Am I reading this right? Interest free mortgages for Muslim immigrants?
https://www.msn.com/en-ca/news/cana...lal-mortgages-heres-what-they-are/ar-BB1lO5Tu
https://www.msn.com/en-ca/news/cana...lal-mortgages-heres-what-they-are/ar-BB1lO5Tu
Halah Mortgages
- Thread starter picante55
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Here’s the definition of a Halal mortgage, don’t kid yourself no bank is giving anyone free money it’s just another paperwork shuffle.
”The concept of Halal mortgages, which comply with Islamic Sharia law by avoiding interest payments, has sparked both support and criticism from various quarters. Currently in Canada several private banks are offering halal mortages but now the idea is to implement the same in public banks.”
Definitely not interest free. Instead, (in very simplified terms) the 'bank' purchases the property at X and sells it to the buyer at X + Y where 'Y' is an amount equal to the interest that would have been paid on the loan had there been 'interest' on that loan.
I'm doubtful that there even are any savings for the buyer as the 'bank' has to account for all the costs of that money upfront rather than negotiating a loan at a fixed term.
Just more proof of how silly religion really is.
Instead of a mortgage with interest it’s a lease to own scheme, like parents do for their kids.
Same amount of money but called by a different name.
Same amount of money but called by a different name.
You know it’s a bogus complaint when the complaint in the first place isn’t spelled correctly. If ANY research was done by the OP they may have some credibility if they at least spelled the key word properly. Halal.
I agree. It’s all smoke and mirrors and semantics.
Although technically neither party charges or pays “interest”, ultimately the bank is making a profit from lending the money (just don’t call it “interest”, because the Koran says that it is forbidden).
A halal mortgage allows them to sleep peacefully, believing that they haven’t angered Allah and they will not burn in Hell for eternity.
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Exactly, a loan by another name. The lender is still making money, It’s all to make a religious person feel compliant with their faith but still live in the the real world.
The same as orthodox Jewish home owners who have automatic lights and doors to keep the Sabbath and not use any mechanical devices. Its all pretty ridiculous to me, but hey whatever lets you sleep at night
Possibly a simple mistake, yet you've done nothing to simply correct it. It's called respect.
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