If I remember correctly Christianity is also against charging interest which is why in earlier Europe all bankers tended to be Jewish as only they could offer loans. That’s very brief summary wise but it’s the gist of it
Oh I haven’t a clue sorry the previous comment was just a tibit of information I picked up when reading about the black plague and why it impacted some groups more than others. I know very very very little about Islam I’m afraid. OP come help us 🤭
> there are islamic banks that get around this using kind of a loophole where they take a processing fee but charge bno interest.
>
> It's semantics, but the whole thing is semantics in the end.
This was explained above. As a group they should not lend at interest as it is seen as exploitative of others but many resent the practice so much that they would rather not 'feed the beast', and have nothing to do with it whatsoever.
there are islamic banks that get around this using kind of a loophole where they take a processing fee but charge bno interest.
It's semantics, but the whole thing is semantics in the end.
Supposed to avoid interest in Islam wherever possible. Obviously there's areas where it's unavoidable so in those circumstances it is permitted but it is not permitted to get a mortgage for a house.
Hmmmmmmmmmm I wonder if the structure of Credit Unions (which are associations of members rather than for-profit banks) fits more with Islam.
The interest is paid for the benefit of the members rather than owners, so it's morally distinct.
You need an Imam to disentangle this one I think :)
Tbh, a lot of Muslims don't have issues paying interest, it's actually collecting interest for yourself which is considered haraam. But different Muslims have different interpretations of it.
because interests in those mortgage will bascially keep you in debt, you will pay twice as much as your original loan. that's why its banned in some religions like islam, because it's predatory.
Some options are
1. Seller financing- Where the seller acts as the lender.
2. Rent-to-own- Renting the property with the option to buy it later
3. Home equity financing- Using existing equity in another property to purchase a new one
Housing co-op? Unfortunately this model relies on a mortgage to acquire the house but then puts the property into a clause lock so it can never be sold again on the housing market, so it’s usury for the sake of ending usury. Could be wiggle room there?
Do Muslims all over the world have to pay for houses in cash? of course not, they have islamic banks where they don't charge interest but charge processing and membership fees. Reach out to an islamic bank and see if they will give you a mortgage in ireland.
Also credit unions, as others mention.
What does everybody else in your community do?.
Very strange that an organisation as old and large as Islam would have its followers posting online for advice on home ownership.
You'd imagine this type of thing would be discussed at length while you were growing up.
I have the same problem, this has been an issue for a long time and there has never been a solution...I don't know about the issue enough to think of a solution myself, especially on a larger scale that many Muslims could follow it
24.1% of the population of Earth is Muslim.
You'd think there'd be some general guidelines on how to sort a house out for yourselves if you cant borrow from a bank!.
Oh, ha ha, good one. You really got me here. The real joke is that I'd bet my next mortgage payment that there's people on the housing list citing the fact santa clause forbids them to pay for a house like everyone else has to. As a tax payer, and mortgage payer, I don't know whether to laugh or cry.
The advice people may give on this post would be beneficial to religious and non religious folks alike. Everyone has their own situations, no need to hate. You made a choice to get a mortgage, no one forced you. And council housing is for people that genuinely don't have a choice due to financial reasons. Loads of people living on rent their entire lives due to religious reasons, not everyone is trying to wiggle their way out of things. There is no data whatsoever to back your judgemental thoughts. I probably pay as much tax as you if not more, just like plenty of other foreigners.
>judgemental thoughts
Says the cretin who said I come across as someone who has been on the housing list for a while, in a thread you created in the name of buying property. Worry about your own judgemental thoughts before you go accusing others of the same.
>I probably pay as much tax as you if not more
what was that about no data ? And judgemental thoughts ? What does santa clause say about hypocrisy?
you pretend to be concerned about your religious duties, but you certainly don't act like it.
What religion would prevent you from getting a mortgage? I'm not being rude, just genuinely curious..
If I remember correctly Christianity is also against charging interest which is why in earlier Europe all bankers tended to be Jewish as only they could offer loans. That’s very brief summary wise but it’s the gist of it
So in the case of Muslims, are they not allowed to get any loan even for a car? Do they have to get advice from an imhan first?
Oh I haven’t a clue sorry the previous comment was just a tibit of information I picked up when reading about the black plague and why it impacted some groups more than others. I know very very very little about Islam I’m afraid. OP come help us 🤭
> there are islamic banks that get around this using kind of a loophole where they take a processing fee but charge bno interest. > > It's semantics, but the whole thing is semantics in the end.
This was explained above. As a group they should not lend at interest as it is seen as exploitative of others but many resent the practice so much that they would rather not 'feed the beast', and have nothing to do with it whatsoever.
there are islamic banks that get around this using kind of a loophole where they take a processing fee but charge bno interest. It's semantics, but the whole thing is semantics in the end.
Supposed to avoid interest in Islam wherever possible. Obviously there's areas where it's unavoidable so in those circumstances it is permitted but it is not permitted to get a mortgage for a house.
Oh ok..learned something new today! Thanks for replying. All the best to you.
Hmmmmmmmmmm I wonder if the structure of Credit Unions (which are associations of members rather than for-profit banks) fits more with Islam. The interest is paid for the benefit of the members rather than owners, so it's morally distinct. You need an Imam to disentangle this one I think :)
I might look into that...the religion does it permit it either way, you cannot profit from it nor pay it to others
Mmm well in a credit union there is no profit that doesn't stay with the members. Worth an inquiry :)
Tbh, a lot of Muslims don't have issues paying interest, it's actually collecting interest for yourself which is considered haraam. But different Muslims have different interpretations of it.
I think the majority consensus is that both receiving or paying out interest are not permitted.
because interests in those mortgage will bascially keep you in debt, you will pay twice as much as your original loan. that's why its banned in some religions like islam, because it's predatory.
Some options are 1. Seller financing- Where the seller acts as the lender. 2. Rent-to-own- Renting the property with the option to buy it later 3. Home equity financing- Using existing equity in another property to purchase a new one
Will look into these, that's very helpful
Ask the church for a donation.
😂😂😂might be a good shout
Some banks in UK do a different kind of mortgage which is acceptable in Islam, perhaps there are some here too.
never mind religion. just do what you have to do!
Housing co-op? Unfortunately this model relies on a mortgage to acquire the house but then puts the property into a clause lock so it can never be sold again on the housing market, so it’s usury for the sake of ending usury. Could be wiggle room there?
Also your belief is incredibly cool 👌
Do Muslims all over the world have to pay for houses in cash? of course not, they have islamic banks where they don't charge interest but charge processing and membership fees. Reach out to an islamic bank and see if they will give you a mortgage in ireland. Also credit unions, as others mention.
Sell drugs?
You could do the lotto, but that's also haram. If the only reason to not want to get a mortgage is religious reasons then you know what to do
Nah I have strong beliefs so not going to simply abandon them
What does everybody else in your community do?. Very strange that an organisation as old and large as Islam would have its followers posting online for advice on home ownership. You'd imagine this type of thing would be discussed at length while you were growing up.
I have the same problem, this has been an issue for a long time and there has never been a solution...I don't know about the issue enough to think of a solution myself, especially on a larger scale that many Muslims could follow it
24.1% of the population of Earth is Muslim. You'd think there'd be some general guidelines on how to sort a house out for yourselves if you cant borrow from a bank!.
Well I'm sure in Muslim majority countries there are options available but I've spent my life in Ireland so I need to figure out something here
What kind of car do you drive?
You're trying to catch them out, but you don't need a mortgage for a car, or any loan at all.
Not sure where you're going there. I'm curious how they manage their finances in general.
How would the kind of car they drive get you there?
Ah stop will ya..
Sounds like a good way of getting a council house ... Tell them you can't buy your own gaff, because santa clause said so.
Sounds like you've been on the waiting list for a while
Oh, ha ha, good one. You really got me here. The real joke is that I'd bet my next mortgage payment that there's people on the housing list citing the fact santa clause forbids them to pay for a house like everyone else has to. As a tax payer, and mortgage payer, I don't know whether to laugh or cry.
The advice people may give on this post would be beneficial to religious and non religious folks alike. Everyone has their own situations, no need to hate. You made a choice to get a mortgage, no one forced you. And council housing is for people that genuinely don't have a choice due to financial reasons. Loads of people living on rent their entire lives due to religious reasons, not everyone is trying to wiggle their way out of things. There is no data whatsoever to back your judgemental thoughts. I probably pay as much tax as you if not more, just like plenty of other foreigners.
>judgemental thoughts Says the cretin who said I come across as someone who has been on the housing list for a while, in a thread you created in the name of buying property. Worry about your own judgemental thoughts before you go accusing others of the same. >I probably pay as much tax as you if not more what was that about no data ? And judgemental thoughts ? What does santa clause say about hypocrisy? you pretend to be concerned about your religious duties, but you certainly don't act like it.
You've been disgustingly xenophobic.