An Islamic home loan might be an intrigue free credit, however frequently it is a more unpredictable exchange. Conventional mortgages are very much that. Mortgage is permissible in Islamic law because it is a form of murabaha. Generally, an investment that offers a higher potential return will have a higher risk of loss. Combining our market knowledge with a huge network of mortgage providers, we have created huge lists of Islamic mortgage choices. Distributor: Saturna Brokerage Services, Member FINRA / SIPC. The same applies to anything stolen. Even so, a number of reputable Muslim scholars have written fatwas which allow, on the basis of legal necessity (darurah), the purchase of homes in the west through mortgages. And then the beauty of Islamic contracts comes into play… the beauty of it, and the actual crux of the matter comes into play with the contract itself and then the greater part is if you are ever in trouble. And then, Mufti Taqi Usmani was one of the people that helped create the Guidance products, so I felt like his Urdu permission that he gave us no longer applied because now there’s a product from scratch. AMJAD QUADRI: That is a very good way to look at it, yes. In fact, there is no involvement in either case, neither direct nor indirect. MONEM SALAM: I think one of the last ones would be… there have been fatwas in the past that said we can buy conventional mortgages. Thank you very much for your enquiry. That was the first one. Our Islamic Financing Specialists will help you every step of the way and … Because the Islamic faith forbids riba, it’s not allowed to lend money and charge interest. The three problems with Islamic mortgages, you have mentioned are exactly the questions. I’d never heard that before, that that person was able to do that. This means that mainstream mortgages are not appropriate for Muslims, who have previously struggled to find ways to get a foot on the property ladder. Islamic mortgages are not haram. All material presented in this publication, unless specifically indicated otherwise, is under copyright to Saturna. Investing in foreign securities involves risks not typically associated directly with investing in US securities. And you know, we heard about Guidance for almost a year and different times I would call them or ask the local representative, “When are you coming? 3 Oct 2019. And that’s kinda what led to me eventually going and working for them for a while. The second part of the arrangement is that the financier leases his share in the house to the client and charges rent to him. AMJAD QUADRI: Absolutely, yes. Even though the buyer has financed his end of the deal by means of a mortgage, the bank with which he has contracted, or the mortgage company, will pay cash to the seller. An Islamic mortgage, or halal mortgage, enables you to buy a house in compliance with Sharia law. At Ijara Community Development Corp. in Ann Arbor, MI, we offer various Islamic financing alternatives for your needs. AMJAD QUADRI: Well, you know, I would say that what happened is when Islamic financing first started and even for myself, when I first went with this local Korean bank, the rate that I was paying was almost 2 percent higher than what a conventional bank could have gotten at the time. AMJAD QUADRI: You know, that’s a great question and the short answer is there is no trade-off. Halal mortgages currently come in two forms, the Murabuha and the Ijara. You know, it’s something you wanna stay away from. Our halal home mortgages are compliant with Islamic law (Sharia) and offer as much flexibility and convenience as non-Islamic home mortgages offer. AMJAD QUADRI: When you’re doing an Islamic mortgage, I think the process of getting the financing, you’re going to find very, very similar to when you’re going for a conventional mortgage. The truth is buying a home a hard process. Luckily for British Muslims, banks are gradually recognising that this is a problem for a large number of people, and are therefore offering an alternative, by way of Islamic Mortgages and other forms of finance tailored towards Muslims. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. What is an Islamic mortgage and how do they work? These risks include currency and market fluctuations, and political or social instability. Why is there so much skepticism in mortgages, Islamic mortgages? A. MONEM SALAM: We’re talking about the late fees. Leave new. It is also permissible that a particular price is agreed in the promise of purchase signed by the client. We all know interest-bearing loans are prohibited under the sharia . If the condition is expressly mentioned at the time of sale, it means that the sale will be valid only il' the condition is fulfilled, meaning that if the condition is not fulfilled in future, the present sale will become void. AMJAD QUADRI: Absolutely. Certain states, they don’t want to target because there’s not enough Muslims there. And this person has now opened it up for multiple hundreds of homes to be closed on a monthly basis through Islamic finance for a lot of people that probably would not buy a house. Tel: 415 8560440. A bond fund's price will typically follow the same pattern. MONEM SALAM: How was the process for you? My credit score, my W-2, how much income, how much do I have saved. Since 1980, Ansar and Islamic Cooperative Housing Corporation has been enabling Muslims to purchase homes without using mortgages or interest while also providing an opportunity for halal investment. And I would say the answer to that is no. That’s why, currently, you see the two largest institutions have either, you know, 28 states or 24 states or something along those lines. Likewise, it was known at that time that certain people were making usurious transactions in dinars and dirhams, yet neither the Prophet of God, upon him be peace, nor his Companions refrained from dealing with dinars and dirhams. That’s the other thing that, you know, obviously, debt is looked down upon in our religion, so a lot of people that might wanna go to Hajj or go to Umrah to the pilgrimage, they’re looking at this debt and saying, “Okay I’m in debt, so I don’t qualify to go,” but when you’re in a co-ownership, you’re not in debt. With the Islamic finance contracts, you know, there is no multiplying late fees. If you wish to deal with these companies then please contact them to verify their mortgage systems for Shariah compliance as we cannot guarantee it 100%. CHRISTOPHER PATTON: And then, so the key shift that then happens in a Halal mortgage is a change in the risk-sharing and the kind of asset-based nature of it then? The bank would allow you to use any funds you can prove are yours and acquired through legitimate means, so yes, you can use money in your Help to Save scheme towards halal, mortgage alternative Home Purchase Plan. Islam forbids interest-bearing loans, so Muslims may prefer to seek a halal alternative when purchasing a property. I’m paying the same amount. The Amana Funds restrict investments to those companies consistent with Islamic and sustainable principles, which limits opportunities and may affect performance. MONEM SALAM: Yeah bad news always spreads faster than good news. So let’s state you purchase a home for ₤ 100,000, and pay ₤ 20,000 as a deposit and ₤ 80,000 is contributed by the bank. This prohibits from investing in businesses that profit from things like alcohol, tobacco, drugs, weapons, gambling, and adult entertainment. And the fact that now this person is getting the blessings of all of these people being able to avoid something that you know, within our religion is something that people don’t want to get anywhere near. Above are some Islamic mortgage providers and home financing options for Muslims. Why do I wanna know their credit score? Because homes are usually the largest investments that most people are gonna have in their life, and so there’s a lot of protections around them for the individuals. But this was more a rukhṣa (permission/alleviation), One may raise an objection that if the promise of resale has been taken before entering into an actual sale, it practically amounts to putting a condition on the sale itself, because the promise is understood to have been entered into between the parties at the time of sale. Let’s see what happens. Affordable, Halal Home Financing. And when Guidance came to market, I was ending up saving almost 2 percent going with Guidance and to me, I was like, Hallelujah, this is awesome and it’s, you know, something that from start to finish was created by the Islamic scholars. If you are interested in applying for a loan today, get in touch with us. In either case, the sale of the house is valid, and the buyer may rest assured that s/he has done nothing wrong. Investors should consult with a financial adviser prior to making an investment decision. To obtain this and other important information about Amana Mutual Funds, Saturna Sustainable Funds, Sextant Mutual Funds, or Idaho Tax-Exempt Fund in a current prospectus or summary prospectus, please visit Forms & Literature or call toll free 1-800-728-8762. At the same time the client may sign a one-sided promise to purchase different units of the share of the financier periodically and the financier may undertake that when the client purchases a unit of his share, the rent of the remaining units will be reduced accordingly. It’s not only about what you’re paying, but it’s also about, in cases of the downside, the risk part of it. Beyond that, money will pass through the hands of all manner of people, honest and dishonest, just and unjust, and for all manners of purposes, halal and haram. Now, what you see is that it’s completely in line and the issue is that those first people that started and that complained… that rumor never went away. Imam Abu Hanifa and Imam Zufar are of the view that the undivided share cannot be leased out to a third party, while Imam Malik and Imam ShafiT, Abu Yusuf and Muhammad Ibn Hassan hold that the undivided share can be leased out to any person. For municipal tax-exempt funds, taxation may depend on your state of residence and the alternative minimum tax may apply. AMJAD QUADRI: That is an awesome question. Whenever you have money traded, that’s when the interest or the Riba part comes in. But it’s a very involved process, so I can easily see if you’d not been through either version of the process, the first time it would feel very difficult either way. I think there’s a lot of misperception, misunderstanding about exactly what Islamic mortgages are, how they work, and those type of things. Islamic Mortgage Foundations and practices of a no-riba home mortgage. Ijara CDC offers the rent-to-own model and has helped buyers in Brooklyn and Queens. Alperton Lane, Greenford UB6 8AA There are two relatively straightforward reasons why UK Islamic mortgages are more expensive than conventional ones. No part of this publication may be altered in any way, copied, or distributed without the prior express written permission of Saturna. Well, Islamic banks have come up with a product called the “Home Purchase Plan” or “HPP”. AMJAD QUADRI: Freddie and Fannie are not banking institutions so when you say they are not halal, I don’t know that that’s true. AMJAD QUADRI: I think when you know you’re going to be in a particular area for a significant amount of time and significant being probably you know, more than five years. We’re really excited to have you on. At the time of the purchase of each unit, sale must be effected by the exchange of an offer and acceptance at that particular date. • Even though deferment is not considered real currency, in murabaha, there is an increase in price for deferment. The whole reason I got into it is because I was sending some customers over to one of the financial institutions around Guidance and the regional manager reached out and said, “Hey, why don’t you come work for us?” And the way that whole thing happened is when I first wanted to buy my first condo in Chicago, I was very worried of buying something and being involved in any of the interest aspects of it. And this is no different for Islamic mortgages. In an Islamic co-ownership contract which is one of the allowed contracts for home financing, then your co-owner takes that loss because at that point, you are having to stop this contract out of hardship and not something that you’re doing just purposely just because you decided, hey, you didn’t like the house. So, I think that story is very interesting in how it happened, how someone was at the right place. Similar to what we found with Islamic investing, right? That most of our listeners would be facing whenever they do an Islamic contract? Faith-Based Financing Faith Based Financing FAQs Murabaha Shariah Board Approval Heter Iska Stay Connected Islamic Financing Devon Bank has been offering Islamic Financing designed to avoid conventional interest common in traditional loans since 2003 for home purchases and refinancing from traditional loans. And what I think people sometimes don’t think about is if they reversed the position and they were the person that had a lot of money. MONEM SALAM: Yeah, you know, but I think as we get into more about what this actually is, you’ll find out there’s actually quite a benefit for just everybody. Please read the prospectus or summary prospectus carefully before investing. This is attested to by the fact that in the time of the Prophet of Allah, Allah bless him and grant him peace, when a shield was stolen, and when an abba was misappropriated from among the spoils of war, no one refrained from buying shields or abbas. When are you starting?” and when they finally started, I was their second customer. The first thing I wanna know is their credit score. Therefore, even if the sale is without an express condition, it should he taken as conditional because a promise in an express term has preceded it. MONEM SALAM: It’s probably gonna be the number one asset for a lot of people, it’s their number one asset they’ll have in their life. It takes place between two compentent parties, there is an offer and its acceptance, the object of the sale (a home) is itself halal, and the purchase price is paid by halal means, or cash. It takes place between two compentent parties, there is an offer and its acceptance, the object of the sale (a home) is itself halal, and the purchase price is paid by halal means, or cash. Check out the background of Saturna Brokerage Services, Inc. or any firm or investment professional on FINRA's BrokerCheck. The products are end-to-end Halal, which simply means permissible and in compliance with Islamic Shariah Law. The ijara contracts that we design uphold all the legal responsibilities of a more conventional mortgage but forgo these interest payments. There’s an LLC. Home protections for the home buyers. MONEM SALAM: Well that’s a good segue way, a little bit off the topic, but when is the right time to be able to look at… let’s suppose you have the credit history, you have the down payment, when is the right time to be able to start looking at Islamic mortgages and maybe closing on a house? Stock prices fluctuate, sometimes quickly and significantly, for a broad range of reasons that may affect individual companies, industries, or sectors. A halal mortgage doesn’t seem very halal and I’ve heard its quite controversial – but my research in that is lacking,” said 36-year-old, Shoohada Khanom. The subsequent uses to which the seller may put that cash is of no legal consequence to the sale. This mortgage has been approved through the Assiniboine Islamic Advisory Board. Copyright © 2021. What am I getting into when I buy a house with an Islamic mortgage? And I think this, sometimes, confuses people and/or frustrates people because they feel like, you know, if I went to a large banking institution to do this, it would ask me for all of the same stuff. The subsequent uses to which the seller may put that cash is of no legal consequence to the sale. Why don’t you start off, if you don’t mind, and just kind of in a nutshell, talk about what it is? On that note, well, I thank you very much Amjad for joining us on this show today. Rather than maybe some other type of product? Whether they’re Muslim or not Muslim.” Then, the question becomes okay what are you gonna ask them if you’re gonna get into this business of helping people buy homes? A company limited by guarantee (No. Let’s say they found a $100,000 and they had $50,000; they’re basically going to find another partner to help them do the other $50,000. AMJAD QUADRI: Even though Freddie Mac has or Fannie Mae, has recognized this as a different contract than the states use a different contract, the IRS has not caught up yet. And Islam is not a burden. Zero Mortgage Canada is now offering Islamic home mortgages to home buyers. Back in 2001, during the housing boom, they approached Freddie Mac, as I mentioned it’s a governmental institution. The Amana Funds restrict investments to those companies consistent with Islamic and sustainable principles, which limits opportunities and may affect performance. CHRISTOPHER PATTON: I think it was exactly as he was describing when he says your first time through the process… it feels very demanding and very in-depth. It is an established rule that interest earned from deposits in riba-based banks must be disposed off by charitable means, other than the construction of mosques or the printing of the Qur'an. It will take effect irrespective of whether or not the promise is fulfilled. Firstly, to take the share of the financier on lease and pay the agreed rent, and secondly, to purchase the units of the share of the financier of the house at different stages. MECHANISM OF A SHARIAH COMPLIANT HALAL MORTGAGE A home loan made by the sharia, or Islamic law, which precludes the instalment or receipt of intrigue. Your payments are more in line with what you’d like it to be. And then the other thing that I would say is I know that they allow you to buy a house when you have 5% but I’ve always found that when people have 20% that that’s a better time to buy. A Sharia compliant Halal mortgage takes a different approach. As a result, Islamic mortgages tend to be taken out only by those Muslims who regard conventional mortgages as being religiously prohibited. these contracts, even though they’re not a conventional mortgage, do comply with all of the state home protection laws and these guys can do business in this state. He was actually born and raised in Chicago, lives there currently as well. The most that can be said is that there is an appearance of involvement, but appearance and reality are two different matters. CHRISTOPHER PATTON: So, that’s very recently, though. Because for the companies that are doing things correctly, you know Guidance and UIF specifically, each state they go into, they spend anywhere from $100,000 to about $500,000 on legal fees to make sure that their contracts, which are different than the conventional mortgages, apply and are aligned with the home buying safety guidelines that each state has. MONEM SALAM: Welcome to the audience for joining us on this show. MONEM SALAM: You mentioned that there are different types of contracts. So, we do have a special guest. You no longer need to be in this interest thing. Apply online. And this is actually one of the things I tell people when they’re looking for an Islamic finance home institution to do business with, is if they’re doing business in all 50 states in the United States, it’s very likely that they’re not doing anything different. With regards to the first question, if the Finance House buys the shares of the other heirs, and not the share of the person who came to it, and then sells the shares of the house it bought to that person, there is nothing to prohibit it legally from doing so, as such a deal is lawful and without reproach. MONEM SALAM: Rumors and those type of things. Home Purchase Plans are Islamic mortgage alternatives which allow individuals to buy their home in a halal way. So Amjad, I wanna play a game of rapid fire with you. AMJAD QUADRI: When you’re doing an Islamic mortgage, I think the process of getting the financing, you’re going to find very, very similar to when you’re going for a conventional mortgage. MONEM SALAM: That’s what I was thinking about, too. The share of the financier is further divided into a number of units. Say, if you and I bought a house together and we were renting it out and it would rent for a thousand dollars a month, we’d take the thousand dollars in and split it halfway. Bai-bilwafa is a special arrangement for the sale of a house where a buyer promises the seller that whenever the seller repays him/her the price of the house, he/she will resell the house hack to the original seller. This objection can be answered by saying that there is a big difference between putting a condition in the sale and making a separate promise without making it a condition. So, if you take all three of those, then in the majority of the states we live in, that fatwa no longer applies. You avoid private mortgage insurance, PMI, which ends up making your payments a little bit harder. To begin with, it is clear that conventional home financing in most western countries is based on the idea of mortgaging which, in turn, is based on riba and thus repellent in the extreme to all Muslims. Should such alternatives become available, however, the legal necessity will no longer exist, and the fatwas will no longer be valid. If you wanted to sell it sooner then you still have the benefit of if the home went up in value as most homes do historically, you can still get the increase. AMJAD QUADRI: I think the main reason for someone not to want a traditional mortgage that is of the Islamic faith is to stay away from what’s called Riba. 2981339) It helps people get into a house and you know, feel like they’re not in debt. Haram means forbidden by Islamic law. And now, to make it simple, now the two larger institutions have both kind of gotten to a point where they’re both using the co-ownership model, which Islamically is called Musharakah. Preliminary Question 1: What is an Islamic mortgage / halal mortgage? And this is a money-on-money transaction where there’s no effort put into it or there’s no assets that actually are backing the financing. Guidance Residential is a similar company providing support to New York City buyers. Traditional mortgage deals all require a deposit to be paid and for the property to be valued before a financial institution agrees to the mortgage. MONEM SALAM: Yeah, it’s one of those things where they have to get approval from each of the different states, as far as the contract is concerned. So how to get around that? A. These fatwas are based on the assumption, however, that no Shari`ah-compliant alternative is available. On the basis of the above analysis, diminishing Musharakah may be used for House Financing subject to the following conditions: The agreement of joint purchase, leasing and selling different units of the share of the financier should not be tied up together in one single contract. Because I wanna know if the person that I’m potentially helping to buy a house is reputable. So, if someone is in trouble and they have an Islamic contract, then the late fee is capped, and it’s capped at an administrative cost and the only reason it’s even there is just so that they can get the administrative cost back. New York 10022 AMJAD QUADRI: Sure. And I think everyone is gonna come back to the same place. Every month that you’re making payments, part of it will go toward you buying your shares back and then the rest of it will go towards them getting their income for renting the house back to you, even while they own half of it, or most of it. I think what we have today will be able to explain that a little bit more. ... are a Sharia law compliant alternative to mortgages and are often known as ‘Islamic Mortgages’. You’re actually in a business relationship with the person that you went into business with. Similarly if the intention is to sell the undivided share of the building to the partner, all the Muslim Jurists also, unanimously, permit it. Basically, what that means is that you know, let’s say someone moves to Indiana and they were wanting to buy a house. Please consider an investment's objectives, risks, charges, and expenses carefully before investing. A. Unfortunately we are not a financial institution, hence do not provide any Islamic financial services. DISCLOSURES (read by Christopher Patton): Please consider an investment's objectives, risks, charges and expenses carefully before investing. Thank you very much for your e-mail. Allah willing, in the near future, Shari`ah-compliant alternatives to mortgages will become available to Muslims worldwide. Investing involves risk, including the risk that you could lose money. In this particular example of the Islamic finance contract, the financier, the lender, and you are actually co-owners of the house. And I realized that hey, let’s see if there’s another solution. AMJAD QUADRI: I think really, the nuts and bolts comes down to the contract itself. 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