Interest - based financing:

How can you buy a house without using interest based loans?
Aren’t the Islamic mortgage groups borrowing money from a regular bank ?
I doubt that there is any crowdfunding going on… :notsureif:
Someone please explain

+ how did you pay off your “mortgage” if you have one??
 
I had to google what shaloongo meant? You mean ayuuto? I thought you were trying to convince me to settle for some African shack.
:mjlol:
An ayuuto equaling 200,000 to 300,000 dollars will require at least 5 years and 3/4 of the Somalis in my city!

Oh, so it's ayuuto. :jaynerd:
I blame my parents for teaching me konfuur lingo, despite not being from there :ohno:

I only use ayuuto and I've also heard of it being called hagbad. I thought that @Garaad diinle was speaking in a foreign language :mjpls:
 
Last edited:
I had to google what shaloongo meant? You mean ayuuto? I thought you were trying to convince me to settle for some African shack.
:mjlol:
An ayuuto equaling 200,000 to 300,000 dollars will require at least 5 years and 3/4 of the Somalis in my city!

Isn't ayuuto for those with saving difficulties (excluding older Somalis)? kkk :umad:

It's basically like saving money by yourself, but instead doing it with others and you get your share only once, in a set of period. Instead of having access to it at all time, correct me anyone if I'm wrong:wow:
 
Isn't ayuuto for those with saving difficulties (excluding older Somalis)? kkk :umad:

It's basically like saving money by yourself, but instead doing it with others and you get your share only once, in a set of period. Instead of having access to it at all time, correct me anyone if I'm wrong:wow:
Also, when you need a lot of money quickly. They will put you first in line for the ayuuto.
it’s a good way to get your hands on some money when you’re broke. You call up all the older Somali women in your area and announce a new ayuuto.
Go Attention Please GIF by Rossignol
 
Also, when you need a lot of money quickly. They will put you first in line for the ayuuto.
it’s a good way to get your hands on some money when you’re broke. You call up all the older Somali women in your area and announce a new ayuuto.
Go Attention Please GIF by Rossignol

Damn, who wants to deal with all the hassle? Imagine defaulting on a payment one month and you got hordes of Somali women coming after you. :holeup:

I'm assuming that there is some form of a legal contract? What if the first one to receive the money then dip without contributing to the other's turn. :denzelnigga:
 
Last edited:

Garaad diinle

 
Damn, who wants to deal with all the hassle? Imagine defaulting on a payment one month and you got a hordes of Somali women coming after you. :holeup:

I'm assuming that there is some form of a legal contract? What if the first one to receive the money then dips without contributing to to the other's turn. :denzelnigga:
Habaar police to the rescue.
 
Damn, who wants to deal with all the hassle? Imagine defaulting on a payment one month and you got hordes of Somali women coming after you. :holeup:

I'm assuming that there is some form of a legal contract? What if the first one to receive the money then dip without contributing to the other's turn. :denzelnigga:
You never mess with their money…ever. You’ll be declared persona non grata and will have to leave the city. They’ll hassle your relatives , your sub clan. Everyone will know you’re a trick ass b*tch who runs away with peoples money!
That ceeb is just too much man :mjhaps:
 
How can you buy a house without using interest based loans?
Aren’t the Islamic mortgage groups borrowing money from a regular bank ?
I doubt that there is any crowdfunding going on…
Someone please explain

+ how did you pay off your “mortgage” if you have one??
I am familiar with it, and could speak to my exposure, but I am no Islamic scholar.

There are Islamic financing mortgage firms in the US incl. LaRiba in CA [ lariba.com/site/index.html], Guardian residential in VA [ guidanceresidential.com/], and a few others in Chicago IL. Do read upon the literature on their portal, which speaks as to the qui quad.

From what I recall when researching it as an option some moons ago, instead of interest, they calculate risk, which is very much at the same rate at the interest rate [borrowing rate with inflation being adjusted], borrow from high street banks, and in return lend to consumers. I struggle as to that could be classified as Islamic financing, when merely rebranding the financial instrument from 'interest' to 'risk'.

Is the property you wish to purchase for own use, or for commercial? If the former, then according to Islamic scholars in Egypt, you are better off opting for a traditional financing, which is permissible, but if for the latter, then impermissible, it definitely is.
 

guycalledAmin

Minister of Ajanabi Affairs
How can you buy a house without using interest based loans?
Aren’t the Islamic mortgage groups borrowing money from a regular bank ?
I doubt that there is any crowdfunding going on… :notsureif:
Someone please explain

+ how did you pay off your “mortgage” if you have one??
There was an "Islamic bank" that was offering a rent to buy scheme. The customer puts down a deposit but the bank still "owns" the house. As you rent on it, you gradually start to own it.
The problem is that I'm not seeing how this is different from a mortgage but I hope someone more knowledgeable about Islamic finance can help clarify.
Be careful about these so called "Islamic" institutions, some may be portraying themselves as halal just to gain Muslim customers.
 
From what I recall when researching it as an option some moons ago, instead of interest, they calculate risk, which is very much at the same rate at the interest rate [borrowing rate with inflation being adjusted], borrow from high street banks, and in return lend to consumers. I struggle as to that could be classified as Islamic financing, when merely rebranding the financial instrument from 'interest' to 'risk
This is what I was confused about. If these Islamic mortgage companies are also borrowing money from the high street banks doesn’t that constitute as still "dealing with interest". Even worse, you're getting a bad deal!
Is the property you wish to purchase for own use, or for commercial? If the former, then according to Islamic scholars in Egypt, you are better off opting for a traditional financing, which is permissible, but if for the latter, then impermissible, it definitely is.
Ive never heard of this, that is interesting. It is for my own use.
interest loans=okay for personal use, and not okay for profit?
 
There was an "Islamic bank" that was offering a rent to buy scheme. The customer puts down a deposit but the bank still "owns" the house. As you rent on it, you gradually start to own it.
The problem is that I'm not seeing how this is different from a mortgage but I hope someone more knowledgeable about Islamic finance can help clarify.
Be careful about these so called "Islamic" institutions, some may be portraying themselves as halal just to gain Muslim customers.
I agree, I think they are trying to be a middle man in a transaction that isn't halal like they are trying to paint.
 
Top