Islamic Mortgages: Everything You NEED to Know, How They Work, Where to Get One and How
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- เผยแพร่เมื่อ 27 พ.ค. 2024
- Invest ethically with Cur8 - cur8.capital
We get asked a lot about Islamic Mortgages, and we mean A LOT. So we created a video that will answer 95% of the questions you have, will have or will get asked.
If your question wasn't answered, ask in the comments below!
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About us
We're Ibrahim & Mohsin - ex-city lawyers and authors of "Halal Investing for Beginners". We've been studying investments and the traditional Islamic sciences for 13+ years. Over the year we've been published by the Financial Times, the World Economic Forum, Foreign Policy etc.
Today we run a sharia-compliant wealth management platform that manages over $35m in assets. We make videos about investment, personal finance, careers, and entrepreneurship.
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Remember, with investing, your capital is at risk. This is not financial advice. If in doubt, always talk to a financial advisor.
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TIMESTAMPS
00:00 - Introduction
00:12 - Do we know what we're talking about?
01:27 - What we're going to cover
01:57 - How do Islamic mortgages work?
07:26 - Why Islamic Mortgages are ACTUALLY Islamic
16:21 - The Real ISSUES with Islamic Mortgages
24:31 - Types of Halal Home Buying Schemes and Products
27:30 - Where to get a Halal Mortgage?
33:11 - Requirements to get an Islamic Mortgage
34:42 - Concluding thoughts
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Jazak'Allah Khair for the deep dive! Lots of useful info.
Jzk khyr bro
Thank you for the breakdown
The basic problem with “Islamic” mortgages is that the cost of the loans is still based on prevailing interest rates since Islamic banks have to borrow the money from somewhere - Islamic mortgages are a con and are not genuine risk sharing no matter how you sugar coat them with semantic gymnastics 🤡
Do some deep research brother. You might change your view
Not only are they based on the interest rates, they have more fees than a conventional mortgage and even throw PMI on top of it....and require home insurance (any insurance falls under riba). So its an obvious scam.
@@DarkKnight-uk7mqwhat research? Riba is riba man have you got away from Allah and sunnah that much? Guidance financial is pure riba, on 155k you return 496k like come on it’s worse than kafir banks. Be real with yourself, you gain knowledge brother you gain knowledge because honestly you’re truly lacking it regarding the topic.
@@DarkKnight-uk7mq watch the video by @practical islamic finance in response to this video. He details why this is indeed the case, that Islamic mortgages are not Islamic at all and profit off the notion that these mortgages are halal/sharia-compliant
@@Professional-lr7rd thanks I'll check it out inshallah
3:18 All you need to check if the "islamic" financing company is doing halal or haram is the following questions:
1) Islam does not allow combining a partnership contract, with a rental contract in same contract, so will they have two separate contracts where if we stop renting (break rental contract), we still remain 20% co-owner, and rent it to someone else, since it is a partnership and co-owning contract? Shariah is clear, contracts cannot be combined into one contract in this case, so they may have no answer for this.
2) If this is a co-ownership contract, will the 'islamic' financing company also pay 80% of the repair/maintenance/govt property taxes/etc as an 80% owner while charging rent on their 80% share?
In most cases they will say, you the 'renter' or 'co-owner' (actually a lender) will pay all property taxes, maintenance for repairs, etc for all 100% of the house, not just for your share of ownership (20%) which is not what renters do anywhere, do they?
3) Late payment fees- whether little or lot, do they charge a late payment fee from the 20% co-owner? If so this is not a rental agreement, this is a loan and needs repayment, so co-ownership is merely a word used in contract but not really co-ownership, as 20% partner need not have to guarantee to become 100% unless the same contract, it is a partnership to begin with, or... a loan with guaranteed repayment with penalty for not paying on time?
4) Does the 'islamic' finance company already posses the property/owns it, for them to be able to sell or rent to us before we sign the contract? Or is our signing the contract, create the possibility to possess the property in which case, they signed a contract for a property they did not already possess, and Shariah does not permit trading or contracting in a product you do not already own/possess.
There are other deeper questions to ask, but these simple questions should be able to help even simple people like myself in evaluating based on the reply of the 'islamic finance' company.
Riba is generally understood as merely 'interest on loans' but Islamic financing and Islamic economics has strict guidelines on how contracts are setup and these details are what can make something halal, or haram, not merely replacing the word 'riba/interest' with 'fees/rent'.
Exactly!! thats what i have been asking about property tax, home insurance and HOA annual fees plus maintenance... i guess they are winning in deceiving ignorant minds.
Thanks for the mention, great video! We'd love a chat to explore this further!
Thank you so much for sharing great info on the Islamic mortgage.
A borrower is always slave to a lender regardless of the structure and naming of that loan. You can call it a business partnership if you want but it’s not really unless you are sharing risk and reward proportionally to your investment.
Exactly. These are no different than a typical western mortgage.
Regardless of how you phrase it or use different terminology, Islamic mortgages tend to have higher interest rates compared to conventional mortgages. In essence, the primary source of income for all banks remains the same: they lend you money, and you repay them with more money (interest).
Salaam, so say I would buy a car for X amount of money, are you saying I can't resell it at a higher price to somebody?
@@Qazdauystyyou’re buying the car at t=1 and selling it for t=2 for profit. That’s is ok. The Islamic bank is buying it at t=1 but your paying the price of it as if it was bought at t=2. Secondly the reason house prices rise is because of interest rates (interest allows people to buy).
@@Qazdauysty BUT THAT IS NOT WHAT HE IS DOING. IF YOU CAN BUY AND SELL THAT IS OKAY. THEN IT IS UP TO ME IF I WANT TO BUY FROM YOU OR SOMEONE ELSE WHO IS SELLING IT THE SAME CAR FOR A CHEAPER PRICE. THE PROBLEM IS I CANNOT PAY THE WHOLE ASKING PRICE AT THE TIME OF PURCHASE. SO I HAVE TO MORTGAGE IT OR BORROW THE MONEY TO BUY THE OBJECT IN YOUR CASE THE CAR.
Excellent explanation
Salaam. Really great information. Would love to hear more about US market (Guidance, etc).
THERE IS NO MUCH DIFFERENCE. IT IS ALL ABOUT THE SAME. ALL YOU HAVE TO DO IS READ THE FINE PRINT. YOU WANT TO BUY SOMETHING WHEN YOU DON'T HAVE THE MONEY TO MAKE THE PURCHASE. SO YOU WANT SOMEONE ELSE TO GIVE YOU THE MONEY TO MAKE THE PURCHASE PROMISING HIM THAT YOU WILL PAY BACK THE BORROWED MONEY AT A TIME IN THE FUTURE. SO IT IS UP THAT PERSON IF HE OR SHE WANT TO HELP YOU WITH OR WITHOUT INTEREST.
Thank you for the deep dive! Great video :)
What I don’t understand is why Islamic mortgage providers are asking for a 20% deposit when we all know Muslims are the struggling communities in UK. I think 5-10% deposit will be reasonable if they really want to help the Muslims.
So these 3 problems with "Islamic" Banking:
1. They don't share risk equitably, including wear and tear of the property which partners of a property would do in any other situation.
2. They don't rely local rents to the detriment of a genuine partner. If finance houses were structured differently, it'd work. Won't be as profitable but the goal here shouldn't be profit at the same level as conventional banks.
3. They also operate within the fractional reserve banking system.
I maintain all the above creates an underlying ribawi contract, using money to make money from the money itself.
It's these very reasons from a macroeconomic point of view that results in exactly the same societal outcomes as conventional mortgage lending.
You either accept conventional mortgages as being acceptable as you don't have autonomy over the loan, and nor is the riba excessive like at the time of the Prophet SWS and thus benefiting from lower lending rates OR you rent.
Jazak Allah Khair brother. I wish if you guys start including the USA in a lot of your content and you guys should certainly look to expand your IFG into the US.
in the US don't they basically have different rules about this kind of stuff depending on which of the 50 states you live in? i know for example with Sales Tax it's different in every state. Would make a very long video!!
Its the same thing as regular mortgage only difference is words you replace interest with mark up or rent which ever you like.
Great video! - can you please provide some information on islamic finance in Australia?
Could anyone please advise on building insurance, the Islamic bank has requested their name to be on the policy alongside mine.
Any insurance provides names would be helpful.
amazing summary, but why doesnt stride up offer subletting?
Thanks i am really looking forward to work around shared ownership with way home is restricted to 40% , do we have another alternative. Please elaborate in any other vedio
To me, it seems like murabaha mortgages is just a nice way of rewriting conventional riba contracts, no?
If I were to take out a loan with 5% interest (for arguments sake) but I asked the bank to rewrite the contract as though it's 5% profit that they'll be receiving, the principle is still the same.
The musharakah option seems to make sense for the most part, although I'll be researching that more too.
Salaam. Jazakallahu khairan for the amazing contents and for educating us financially. I was hoping you could also cover Canadian options. Thank you! :)
Salaam
Could you kindly provide a video that covers the Scottish market? Unfortunately most / all products that are available do not operate in Scotland because of legal differences. In specific, where does that leave Muslims for choice?
Islamic mortgage is an oxymoronic term no?? Anyway , IBB is a complete rip off - financially more oppressive than a standard mortgage which kind of undermines the whole purpose 🤷🏽♂️
Got my popcorn ready 🍿
Salams br Ibrahim. I wanted to ask if the statement made around Islamic finance options for Right to Buy scheme is still the same now, or if there are any rumours of Islamic financial services broadening into them? I am looking to purchase a council flat on a RTB but if I can't get an Islamic mortgage then I'm unsure of my next steps, any advice would be appreciated!
Salaam, I think you should delve into pfida a little bit more. They have a great structure. Not only do they have complete partnership structure, they sell the property to you at the initial cost you bought it for compared to other shared ownership structures where they increase the value of the property every year. Definitely worth having a chat with the founders. Their grow your savings opportunity is amazing too!
I have signed up for years unless you give them 50k you stay on that list. I mean when can we access their products
@@paimei26 they don’t have unlimited funding to help everyone now. We just have to be patient and also they’re trying to secure institutional funding so they can help a lot more people. إِنْ شَاءَ ٱللَّٰهُ they’ll be able to achieve it soon!
Totally Agree pfida are going the right way - gaining alot of traction alhamdullilah
Appreciate the support, TheAbsdude! 🤘
@@MrAK9821 Alhumdullilah! Keep watching this space... 👀
Pfida is ethical Islamic finance for home buying based in uk could you.please review
Salaam, brother and thank you. recently discovered your channel. Very much looking forward to learning more about halal investments and finances.
Welcome aboard!
I don’t understand much about mortgages but from what I understood the halal mortgage is working in interest as well , it just they add fixed rate on interest do do confusing what’s I really halal ir not anyone here have advise ?
When Islamic finance, the rich uplift the society, not the other way around, that’s how the system is designed, but the system that everybody else uses is the other way around
Is it possible to get the buy to let mortgages?
What we need is a system were you don't need to go to a lender to buy property but instead be able to pay the seller overtime without paying more for the property. That use to be the normality until interest based loans banks came into existence.
Yea but would you be willing to 20% on top of selling price to get that privilege.? U can't have something for nothing!!!
@@121hassy Read the comment before you comment.
How is "islamic banking" fundamentally different from non-islamic banking? In both cases the borrower has no choice but to pay back more than the principal to the bank.
Question for IFG. Does the lack of risk sharing by the Islamic bank in turn make the arrangement less of a partnership and one that is more akin to a lending ‘conventional’ model in your view? Putting the contractual arrangement to one side because we both know contracts can be written and arranged in many different ways to suit one’s agenda, essentially does the lack of shared risk and charging of rent = interest bearing loan in reality?
EXCELLENT QUESTIONS. YOU ARE ASKING ALL THE RELATIVE QUESTIONS. IT IS ALL ABOUT FLUCTUATIONS AND RISK SHARING. THIS IS WHAT A MORTGAGE IS ALL ABOUT?
Yes, that is what I want to ask about as well, I hope they have an answer for this
When the Bank add $75000 to the property price of $ 300,000, do calculate that 75,000 is determined ? And how you qualify it and support it by Islamic law,
I BOUGHT MY HOUSE IN THE UNITED STATES THROUGH A CONVENTIONAL MORTGAGE. MY INTEREST RATE IS 2.25 % LOCKED FOR 20 YEARS. SO MY PRINCIPAL AND INTEREST ARE FIXED AND THE ONLY THING THAT FLUCTUATES HERE IS THE YEARLY PROPERTY TAX WHICH IS ABOUT 17% OF THE MORTGAGE. I HAVE SOMEWHAT TOTAL CONTROL OF MY HOUSE. IF THE VALUE OF THE HOUSE GOES UP I CAN SELL IT AND POCKET THE PROFIT AND IF IT GOES DOWN I CAN EITHER KEEP IT UNTIL IT GOES UP AGAIN OR SHORT SELL IT. THE BANK DOES NOT CARE WHAT I DO TO THE HOUSE SO LONG I CONTINUE TO PAY THE PRINCIPAL AND INTEREST EVERY MONTH. AND HENCE I CAN PAYOFF MY MORTGAGE ANYTIME WITHOUT PAYING ANY PENALTIES. REGARDLESS OF HALAL AND HARAM TELL ME HOW THIS COMPARES TO ISLAMIC MORTGAGES.
You're right, the "Islamic" companies would've screwed you and thrown in several fees on top of a higher profit rate just for shits and giggles.
The one thing that im not sure if is under the third option (interest only equivalent), when the term ends and you decide you dont want the house, its sold and the selling price does not cover the bank’s initial 80% value, is their any dead for the person involved to pay the bank this?
Yes. Borrower pays the shortfall
Bank will not suffer
What I don't like about Islamic mortgages is in the uk atleast, the offering companies feel very predatory. They charge way more than a interest based mortgage (haram loan), why should feel like I'm being scammed/price gauged just because I want to do things the halal way.
How exactly does the rent work in the Murabah Mortgages?
Is there any islamic mortgages for leasehold shared ownership properties?? Any bank lenders out there, for instance to buy 25% in a property??
paying "rent" on the 80% of the house held by the bank. Are you all just using the word 'Rent' in place of 'interest'?
Quote from the Holy Quran, Al-Baqara 2:275
ٱلَّذِينَ يَأْكُلُونَ ٱلرِّبَوٰا۟ لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ ٱلَّذِى يَتَخَبَّطُهُ ٱلشَّيْطَٰنُ مِنَ ٱلْمَسِّ ۚ ذَٰلِكَ بِأَنَّهُمْ قَالُوٓا۟ إِنَّمَا ٱلْبَيْعُ مِثْلُ ٱلرِّبَوٰا۟ ۗ وَأَحَلَّ ٱللَّهُ ٱلْبَيْعَ وَحَرَّمَ ٱلرِّبَوٰا۟ ۚ فَمَن جَآءَهُ ۥ مَوْعِظَةٌ مِّن رَّبِّهِ ۦ فَٱنتَهَىٰ فَلَهُ ۥ مَا سَلَفَ وَأَمْرُهُ ۥٓ إِلَى ٱللَّهِ ۖ وَمَنْ عَادَ فَأُو۟لَٰٓئِكَ أَصْحَٰبُ ٱلنَّارِ ۖ هُمْ فِيهَا خَٰلِدُونَ
Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah. But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein.
Thank you for such an informative video. I've got a couple of questions please
1) what are the options of Islamic mortgages/alternative mortgages in Scotland? Are there any brokers/advisors here that can help?
2) do all of these work with LISAs?
Thanks
I'm looking for an answer to this. It seems no options on google search.
Is heylo available in Scotland?
No option for me for Islamic mortgage for the Right to Buy?
That is one problem, and the other problem is that it is based on paper money, which is illegal in Islamic finance to begin with so the root of money is forbidden by our creator, so how can you even say the word, Islamic finance?
I want to buy a house on let to buy a scheme , so can I get the islamic mortgage
What if people are unable to pay?
Not a fan of any banking. Will just save and pay cash.
This is an amazing video. I'm so inspired to get an Islamic mortgage inshallah
Please let me know if I'm wrong, but am I correct in saying Islamic Mortgages do not allow for overpayments? Why is this? Isn't it in the buyer's interest to pay off their mortgage as soon as possible if they can make additional overpayments on top of their monthly payments?
Second question, why is the 'rent' in Musharaka-based mortgages so high? Who regulates what is a 'reasonable' amount for rent?
TWO VERY IMPORTANT QUESTIONS HERE. THE RENT HERE EQUALS TO INTEREST RATE FLUCTUATION AND IT IS A BIG THING IN ANY MORTGAGE DECISION. THEY JUST CHANGED INTEREST RATE WITH RENT RATE.
BTW - all concerns you mentioned on are no there with strideup.
problem with strideup is at the end of the term you only own 80% of the property. Not sure how stideup can control the property if you own 80 percent and they own 20%
@@paimei26 from experience - they are very reasonable - even when you own 20% they involve you in the decision to a good extent
@@MoFields Can you show evidence of this because their plan states if you own 20 percent the rest your paying over 25 years etc to make rent and aquisition. However that ends up at 80 percent. So even by the end of the 25 years you don't fully own the property. They have the control over it even when you own 80 percent
@@paimei26 I was on a very old plsn though - best is to look into their latest plans. I Wa red to say that my relationship with them was very amicable and they were very accommodating.
But agree - contracts are contracts - check your own.
Usury springs to mind. I can't understand how you guys would push this insanity as Islamic???
Islamic banks need to be part of Sonia, therefore deal with interest as normal banks. So it means they deal with interest
Assalamualaikum sir
Sir I'm new Muslim and I want to come your country and practice my our deen . So sir help me
same as normal mortgages but worded different.......still as haraam
No sharing of risk and rewards by both parties !
Do the U.S. please
Quran 2:275 Those who consume interest1 cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allāh has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allāh. But whoever returns [to dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein.
- Saheeh International
Quran only talks about people (Abuser) who consume Riba, not talking about who is paying interest (Victim)
ما شاء الله - جزاكم الله كل خير
Ibrahim I think the money is not created from scratch by islamic banking as it is by the western banks, am I right? where could i read about islamic money creation
If you truly want to be free of the western banking system you'd have to go and live in either Cuba, Iran, N. Korea or Afghanistan*. The Rothschilds family own the central banks in every other country in the world, where they "create" magic money out of thin air.
*coincidentally the rest of the world are taught to hate these countries
HE LOST ME WHEN HE SAID A RATE. I STILL DON'T SEE THE DIFFERENCE. IF YOU BUY THE HOUSE USING 80% AND 20% MODEL THEN WHO CONTROLS THE RENT? REMEMBER THE RENT CAN GO UP OR DOWN? ALSO HE DOES NOT TALK ABOUT FORECLOSURE; THIS IS THE MOST IMPORTANT THING ABOUT ANY MORTGAGE. WHAT HAPPENS IF THE BORROWER COULDN'T PAY THE 80% OF THE RENT. IF I AM A RENTER AND I LOSE MY JOB THEN I CAN EITHER MOVE WITH MY FAMILY OR FRIENDS OR EVEN IN A HOMELESS SHELTER. BUT WHAT HAPPENS TO MY 20% OF MY OWNERSHIP IF I FAIL TO CONTINUE TO PAY RENT ON THE 8O%. ALSO WHAT DOES HE MEAN EXPENSIVE? IF THE BANK AND I ARE BUYING TH HOUSE AT THE CURRENT RATE AT THE TIME OF THE CONTRACT THEN I ALREADY KNOW HOW MUCH THE GOING PRICE OF THE HOUSE IS. SO ARE THEY CHARGING EXTRA FEES TO PURCHASE THE HOUSE?
Unfortunately, traditional mortgages are more borrowers friendly than Islamic mortgages in the USA.
These so called islamic mortgages are not halal by any means. You end up paying 3x more than what you paid for the property. If it's strictly halal then you shouldn't charge rent based off the base rate of interest in England. instead it should remain the same for the duration of the contract. Stop misleading people and muslims should stay away from it
one way the other its the same as traditional loans.
Musharak as explained here is a normal repayment mortgage but in mushara u also pay rent on top. U don't do this in a normal mortgage.
So islamic is more expensive. I don't think this is fair
When you pay rent to the bank they figured in the interest and is charging you interest. If you pay more for the house like the other option you are paying interest. You are dressing up interest in a new cloths it is still interest. Only way is to not buy a house until you have all cash. All these plans are haram.
Is it halal for a Muslim to earn interest in bank savings account?
No. Straight up haram.
Only a fool will own a home in America ...period
Full of mis information. I rented house in US. but as an owner i pay property tax, insurance and HOA. when you go in partnership with bank where you own 20% and bank own 80% therefore responsibility has to be divided the same way.
if i am a partner to the house, i pay rent for 80% of the house. I pay 20% worth of property tax, insurance and HOA for it. Answer me how islamic mortgage is getting funded? is it funded and operated as same as fractional Banking?
you are doing a huge dis service when you cloaking the fractional banking and calling it a islamic compliant banking. this is a greater sin.
Islamic law applies in muslim countries. I am looking for hindu mortgage
Still riba.....
i amnot trust until i make selatul istikara
If you don't want islamic take over, why are you interested at all, ask Nigerians how far, run without looking back, even if it's free...
The arguments were made using logic, not using Islam.
Islamic mortgage is an auximore.
For all those saying it's still haram, how is one supposed to buy a house lol. Is renting the only option? With rental rates alongside the cost of living, your gonna be stuck within a house that isn't your own with little in your pocket? Suggestions?
What’s wrong with renting at least you stay away from riba
@@tariqbahoussain1442 renting keeps you in the slave mindset. where's the comfort in knowing you could get kicked out of your house anytime
@tigerareag8677 better than waging war against Allah and His Messenger ﷺ
@@tigerareag8677where’s the comfort if you get sick or loose your job and can’t pay the 80%. Either way you will end up homeless and lose your 20%
How do islamic banks offer attractive savings rates. May be they offer higher interest rates😂
Very biased and one sided but nonetheless informative. Thanks
This is more bank, expensive 3% more. I don’t know why Muslim they do like that we need provide not you pay 3% more bank
Not convincing at all. You pull ear from the top or bottom call donkey a zebra by painting black n white stripes it’s the same. Unfortunately Muslim world has failed in this department like many others we have no alternative at all to help out 1.5 billion people regarding their socio economic problems.
Zaza, at the end of the day, regardless of religion, most people only care for themselves unfortunately.
I have nothing owned in America
Oh, please. The ummah is in need of real information
Please domt use us for clicks. It seems all videos sre the same
A lot of talk but no information. Its frustrating
No interest ?
There is no such thing as Islamic mortgage, this is scam just riba mortgage
wtf???! these islamic mortgages are even worse than a normal mortgage!! the rich entity (islamic bank) is exploiting the poor muslims..this is the definition of usury
sound like going to a drug dealer to borrow hes money, though hes money is from drug which is haram for him and its hallal for me.
Lot of verbage but doesn't prove anything
There's no such a thing as Halal/Islamic mortagage. Stop feeding wrong information.
All of it is haram
FEAR ALLAH MY BROTHERS AND SISTERS. Do not fall for all of this nonsense. Read between the lines, this is all riba.
Islamic financing is an oxymoron
not at all. makes complete sense
So instead of interest you pay a fee? Let’s say I buy a home 300 with interest after 20 years i paid 500k. Halal loans you just tell me i owe 500k or more over 20 years.
Basically. It's nonsense. No such thing as halal borrowing if you change the name of the interest to rent just because the rent is higher to account for the 'interest' not mentioned!
As-Salamu Alaykum
I'm a FinTech startup entrepreneur working in digital payment for the last 20 years to build so many successful startups including unicorn status.
Interested to connect with you to for getting help to build something next Sharia-compliant fintech that helps the last, mile poor people.