos tha work for me
My question is that, where do they get the money to buy their shares? Is it because they have enough customers who put savings in their account and if so how would they benefit from their service as the rent money goes back to share owners??
What is the rent based on? For example, if I put down $50,000 on a $100,000 home what would my cost of rent be? I think this might be the catch. Let’s say rent is set at the same price it would be for interest, wouldn’t it be the same thing? The amount on returns of interest might be less than what rent is even. For example, if my mortgage would be $1000 a month, that is principal and interest but rent is $800 a month but I own 50% of the home that would make it more expensive than a mortgage even though it might be Islamic. I would like to see a comparison of what would the cost be after 30 years of payments. Will the buyer actually be paying less or the same amount due to a high rent price?
They calculate the rent based on the market value, property type etc. If you owe 50% and the market value for the property you chose is £1000, then the rent you need to pay is £500 a month.
@ rent is usually higher than mortgage rates so if rent at a place is $2000 but mortgage would be $1200 and you own 50%, does that mean you pay $1000 a month or $600 a month? Because if you pay $1000 a month , that $1000 gets you nowhere close to paying it off and it’s only $200 less than a mortgage. Let’s say you pay 10% so you own 10% of the home. Does that mean your rent is $1900 a month before you can even start to pay anything off? Let’s say you get a mortgage with 10% down and it’s $1200 a month in payments. You could add $700 a month towards your principal but with the Islamic one you would have to pay $2600 plus to start paying down your mortgage.
Masha Allah this is very good news for Muslims living in the Western countries America
Sound is muted from 36:04 for a short while… please sort out brother
The audio got cut at around 36 mins. While a very crucial answer was being given.
Will the renting part be affordable renting?
no, it'll be similar to other houses of the same size in your area. However if you put down a hefty deposit, the rent should be lower
It’ll be the same as market rent of the similar property in your area but you’ll only pay for the percentage of house they own not for your part. If that makes sense.
@@Themanhasnonme which for most will be unaffordable compared to a conventional mortgage.
In the longer term if one can afford the mortgage, why would they take up this shared ownership option, in reality most wont increase on their shares/equity in the property, purely due to the market rent rates that will be applied.
As others have said this will suit the more cashed strapped buyers who can afford a higher deposit.
It'll be interesting to read further into the T&C's of the agreement for things such as repairs and maintenance and if this will split based on ownership or onus on the customer as they're living in the property
@@Physocrusher if it’s a shared ownership which is likely, you pay for all your repairs even if you own one share. Plus you can’t do any work on the house or garden without their consent. I recently got declined when I asked if I could put in solar panels.
Brother's sister's work hard spend little, save up make dua and with some blessing u will have ur own home
Is there a website that we can look up the properties and all the details please?..
yes
Are you guys in Canada Montreal?
uk only atm
I imagine that they benefit from expensive rental payments equal to the current market prices which is usually based on mortgage payments.
Once the customer decides to pay the rest of the share and own the house completely, the company will get back the money from the customer. Until you buy the whole share, each time you pay rent, it goes into the pocket of the investors and the company.
May Allah bless them and increase them in wealth and rank in heaven!
please spread your business to malaysia, ill be waiting to buy house from u
As per my research the zakat on rent is 10% of the profit. Like the zakat on the harvest.
This is what I am looking for in the USA, hope this will be here very soon and we can contribute in the process to benefit us.
Not exactly the same, but you do have halal option in Guidance Residential LLC
How long is the waiting list? Are there any restrictions as in age?
pfida is almost like a social enterprise here, relying on rental income from their co-owner partners/AKA home buyers to turn a profit.
Brother Ali there is No sounds for 30 Sec at 36:03 to 36:34 can this be corrected please. Thanks
Is this available in the USA?
UK only
):
Are they FCA regulated though. That's the financial conduct authority.
Every sector is regulated:
Education: Ofsted
Doctors: GMC
solicitors: SRA
Finance: FCA
Estate agents: property ombudsman
Infact I just googled their website, right at the bottom in watermark print they say homeowners are not protected by FCA, hence they are not regulated by FCA. this is concerning
Go to the 29th Minute
Allah bless these brothers.. Pls share
It sounds like one big comittee, I like it!! The good thing is they are making their return in a halal way in rent and not interest. Also they are giving other ppl a chance to make money on their savings. 4% is not alot to be honest but it will at least combat inflation.
Zakat is in investment property and its income both
This is unnecessary if your rent costs close to your mortgage
Extremely helpful podcast.
Alhamdulillah. Finally, more Islamic and Muslim based solutions. I would be interested as I wasn't aware of how holding money works in a bank. I would like to move what little money I have towards an Islamic, Sharia Compliant Banking.
As salam u alaikum apply at pinned link
@AliDawah wa allium assailant wr wb bro. The last bit, the audio cut out. Can this be fixed before I make an informed decision IA.
As we know SECTS, IMAMS, PREACHERS and SCHOLARS are all differing with each other
The ONLY reason why we MUSLIMS are differings is because we are following SECTS, IMAMS, PREACHERS and SCHOLARS
Did the complete & perfected islam instruct us to follow any IMAM ( Madhab ) ❓ ❌
Did the complete & perfected islam instruct us to follow any SECT ❓ ❌
Did the complete & perfected islam instruct us to follow any PREACHER ❓ ❌
Did the complete & perfected islam instruct us to follow any SCHOLAR ❓ ❌
Did the complete & perfected islam instruct us to follow the QURAN & HADITH ❓ ✔
The BEST way for us MUSLIMS to unite is by following the QURAN and HADITH ✔
The perfected & complete islam taught us to follow the Quran ( Quran 3 : 103 ) & Hadith ( Quran 59 : 7 ) ‘✔
These have always existed in the UK just wasn't known
@@humzdon4life do you have any that you'd recommend as I'd like to move my money from conventional % based banking to Sharia compliant banking
Dear muslims the truth is if you can't afford a house with your own money then it is your destiny not to get one in this life, banks will never ever offer you interest-free loans because it doesn't exist.
The Shaikh said, you barrow from another brother with the intention of helping and not expecting the money back.
You can put a spin on borrowing with different way to mimic conventional loans but end of the day they are all the same
3 holy mosques run everything on earth. Al aqsa is the doorway to the after life.
Im sick of explainin myself. The 3 holy mosques cannot be interrupted.
But the waiting time is 5 years according to their website
To be honest it doesn’t matter if there’s a halal mortgage provider if you live somewhere where buying a house is a terrible roi like London.
What’s the saving account that you guys made that. I can apply to to put my money in?
Hadith:Sahih al-Bukhari 310
One of the wives of Allah's Messenger (ﷺ) joined him in I`tikaf and she noticed blood and yellowish discharge (from her private parts) and put a dish under her when she prayed..
This place is still regulated so is bound by the laws
The only way this would work is if you make your own currency
what is the average timescale in the waiting list for both options.
This is Revolutionary!