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 IslamiCity Forum - Islamic Discussion Forum : Religion - Islam : Islamic Finance
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NatashaA
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Quote NatashaA Replybullet Topic: Interest on buying house
    Posted: 13 September 2014 at 11:39am
Assalam-o-Alaikum!

We have recently moved to Australia .. and we are in very initial thoughts of buying the apartment.

Question is .. we don't have a huge sum of money to make a full payment and neither do we want to get it from bank and involved in interest.

Anyone any ideas around this. May be some way around or some knowledge of any bank that doesn't charge interest on payments.

Thanks.
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lady
 
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Quote lady Replybullet Posted: 26 September 2014 at 1:24pm
as salaamaoalaikum. I don't know of any bank there that does not have interest on their loans. But I am sure that there will be at least one there. Have you thought about buying a tiny house? I am obsessed with these homes. They could be less than 800 sq ft. They are cheap to build so you don't have to worry about having a mortgage.

Edited by lady - 26 September 2014 at 1:25pm
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Abu Loren
 
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Quote Abu Loren Replybullet Posted: 27 September 2014 at 7:25am
Originally posted by NatashaA

Assalam-o-Alaikum!

We have recently moved to Australia .. and we are in very initial thoughts of buying the apartment.

Question is .. we don't have a huge sum of money to make a full payment and neither do we want to get it from bank and involved in interest.

Anyone any ideas around this. May be some way around or some knowledge of any bank that doesn't charge interest on payments.

Thanks.


Wa Alaikum Asalaam

Millions of Muslims are living a lie. They have mortgages and they convince themselves that it is ok as there are no alternatives for a Muslim to buy a house.

Any giving or receiving of interest is a sin in Islam.

There are Sharia compliant banks that give mortgages without interest (but they take the money other ways but you have to look into this).

Or alternatively you can keep on renting as the mortgage on the property is not your responsibility.
La Ilaha IllAllah
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Naykas
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Quote Naykas Replybullet Posted: 17 January 2015 at 8:09am
check out these two sites http://www.mcca.com.au/  and      http://www.alrayanbank.co.uk/  and let me know if it helps, I've tried myself many times bit nevcer really follow through here in the states. Maybe I can learn how it actually work this time around.
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Naykas
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Quote Naykas Replybullet Posted: 17 January 2015 at 8:28am
check out these two sites http://www.mcca.com.au/  and      http://www.alrayanbank.co.uk/  and let me know if it helps, I've tried myself many times bit never really follow through here in the states. Maybe I can learn how it actually work this time around.
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