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Buying a house/investing
Dude
05/01/03 at 16:57:26
One thing I’m still not clear on: the paying rent vs. paying off a mortgage issue. For the sake of argument, let’s assume the newlyweds enter in with little to no money. After one or two years, they are able to save $20K while renting. The “Sample Budget for a Muslim Family” clearly showed that the goal is to save $100.00 per month to buy a home without interest. Given most homes these days are at least $200,000.00, that means one would have to save at that rate for 167 years…assuming the property is still valued at $200K 167 years from then (our has appreciated 20% in 5 years, so I doubt it). There are two flaws in this that I see: 1.      While it is suggested that paying interest is haram, what about earning interest? Unless the family man is actually stuffing the $100.00 per month into a mattress, the bank pays interest. 2.      Isn’t it haram also to pay your landlord rent, when the landlord is simply using that rent income to pay down his mortgage? While the Muslim family is paying $750.00 / month to cover rent, they could be spending about the same to cover the mortgage on a small home. At least the mortgage keeps a percentage as principle payment (which gradually increases as the interest payment decreases over every payment), instead of not seeing anything in return (besides the obvious: shelter) for the $750.00 per month paid to the landlord. I guess my point of contention is this: should people really be out there suggesting it is a “sin” to pay interest, when the other options for 90% of families out there are options that will give less security to their family? What is the general, modern day thinking on this issue? I know our Mulahna always takes exceptions like this into consideration before making judgment (I know this because Mrs. Dude’s Dad was very concerned about us taking on a mortgage because of the “sin” issue, and decided to talk it over with the Mulahna, who looked at our situation and agreed my plan made sense).

Re: Marital duties in Islam
a_Silver_Rose
05/01/03 at 17:26:51
[slm] Honestly I dont know too much about that stuff. Dont have to worry much since I wont have to deal with the finances :) (but ofcourse ill try to understand it insh'Allah)But I think If you look you might find a cheaper house. IF you try till the end and live w/o the wants then im sure you can do w/o interest. Remember this life is only short while the hereafter will be eternal. This lady was telling me on how interest is slowly causing only problems for the future of society. Here is something that might help Riba: The Personal Dilemma 5 Ways to Deal with it (Riba=interest) http://www.soundvision.com/Info/life/riba.asp (please read it & I think the other sites I gave also talk a little about riba) (maybe someone else can also who knows more about this issue.....?) take care your sis
05/03/03 at 22:18:57
a_Silver_Rose

Re: Marital duties in Islam
mr-bean
05/01/03 at 17:51:32
[slm] hey guys....do you know that 25 cents of every dollar you pay in taxes goes toward servicing the national debt (2+ trillion).  that means that if you are in the 33% tax bracket that about 8% of your entire year's salary is spent on paying interest on the national debt!!!!!!!!!!!!! if you think that is bad, consider the following.  Something like 87% of  all the income of the Turkish goverment goes toward interest payments on its national debt! Think about it  ---    87% !!!!!! Why else do you think they they were so desperate for the $30 billion dollar IMF loan package in exchange for being a partner in the Iraq war?  They needed that money to pay off the interest on their national debt!  You mighta thought that money was going toward education or something worthwhile.....no way....that was going toward paying the interest on foreign loans! As you can imagine, Turkey is on the verge of an economic meltdown.  Nobody can pay 87% of their income on interest payments. and survive.  The reason this happened was because their currency significantly depreciated.  (A government earning in native currency but paying in dollars is suddenly almost bankrupt when its earning streams decrease because of depreciation.) . [slm]

Re: Marital duties in Islam
bhaloo
05/02/03 at 03:16:44
[quote author=Dude link=board=madrasa;num=1051105125;start=30#37 date=05/01/03 at 16:57:26]1.      While it is suggested that paying interest is haram, what about earning interest? Unless the family man is actually stuffing the $100.00 per month into a mattress, the bank pays interest. [/quote] believe it or not you can get a bank account that doesn't pay interest, i have one, just ask. [quote] 2.      Isn’t it haram also to pay your landlord rent, when the landlord is simply using that rent income to pay down his mortgage? [/quote] thats a good question. [quote] While the Muslim family is paying $750.00 / month to cover rent, they could be spending about the same to cover the mortgage on a small home. At least the mortgage keeps a percentage as principle payment (which gradually increases as the interest payment decreases over every payment), instead of not seeing anything in return (besides the obvious: shelter) for the $750.00 per month paid to the landlord. I guess my point of contention is this: should people really be out there suggesting it is a “sin” to pay interest, when the other options for 90% of families out there are options that will give less security to their family? [/quote] Imam Siraj Wahaj had actually talked about this, but I don't want to put up what he said as I don't have his exact wordings, and another scholar had talked about this (im fairly certain i had put this up on the board a few years back, but ive given up on the search feature).   se7en or dawn, want to help me out? ??? but there are alternatives like lariba.com and ihilal.com and other similiar ones.  what happens is (i had a good discussion on this, using the example of a pencil but i can't find that now either) that you and one of these companies purchase a house together.  lets say you put 50% down, and they put up the other 50%.  what you then do is figure out what the rent is on a similiar property, and then divide it based on the shares in the property.  lets say the rent is $2,000.  in this example you would pay $1,000 to RENT the partner's portion of the property.  and any additional principal you pay would go towards the house, so maybe after a few months you own 55%, so that means your rent is $900.  anyways the details im sure are on one of those websites and there's probably more details out there, but that's the jist of how it works. [quote] What is the general, modern day thinking on this issue? I know our Mulahna always takes exceptions like this into consideration before making judgment (I know this because Mrs. Dude’s Dad was very concerned about us taking on a mortgage because of the “sin” issue, and decided to talk it over with the Mulahna, who looked at our situation and agreed my plan made sense). [/quote] monder day thinking?  hmmmm, there are so many factors in this equation, your going to have to ask the local imaam and insha'Allah he'll address all the issues and your particular situation.

Re: Marital duties in Islam
Dude
05/02/03 at 10:11:31
Silverose: that's not realistic. Take a look through the local real estate guides for a 3 or 4 bedroom house in any suburb near a major city. In Vancouver, you are lucky to be able to spend less than $250K. In your area (Toronto, I think), more like $350K. Good old Bhaloo is in Orange County (I think), so he's probably in the $350K USD range. What you are suggesting simply isn't out there. Again, unless you are handed 1/2 a million in free money when you are married, you need to build your estate on your own. Bhaloo: that's what we did (actually, our father in law did it for us, as I stated above). Our Mulanah acknowledged that in our case, we were making the best decision. He has no problem with the way I’m running things. What are my other options? Give all my money to someone else? Or better, Cram 4 people into a one-bedroom apartment or bachelor suite? No thanks. At least now we’re starting to see every month that 75% of our payments are going towards principle, not interest. Wasn’t like that when we took on the mortgage. You can get the interest portion down quickly by doubling down the odd month…you can pay 100% principle up to the full value of a monthly payment every month, if you want (at least on our contract). My point is this: the way I understand the "interest is haram" issue is to encourage Muslims to make wise financial decisions. Credit cards, for example, can literally bankrupt a person if they are abused. I've always treated mine as a tool...I don't like carrying cash, and don't like paying the fee for debit. In addition, my card gives air miles. I pay it off every month before the interest is tacked on. I quite honestly don't think I've ever paid interest on my credit cards in the 11 years I've used them. That said, I can 100% see why it is discouraged to use credit cards, or take on a mortgage. Many people get themselves into trouble. Probably the same reason gambling is considered haram. Sure you can win, but you can also lose- big time. But, in today's age, a family needs to be smart with its money, while providing the best possible living environment and long-term security. Given the family can afford to pay down a mortgage instead or rent, one should take on the mortgage. At least the family keeps a portion of the monthly payment, instead of getting rid of all of it in the rental situation. Anyhow, interesting discussion…don’t know how it helps the original topic, but still interesting.
05/02/03 at 10:18:37
Dude

Re: Marital duties in Islam
lightningatnite
05/02/03 at 11:23:18
[wlm] [quote]2.      Isn’t it haram also to pay your landlord rent, when the landlord is simply using that rent income to pay down his mortgage? [/quote] No, in Islam we believe in individual accountability.  Noone will bear another's sin.  Similarly, the ends do not justify the means, nor do they invalidate the means.  For example, just because your dawah effort is not having an effect does not mean you abandon it.  A good deed is a good deed and a bad deed is a bad deed, not matter what happens down the line.  However if that good deed will lead to certain harm, then it is best to avoid it.  The prevention of harm takes precedence over the doing of good. One may argue, by doing a bad deed, it will bring about some good.  This is a lie from Satan, and is completely against Islam, from my understanding.

Re: Marital duties in Islam
Dude
05/02/03 at 15:19:25
In advance, forgive me if I'm misunderstanding what you've written. If you can give me any example where you are taking better care of your family by throwing away rent money every month, instead of keeping that money in the family, I'll agree with you. Or better, if you can provide any realistic solution whereby young people (newlyweds) can both support themselves and their young families, and somehow purchase a home, I'm all ears. Here's an exercise for us to complete, just for fun: ·      Man and wife enter marriage with no debts, and no savings. ·      Husband makes $45K / year after taxes, the wife will be leaving the workforce to take care of their new baby. ·      Monthly expenses = $2,500.00 before shelter (let’s assume this includes all expenses including some small savings, to keep things simple). ·      That leaves $1,250.00 per month to cover the cost of providing shelter. ·      Rent & insurance cost on a home is $1,000.00 / month. ·      Payment on a 25-year mortgage to buy the same home is $1,100.00 per month, plus $100.00 insurance cost. The value of the house is $200,000.00 upon entering mortgage contract. ·      The husband’s only two choices are to take on the mortgage, or pay rent. What is the better decision? Either way you look at it, it involves a haram activity. It is unavoidable. If you pay rent, you are essentially paying another man’s mortgage for him. Really, how would you suggest buying yourself a home for your family if you entered into a marriage with only love and a good job? This is the realistic scenario most of us find ourselves in. Granted, if you have parents or somebody simply give you money or an interest free load to buy a house, this doesn’t apply to you…but most of us don’t. I see where you’re coming from- you’re trying to follow the Quoran as strictly as possible, which should always be encouraged and commended. BUT…in the real world, with real life issues to deal with, we need to be responsible to our families by making the best possible decisions to ensure their best possible care. Personally, I’d rather be debt free after 25 years, and be able to pay for my children’s and grandchildren’s college educations with all the available income I will have then- instead of paying rent perpetually, and wasting that money. Again, a mortgage holder can also pay down the dept quickly by doubling down on payments. It is feasible to own your own home after 15 years, even if you start out with nothing. This will allow the husband to be the best provider he can, and ensure in the future that his family will not have to make the same sacrifices. We've chosen (with the blessing of our Mulanah, because he saw the sense in this) to buy a house, and pay off the mortage as quickly as possible. We'll have that accomplished in 7 more years at this pace. That's 12 years total. We hope to set up our family situation to be able to divert our income towards our children's post secondary education after the mortage is paid...otherwise, those costs may be nearly imposible to cover without ANOTHER loan! See where I'm comming from?

Re: Marital duties in Islam
Dawn
05/02/03 at 15:33:03
[slm] [quote author=Dude link=board=madrasa;num=1051105125;start=30#37 date=05/01/03 at 16:57:26]Isn’t it haram also to pay your landlord rent, when the landlord is simply using that rent income to pay down his mortgage?[/quote] I hope you don't mind if I generalize the question a bit, but I think the essence of what is being asked here is, is it a sin in Islam to knowingly cause another to sin?  I would imagine the answer is yes, but I admit, I haven't looked into it too deeply.  I was simply assuming that was the case.  But maybe I have been wrong in this assumption?

Re: Marital duties in Islam
Dude
05/02/03 at 17:17:28
To give you an idea: 2 bedroom, still $150K - $200K, depending on area. Property ain't cheep, even the holes in the walls. When we were married our first year, our rent was just shy of $1,000.00 per month in New Westminster, BC. That was a 2 bedroom condo (about 1200 square feet), and not nearly enough space for the size of family we have now. Just trying to put things in perpective. Once you're married, you'll understand (hopefully your hubby will involve you in familly decisions).
05/02/03 at 17:21:48
Dude

Re: Marital duties in Islam
Dude
05/02/03 at 16:00:05
Great to hear things worked out! As for the last question...not sure. I guess the point I'm trying to drive home is that I don't understand how one is sinning by planning ahead. For me, I know it will cost between $20K to $30K each kid (at least...more at the rate tuition fees are increasing) for a University education, which I'll be staring in the face in 12 years. I don't see myself being able to pay for this unless I am debt free, and my monthly expenses are at a minimum. The only way for me to do this is to own my own home, and not pay rent. I'm doing whatever it takes to get this accomplished ASAP. If that makes me a sinner, well, I guess I'm going to H-E-Double-Hockey-Sticks. As we say, God knows best...right? 8)
05/02/03 at 16:01:45
Dude

Re: Marital duties in Islam
zomorrud
05/02/03 at 16:02:29
[color=Blue] bismillah... [slm] The topic of buying a house is a very pertinent issue for muslims living in the "west" where financial institutions are riba(interest) based by default. There was a decision by the European Council of Fatwa in 1999 taken on this very issue. It allowed taking a bank mortgage on home provided that some conditions apply.  I have to locate the English version of this fatwa and will post again. Dr. Yusuf Qaradawi (may Allah speed his recovery) is of this view. For an arabic text of his view, go [url=http://www.islamonline.net/fatwa/arabic/FatwaDisplay.asp?hFatwaID=43858]here[/url] There is an Islamic alternative to mortgage in our city (Toronto). It is called Murabah'ha (I think) and involves interest-free payments on the house.  I'm not sure how it exactly works . The investment group does make money out of this of course. But on Islamically acceptable grounds. Bro HiMY should be an expert on these matters. Maybe he will be able to explain things better. Just my 2 cdn cents. take care [/color]
05/02/03 at 16:03:37
zomorrud

Re: Marital duties in Islam
a_Silver_Rose
05/02/03 at 17:09:08
[slm] Good jenin very happy for you. Alhumdlilah. May Allah (swt) keep you always happy. Ameen [quote]Silverose: that's not realistic. Take a look through the local real estate guides for a 3 or 4 bedroom house in any suburb near a major city. In Vancouver, you are lucky to be able to spend less than $250K. In your area (Toronto, I think), more like $350K. Good old Bhaloo is in Orange County (I think), so he's probably in the $350K USD range. What you are suggesting simply isn't out there. Again, unless you are handed 1/2 a million in free money when you are married, you need to build your estate on your own[/quote] Hmm dont get a 3-4 bedroom house. Get a 2 bedroom apartment :) Other than that I cant help b/c I never understand no matter how many timz my dad has exlained (when I asked) (but then again I really dont try 2 much too) all that stuff goes way over my head somtimz. And to understand I would have to read bout 100timz :( Anyway pray that i understand that issue more. insh'Allah all the best your sis.

Re: Buying a house/investing
AbdulJalil
05/04/03 at 10:15:15
Assalamu Alaikum i think they also do business all over Canada. You can ask them. I do not deal with them, so you will have to do your own research. http://isnacanada.com/achc.htm
05/04/03 at 10:28:36
AbdulJalil

Re: Buying a house/investing
Ayla_A
05/04/03 at 14:34:48
[slm] I am myself currently looking into the cost of owning a home. Paying rent is outrageous because you do not get a true value for your money.  Paying $600/mth for lets say 10 years I pay $72,000  With no equity. Based on the Badawi method explanation found here [url]http://www.atweb.net/iscj/docs/Noor99-1_files/How%20Islamic%20is%20the%20Islamic%20Mortgage.htm[/url]   If I was to buy a $50,000 house (unheard of but just for an example) using the Islamic Banking method I would end up paying $116,908.08 to purchase the house over a 10 year period. (Example on the link I gave on how the payments are set up.) To do a mortgage for the same amount, using 10,000 down as per the example in the Islamic method I would pay $40,000.00  Amount of Loan 6.00%  Interest Rate 10         Years of payments 01/01/2004 Start of Loan $444.08  Monthy Payment 120 # of payments $13,289.84  Total Interest $53,289.84  Total cost of loan. I think as muslims we also have to take care of how we spend our money!  Waste is not a good thing either.  Paying over $63,000 more for a home does not make sense at all. Renting I still would pay more than 18710.00 over 10 years. Until Islamic Banking is closer to mainstream banking, financially it does not make sense to get a home in this manner. In no manner am I trying to say that this justifies paying Riba, I just have always lived on a budget and always crunch the numbers :) [wlm] Ayla_A

Re: Buying a house/investing
a_Silver_Rose
05/04/03 at 16:12:27
[slm] Just incase your confused, I just wanted to mention some posts are mixed up. Well since the topic is moved here I thought I would put the finance info here also since it might be helpful to some: Some Useful Info on Family Finances, insh'Allah Steps to Creating a Personal Budget http://www.soundvision.com/Info/life/pfplan.asp A Sample Budget for a Muslim Family http://www.soundvision.com/Info/life/fbudget.asp Some Tips on How You can Save Money http://www.soundvision.com/Info/life/save.asp 18 Tips to Simplify Our Spending http://www.soundvision.com/Info/life/18.asp A Muslim Perspective on Credit http://www.soundvision.com/Info/life/credit.asp The Quran and Hadith about Money Matters http://www.soundvision.com/Info/life/qandh.asp Riba: The Personal Dilemma 5 Ways to Deal with it (Riba=interest) http://www.soundvision.com/Info/life/riba.asp
05/05/03 at 00:28:51
a_Silver_Rose

Re: Buying a house/investing
onemuslimgirl
05/04/03 at 22:54:25
asalaam alakum, I do not know much about this stuff, but I personally know a family who were paying over $1000 a month for mortgage with a regular american bank, and when they refinanced with a muslim bank they were paying about half of that. Look into muslim banks and other alternatives.  also, where i live (baltimore) there is a new muslim community where alot of rich people (mostly doctors) have been buying older homes in a community and selling it to Muslim people with no interest and no profit. Most of those homes sell for about $110,000-140,000. Granted they are really old houses, but alhamduallah most people who are moving in are really happy with their new Muslim community. if you need more info about this community, let me know inshAllah. w'salam.

Re: Buying a house/investing
Dude
05/04/03 at 23:57:52
The Muslim community...pretty cool actually. People actually giving back. Good stuff. Pretty rare, though. Refinancing these days will mean that payments will be cut down drastically, if one chooses the same term. Our original term was at 6.4% on a 5 year term, 25 year mortgage. Our term is up, and after shopping every bank in the area, we're re-financing at a rate of 4.64% on a 5 year term. It was the best rate we could get anywhere. Rates are lower now than 5 years ago. Given that over the first 5 years we've eaten into a fair bit of the principle, our payments would be drastically lower, too, if we wanted to go for another twenty years. We've decided to keep the payments the same, and put the difference towards principle. Even if we don't double down on any payments, we'll now be done in 15 years. If we double down at the rate we have been over the last 5 years, we'll be paid off in 7. If one has no choice but to take on a mortgage, you need to shop for the best rate. Hopefully there is a Muslim bank in your community that will give a competitive rate (or free, in the example above). Rates are really low right now, so in that sense it is a good time to buy, instead of buying when rates are higher. The disadvantage is it is a sellers market (here, anyhow). That said, even if you can’t negotiate a nice discount off the list of the home, the better rate will more than make up for that.

Re: Buying a house/investing
bhaloo
05/05/03 at 00:10:03
[slm] Dude your off on the average price for a house in Orange County.  According to the LA Times a few months back the average price was $440,000.  But property is still hot and I was talking about this with some brothers today, and they informed me that its now at $500,000.  Its outrageous, and that's  the AVERAGE price.  And we aren't talking about anything spectacular here, we are talking about some ordinary 3 bedroom (or less house).  My brother was telling me about this development out in Irvine, that has 1800 attached homes (they are kinda like townhomes cause they have attached walls) going for over $600,000 and a waiting list of a few months.   I've looked at what La Riba has to offer and their pricing is actually more then what the banks are offering.  I would have thought the Muslim alternative should be much cheaper.   I don't see how people are buying homes, with all the people being layed off, where is the money coming from (I heard a lot of money is pouring in from outside the US, by people looking to invest).  I know some relatives that bought a house for $950,000.  5 months later their house is going for $1.3 million, talk about profit.   I think I need to change professions and get into the real estate business, because the IT business is finished, we're sending all the jobs overseas.  :(

Re: Buying a house/investing
Dude
05/05/03 at 01:10:50
Man-o-man. Can't say I'm entirely surprised. I have some colleagues in that area. I knew the prices were off the charts. A good friend lives in Laguna Beach (I think outside the county, but in the LA vicinity). His 3-bedroom rancher is in the $700K range! The cost of living in Cali is sooooooooooo inflated (like Toronto), and I suppose the IT boom didn't help. Perhaps a false economy? It's a vicious circle man...to get ahead, you need to buy a home, but buying a home is a huge financial sacrifice. Best advise: pay as low interest as possible, and pay down the principle with every spare penny!

Re: Buying a house/investing
a_Silver_Rose
05/05/03 at 01:15:54
[slm] (acc deleted the post) Anyhow California is really expensive because the price is not that high in other states, so I guess it depends where you live.

Re: Buying a house/investing
jannah
05/05/03 at 03:12:14
[wlm] If one can't afford a house with the salary they are making, then should they try to get a halal loan or a unhalal mortgage to live outside their means??  I think that a lot of people go to unhalal methods when they want to live outside their means without working for it. Many many Muslims have come here, worked hard and have been able to afford homes without using unIslamic means, so perhaps it is better that we follow their example.

Re: Buying a house/investing
Dude
05/05/03 at 11:16:11
So assuming there is no "Muslim" option in the area in which you live, or none were offered to you...what then? I have a good friend, who married my wife's cousin. Their father gave them the cash to buy a house, and they are paying him back free of interest. That's ideal, in all senses. Some of us (by this, I mean ME) don't have this option. Our parent's don't have the available cash. No big deal to me…I haven’t asked my parents for any cash since I’ve been 15. The Mulanah for our family reviewed our situation, and agreed we were doing the best we could. If there are no "halal" loans to be obtained, what would my choices be? NOT buy a home? The choice would then be to throw away all my family’s money over our lives to rent, and leave my children with nothing of value when I die. If that's the choice, then I'm happy to take on the haram mortgage, and pay it off as quickly as possible. If that means I take better care of my family, and set them up for a comfortable future (instead of a future filled with uncertainty), so be it. I'll take one for the team. There are worse sins than doing the best you can to take care of your loved ones. I guess the difference is that I’m being realistic, not idealistic.
05/05/03 at 11:18:37
Dude

Re: Buying a house/investing
Kathy
05/06/03 at 09:15:13
[slm] Dude, you make some very valid points and definately food for thought. As I was watching the news today I was remeinded that the future is not predictable. There really is no such thing as preparing for the future..except in deeds. I was watching the devastation the tornadoes caused yesterday. All of these beautiful homes were nothing more than toothpicks. Yes, I want a home. Yes, I am paying my landlord's mortgage... but that is the landlord's problem.. not mine. I am Muslim and I live by different laws than him. As a Muslim, I know better. Am I ever going to get a home? Allah who Allum. I would guess not, by all factors considered.  However, I have lived the last 20 years in apartments... and have not paid a bit of interest.  Realistically... I can go on another 20. I am just so greatful that I have a roof over my head, with no regrets. And I do this without touching riba. Really I have to give credit to my Hubby... he was much stronger than me in following the no riba. What about my son? Do I want to set up an easier future for him? Sure. So I have already started to tell him at age 8, about the mistakes his dad and i made. If either of us had started saving early in our lives, instead of blowing money on new cars, restaurants, vacations and expensive clothes... we may have had a bit of cash. Ali is now saving for a house. Do I worry about my future... I could. If my hubby died tomarrow... yep I would have to buck up and get to work!  Twice in my life, I found myself homeless... and both times I was a rich, administrative type gal. Both times were totally out of my control. however, because of these experiances I found to put my trust in Allah swt... and it always worked out.

Re: Buying a house/investing
Maliha
05/06/03 at 09:20:33
[slm] Mashaallah Kathy what a beautiful response. I think you summarized exactly how I feel... But what about Islamic financing...nowadayz we do have that option and its more humane, because if your foreclose for whatever reason, they give your money back that you already invested. I dont' know much about these things, as we are quite content apartment hopping..but Inshaallah, when the time comes, we will look seriously into Islamic financing... Sis, Maliha [wlm]

Re: Buying a house/investing
Dude
05/06/03 at 09:23:29
That's a very interesting perspective. I think, if any point I'll take out of that myself is that when the time is right, I too will discuss this issue with my children (like you have), and encourage them to start saving early as well. My goal is to be able to help them with that, by not being saddled with rent or mortgage later in life. Thanks for the note.

Re: Buying a house/investing
Barr
05/06/03 at 11:28:42
Assalamu'alaikum :-) I found out that there's a Muslim family in the US who is practising interest-free banking. And its not an Islamic bank. Somehow, the Jews also practise no interest, and their banker whom they are close to is a Jew as well.. and he managed to get them a no interest deal, alhamdulillah. Question... is interest-free banking widely available to Jews, already in the States? If it is, how can Muslims tap into the resources, to enjoy the same benefits as well?

Re: Buying a house/investing
sunset
05/07/03 at 06:21:08
[slm] The company I'm working for is providing housing loan for workers according to their eligibility and we are also given choices whether to use the conventional loan or islamic loan. If I wanna use the Islamic loan, how can I know whether the loan is free from riba or not? wasalam :-)
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