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Madinat al-Muslimeen Islamic Message Board
| Good news |
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| humble_muslim |
| 11/17/03 at 10:16:25 |
| Alhamdolillah, over the weekend I finally made a large life move ... I bought my my own house. So I first wanted to share this good news with all my bro's and sis's on this board. Alhamdolillah, I didn't think how happy it would make me feel, it's giving me a real buzz just like after I had just got married. Secondly, I wanted to tell everyone that I bought this house using Guidance Financial, an Islamic mortgage company. I feel this is very significant for a couple of reasons. For me, it's obviously great, Alhamdolillah, that I was able to buy my house without interest. But for the muslim community at large in the USA, I can finally say that there IS a viable, professional alternative to interest. I had abosultey no problems using Guidance Financial, there were very professional, unlike a lot of Islamic finance companies I have tried to use in the past. I did NOT end up paying more than I would have done with a conventional mortgage. So I'm encouraging all of you out there who are considering buying a house, or who already have one (they do re-financing) to seriously consider using Guidance Financial. The more of us who use them, the better it will be for all the muslims in the USA. And let us remember, with aplogies if this sounds harsh, that if getting a house through interest is a sin, it becomes a worse sin if there is an alternative and you ignore it. The web site is www.guidancefinancialgroup.com; if anyone wants details about what I went thru, please feel free to PM me. |
| NS |
| 11/17/03 at 10:17:33 |
| humble_muslim |
| Re: Good news |
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| BroHanif |
| 11/17/03 at 16:00:08 |
| Salaams, Good on yah bro!. May you have barakah in the house, hey when's the house warming party???. Salaams Hanif |
| NS |
| 11/17/03 at 16:00:38 |
| BroHanif |
| Re: Good news |
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| ltcorpest2 |
| 11/17/03 at 17:35:33 |
| hanif, you do not let him set the date. We will all be there on 13th of dec. lets say around 4:00 ish. I will bring the chips and dip. |
| Re: Good news |
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| Caraj |
| 11/17/03 at 23:18:48 |
| Congrats Humble Muslim May this new home be a source of peace, comfort and harmony for your family. So do the sisters get to come over and help make the flower beds :) Isn't it an awesome feeling. It is yours not someone elses :) And if you want to fix things up or paint them a certain way you don't have to ask anyones permission hmmmmmm oh except for maybe the wife's ;) |
| Re: Good news |
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| momineqbal |
| 11/18/03 at 01:59:32 |
| [slm], Mabrook brother!!! May Allah make your home truly a place of tranquility for you and your family. So, is guidance available in Massachusetts now? The last time I asked (farily recently), they said they were still trying to obtain a license in the state. One of my relative there is also interested in buying a home inshaAllah. wassalam, Eqbal |
| Re: Good news |
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| yumna |
| 11/18/03 at 07:22:34 |
| mubrook! bro ..good for u.may u have best meemories in that house :-) |
| Re: Good news |
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| Halima |
| 11/19/03 at 00:39:44 |
| Mabrook Bro The humble muslim! I hope it will a house blessed in every way, INSHA-ALLAH. But I have a question: I am in the process of buying a house too. But like you, I don't have the alternative of a Muslim mortgage company to borrow from. Hence I am using two financial institutions to buy my house. One is a UN Cooperative Society for UN Staff Members of which I am a member and have shares in it. The second is a company that helps Kenyans have the home they always dreamed off and it called Housing Finance. Do you mean to say that my house will be HARAM because of the interest rates? I was listening to Iqra Radio where Zakat and Fitr was being discussed by Sheikhs and they said borrowing or taking a loan was not HARAM. Halima |
| Re: Good news |
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| siddiqui |
| 11/19/03 at 01:25:53 |
| [slm] Congrats bro ,we are very happy to share this big event in your life May Allah set shower his mercy and Barakah on this house to make it a very happy home :) Ameen [wlm] |
| Re: Good news |
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| bhaloo |
| 11/19/03 at 09:19:33 |
| [slm] Yes I understand that you enter into a partnership into buying the house with the financing company, and say you put 50% down, then the other 50% is what you owe, and you determine the rental rate and multiply it by the percent you owe. That's all fine, but the thing that confuses me is that then they AMORTORIZE this amount over say 30 years or 20 years or 15 years or whatever, and that's where its like a standard loan. Why do they have to amortorize? ??? |
| Re: Good news |
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| humble_muslim |
| 11/19/03 at 10:59:47 |
| AA Jazak Allah for all your good wishes. I'm living in New Jersey now, in a town called Old Bridge. As for the housewarming party ... if anyone is ever in the area, please feel free to drop in. We can have our own party! I really mean this. Halima - I would talk about your personal situation with a learned Imam. I myself have always felt very stongly about trying to avoid interest, and even when Shiek Qaradawi gave his fatwa about buying houses on interest, my heart did not want to accept it. Bhaloo - I don't really follow what you mean. Amoritazation is a systematic payment plan based on a specified period. With Guidance you set up the period you want the contract for, and keep paying the same amount each month until your share in the house is 100%. |
| NS |
| Re: Good news |
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| Ameeraana |
| 11/19/03 at 11:40:12 |
| [slm] Mabrook on your new house!!! That is so wonderful for you. So, if we all visit New Jersey/New York we get to stay at your place for free? LOL Ameera |
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