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Madinat al-Muslimeen Islamic Message Board
| Islamic home finance |
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| haaris |
| 03/03/03 at 09:07:46 |
| Asalaamu Aleikoum wa rahmatullah my brothers and sisters I may be in a position, if Allah wills it, to contribute to a project for the introduction of additional shariah-compliant home finance products, backed by a major UK lender. However, the project is lead and largely staffed by non-muslims and is far from being approved. One of the things that I need to show, for this project to have any degree of success, is that there is a demand for these products out there. Does anyone know of any reliable information as to the demand for these products? Personally, I do not think that it is enough to say "Well, there are 1.8 million Muslims in Britain ..." because, unfortunately, that number includes many people who frankly do not care about whether they pay interest or not. As I see it, there are three types of people: 1. Those who will not, under any circumstances, pay or receive interest. 2. Those who would rather not but will do so reluctantly if they see no other option. 3. Those to whom it is not an issue. The way that I see it (and I stress that this is my own opinion and not a scientific exposition) people in the first category are a potential market, although it may be that such people do not care about owning their own home. Those in the second category are very much a potential market and those in the third will only be interested if the sharia-compliant product is more competitive than the alternatives (perhaps it is cheaper or more secure). However, I need more than just my own guesswork to convince the decision makers about the viability of this project. Any sources anyone? Salaam |
| Re: Islamic home finance |
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| bhaloo |
| 03/03/03 at 09:49:17 |
| [slm] Ihilal.com http://www.ihilal.com |
| Islamic home finance in UK: Links, Info and Stuff. |
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| SuperHiMY |
| 03/21/03 at 10:12:18 |
AsalamAlayKum, Brother I am twice surprised at your post above. First off, I believe you are based in the UK and thus there is Bank of England Support for 'Islamic Mortgages' (I don't like using the Latin word Mortgage because its correctly translated as 'Death Tax'). The Bank of England is working with Parliament to get rid of the Double Stamp Duty which occurs with Cost-Plus-Markup or 'Murabaha' interest-free home financing. My website, [url=http://www.IslamBank.com]IslamBank.Com[/url]munity is one of the biggest interest-free banking website on the web and should be able to help you. Here are a coupla articles to help you in 'Interest-Free Dawah' and Business Case Building for your project: Council of Mortgage Lenders (CML) Says British Government Should Remove the Barriers to Islamic Homeownership: http://tyo.ca/islambank.community/modules.php?op=modload&name=News&file=article&sid=1012 BRITAIN PLANS TO INTRODUCE ISLAMIC (Interest-Free) MORTGAGES: http://tyo.ca/islambank.community/modules.php?op=modload&name=News&file=article&sid=957 And more precise to your question the following artlcle: ISLAMIC BANKING HOLDS MAINSTREAM APPEAL IN UNITED KINGDOM http://tyo.ca/islambank.community/modules.php?op=modload&name=News&file=article&sid=755 To get the HARD DATA you are asking about, you should become a member of the IIBI. The Institute of Islamic Banking and Insurance in downtown London, UK. http://www.islamic-banking.com Also try to get your Company to sponsor your fee to attend the following Islamic-Banking conference in Durham, UK: http://www.dur.ac.uk/~dme0www/iwc.htm Here's a report from a past conference: http://www.islamic-banking.com/conferences/conf_documenation_report.php But interest-free home finance is NOT the only financial instrument needed. Car financing, mostly LEASING, can EASILY be fine tuned to exclude riba and hence it is a financial instrument/product quickly understood by Muslims individuals and Former-Interest-Based-Financiers. Then look into Takaful, The Islamic Alternative to Insurance. Most Masjids are currently paying building/fire insurance at rates designed for Churches. Churches are filled with wooden pews, Stain Glass artwork, candles, etc etc. Masjids are basicly empty rooms with carpets. Create an Islamic Interest-Free alternative to Insurance for Masjids and InshAllah, everybody wins. Let us know how you're getting along. ~ HiMY! ~ |
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