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How To Sell A House To A Muslim

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http://www.newsday.com/news/local/longisla...inews-headlines

Homeownership in a holy manner

Banks offer method for Muslims to buy without breaking Quran's rules against interest-bearing loans

BY KATIE THOMAS

Newsday Staff Writer

September 4, 2006
1 Buyers identify a property they wish to purchase and agree on a sales price with the seller.
2 Buyers approach a bank for assistance in financing, promising to buy the property from the bank if the bank first buys it from the seller.
3 Assuming the buyers qualify for financing, the bank completes the purchase at a higher price that includes its declared profit and resells it to the buyer.
4 Once the sale closes, the property is registered in the buyer's name. Payments begin the next month.
MUSHARAKA
From an Arabic word for cooperation, musharaka is a declining balance, co-ownership arrangement that allows the home buyer to be a partner with the financier in the purchase of the property.
1 Buyers identify a property, which they purchase in partnership with the financing agent. The buyer's stake is typically 20 percent with the financier supplying the other 80.
2 Buyers agree to pay monthly rent to the partnership for use of the home and other payments to increase
their equity share.
3 Monthly payments are reallocated regularly by the partnership to reflect buyer's growing equity.
4 Once all payments have been made, partnership dissloves and buyer acquires clear title to the property.

Creative accounting. Perhaps Gordon could learn from this?

_____________________

Exodus 22:25: If you lend money to any of My (i.e. God's) people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.

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No real difference to what normally happens apart from in this case it would be easier to reposses because the "buyer" does not actually "own" the property whereas in a normal mortgage they do.

I am sure the banks love the idea, its even more win win for them.

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Sounds like a different way of saying "you will pay interest on the loan"

Utterly backwards thinking in an attempt to justify an interest paying loan by a medieval religion.

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Delegated payment of interest. It does seem like an artificial way around an odd rule. Much like having someone commit a burglary for you and then you claiming to be innocent of any crime as "it was im what done it."

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Delegated payment of interest. It does seem like an artificial way around an odd rule. Much like having someone commit a burglary for you and then you claiming to be innocent of any crime as "it was im what done it."

You could try asking here - this guy seems to think its not on, if it involves paying back more than you borrowed.

http://www.askimam.org/fatwa/fatwa.php?ask...13e4c5f61750e45

incidentally he seems to think that women who get raped without wearing a hibab are partly to blame, but fortunately the only unforgivable sin is being a non-believer.

I agrree with Itoldyouso, in that all religions are stupid. It just seems some are more stupid than others.

Its really worrying to read that site, that so many people are brainwashed into living the minutest detail of their life, according to what some bearded zealot tells them.

Edited by Flick

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http://www.newsday.com/news/local/longisla...inews-headlines

Homeownership in a holy manner

Banks offer method for Muslims to buy without breaking Quran's rules against interest-bearing loans

BY KATIE THOMAS

Newsday Staff Writer

September 4, 2006
1 Buyers identify a property they wish to purchase and agree on a sales price with the seller.
2 Buyers approach a bank for assistance in financing, promising to buy the property from the bank if the bank first buys it from the seller.
3 Assuming the buyers qualify for financing, the bank completes the purchase at a higher price that includes its declared profit and resells it to the buyer.
4 Once the sale closes, the property is registered in the buyer's name. Payments begin the next month.
MUSHARAKA
From an Arabic word for cooperation, musharaka is a declining balance, co-ownership arrangement that allows the home buyer to be a partner with the financier in the purchase of the property.
1 Buyers identify a property, which they purchase in partnership with the financing agent. The buyer's stake is typically 20 percent with the financier supplying the other 80.
2 Buyers agree to pay monthly rent to the partnership for use of the home and other payments to increase
their equity share.
3 Monthly payments are reallocated regularly by the partnership to reflect buyer's growing equity.
4 Once all payments have been made, partnership dissloves and buyer acquires clear title to the property.

Creative accounting. Perhaps Gordon could learn from this?

_____________________

Exodus 22:25: If you lend money to any of My (i.e. God's) people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.

This all seems very complicated. Couldn't you just tell him that it faces Mecca and has a garden shed that would be ideal for chemical experiments?

You could try asking here - this guy seems to think its not on, if it involves paying back more than you borrowed.

http://www.askimam.org/fatwa/fatwa.php?ask...13e4c5f61750e45

incidentally he seems to think that women who get raped without wearing a hibab are partly to blame, but fortunately the only unforgivable sin is being a non-believer.

I agrree with Itoldyouso, in that all religions are stupid. It just seems some are more stupid than others.

Its really worrying to read that site, that so many people are brainwashed into living the minutest detail of their life, according to what some bearded zealot tells them.

You could not make this up!

http://www.askimam.org/fatwa/fatwa.php?ask...dadc62d806c5481

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I am sure that Allah would approve of these loans. He would not read the small print that for legal reasons says something along the lines of "equivalent to an AER of 6.50%." He would be far to busy ensuring that anyone slaughtering an animal is facing Mecca. :lol:

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You could try asking here - this guy seems to think its not on, if it involves paying back more than you borrowed.

http://www.askimam.org/fatwa/fatwa.php?ask...13e4c5f61750e45

incidentally he seems to think that women who get raped without wearing a hibab are partly to blame, but fortunately the only unforgivable sin is being a non-believer.

I agrree with Itoldyouso, in that all religions are stupid. It just seems some are more stupid than others.

Its really worrying to read that site, that so many people are brainwashed into living the minutest detail of their life, according to what some bearded zealot tells them.

Whoever performs Wudhu after Ghusl, he is not from amongst us.’

I wonder if you could get around the interest laws by having someone perform Wudhu for you? It all appears a bit artificial as it seems that honesty should come before rigging the system to call interest a "service charge" to avoid the Halaal.

Corban anyone. :blink:

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Creative accounting. Perhaps Gordon could learn from this?

Whats your problem? If it works for them then fine.

I see you managed to achieve your aim RB and draw out the ignorant bigots, well done son.

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Whats your problem? If it works for them then fine.

I see you managed to achieve your aim RB and draw out the ignorant bigots, well done son.

I think he was actually trying to draw out the politically correct brigade. :P

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Whats your problem? If it works for them then fine.

I see you managed to achieve your aim RB and draw out the ignorant bigots, well done son.

I had no idea they had rules against mortgages. With our Muslim communities expanding it seems that they will be in the housing market in which case there may be problems ahead as our banks like to charge money for loans. The article also shows that a new market is emerging in this country that will need to be catered for with different sets of rules. For example, foreclosure may be against Sharia law which would place the bailiffs in schtook.

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Whats your problem? If it works for them then fine.

I see you managed to achieve your aim RB and draw out the ignorant bigots, well done son.

A bigot is a prejudiced person who is intolerant of any opinions differing from their own.

Apparently.

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I had no idea they had rules against mortgages. With our Muslim communities expanding it seems that they will be in the housing market in which case there may be problems ahead as our banks like to charge money for loans. The article also shows that a new market is emerging in this country that will need to be catered for with different sets of rules. For example, foreclosure may be against Sharia law which would place the bailiffs in schtook.

OO: You can't reposess my house even though I paid no mortgage for two years. It's against sharia law. And is all part of a conspiracy between the jews and the crusaders to oppress muslims. And if you do repossess it, I'm going to attach a bomb to myself and go to Tescos and blow up infidel.

Bailiff: f*** off.

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I can't believe how long the list is growing of so called "principled people" (the religious, the socially conscious, the charitable, the monetarily honest etc) who are willing to resort to semantic juggling just so that may live a life that conforms to the letter, if not the spirit of their laws and principles.

One wonders just how thick these people suppose their "god" to be.

More proof if any were needed that religion is dumb.

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And the point of this thread?

In future, prior to posting, please could all posters hold a committee meeting to work out the probability of a thread developing into something that dom thinks has a point.

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I had no idea they had rules against mortgages. With our Muslim communities expanding it seems that they will be in the housing market in which case there may be problems ahead as our banks like to charge money for loans. The article also shows that a new market is emerging in this country that will need to be catered for with different sets of rules. For example, foreclosure may be against Sharia law which would place the bailiffs in schtook.

'They' have 'rules' against Interest, as a keen muslim watcher I find it hard to believe you were unaware, cmon RB pull the other one.

Plenty of 'them' don't bother with 'rules' like this and get mortgages, the rest deal with islamic organisations etc who can provide the money under Islamic Law. It's not a particularly new market at all, a house I had in Mile End 15 odd years ago was sold to a muslim family who got an Islamic Deal, they as a community have been buying property for donkeys years.

'Our Muslim communities' have been expanding but nothing like the problem coming from the wider europe. This market for islamic law friendly finance has long been catered for by their own, the fact the domestic banks are now getting in on the act is not going to make that much difference, just a little competition.

Maybe if non-muslims were encouraged to save around 30%+ deposit as this Islamic finance then we would not be facing the ridiculous house price leaps of the past years.

Edited by CrashDive

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In future, prior to posting, please could all posters hold a committee meeting to work out the probability of a thread developing into something that dom thinks has a point.

Oooh......you cow. :D

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  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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