Muslims halalising riba in the West?

[Díaz]

There are ways around riba, at least here in America, without really sacrificing anything. For example, most Somalis who own homes here in Minnesota, including my family, attained homeownership through a halal mortgage company. How it works is they essentially purchase the house with you from the seller at market rate, making you co-owners of the property. You then pay them rent, which is equivalent to what they would have earned in interest through a traditional mortgage. The rest of your payment goes toward building equity.

that sounds like something the jews would do lol a “halal mortgage” is riba just repackaged you might as well get a normal mortgage

 

[Unicorn]

riba is a major sin not like other sins. so if you cheat the cayr system you should just commit one of the most destructive sins? in that case why dont you support somalis sleeping around if they cheat the cayr system.

U dont get it. Someone whos cheating the system and saying they are knocking up their gf every year to get some money does not care about halal and haram lol so they are just BROKE and thts why they dont get a mortgage. Same people have credit cards and pay off their cars with it which is still riba.

 

[Barkhadle1520]

I have to take out a student loan for university this year and because of riba im not even sure I want to go. Its been so normalised. It reminds me of a hadith where our prophet said riba will be so widespread it will spare no one

Isnt it not your fault if you cant avoid it

 

[Gacmeey]

Everyone becomes like the people he lives with. Soon, majority of western Somalis will be indistinguishable from their gaal neighbours.

 

[Maintainnnin]

that sounds like something the jews would do lol a “halal mortgage” is riba just repackaged you might as well get a normal mortgage

Bro you just fundamentally don't understand what makes a mortgage haram. In a traditional mortgage, the bank typically loans you 80% of the price of the house you're buying. They then charge you interest on that loan. The bank does not co-own the house with you, nor are they listed on the title, they simply use the house as collateral for the loan.

With a halal mortgage, the mortgage company actually purchases the house with you. You put down your 20%, and they pay the remaining 80%. The mortgage company is a co-owner of the house and is listed on the title. Your payments are similar to a traditional mortgage, one portion goes toward building equity (buying out their share), and another portion is considered rent, since you're exclusively occupying the property they co-own with you. This rent is roughly equivalent to what they would have earned through interest.

The way a halal mortgage works is structurally different from a traditional one. It avoids riba because there is no loan. Instead, the mortgage provider actually purchases a share of the property with you. Avoiding riba doesn't have to mean that you stay ignorant of the options you have and cursing your family and their descendants into becoming permanent members of the renter class.

If you want further details, here is the company we bought our house with. Look through their website: https://www.guidanceresidential.com/

 

[Shakespeare_aabihiis]

I have to take out a student loan for university this year and because of riba im not even sure I want to go. Its been so normalised. It reminds me of a hadith where our prophet said riba will be so widespread it will spare no one

The yahuds got us both huh?

 

[empressjamila]

I hate riba walahi. I am still paying off student loans years after graduating, and paying more than what I originally borrowed because my loan has 7% interest.

It’s an evil system and designed to make normal people poor and siphon wealth to the top 1% percent. I understand 100% why it’s haram. But in the west you have no choice but to engage with it.

You can’t even find stable housing in Canada without engaging in riba.

 

[TheLand]

Bro you just fundamentally don't understand what makes a mortgage haram. In a traditional mortgage, the bank typically loans you 80% of the price of the house you're buying. They then charge you interest on that loan. The bank does not co-own the house with you, nor are they listed on the title, they simply use the house as collateral for the loan.

With a halal mortgage, the mortgage company actually purchases the house with you. You put down your 20%, and they pay the remaining 80%. The mortgage company is a co-owner of the house and is listed on the title. Your payments are similar to a traditional mortgage, one portion goes toward building equity (buying out their share), and another portion is considered rent, since you're exclusively occupying the property they co-own with you. This rent is roughly equivalent to what they would have earned through interest.

The way a halal mortgage works is structurally different from a traditional one. It avoids riba because there is no loan. Instead, the mortgage provider actually purchases a share of the property with you. Avoiding riba doesn't have to mean that you stay ignorant of the options you have and cursing your family and their descendants into becoming permanent members of the renter class.

If you want further details, here is the company we bought our house with. Look through their website: https://www.guidanceresidential.com/

Isn’t this just clearly riba by another name? Are we trying to fool Allah? If the intention is to make the same interest you would have on an interest-based loan, you are not fooling anyone.

 

[TheLand]

Bro you just fundamentally don't understand what makes a mortgage haram. In a traditional mortgage, the bank typically loans you 80% of the price of the house you're buying. They then charge you interest on that loan. The bank does not co-own the house with you, nor are they listed on the title, they simply use the house as collateral for the loan.

With a halal mortgage, the mortgage company actually purchases the house with you. You put down your 20%, and they pay the remaining 80%. The mortgage company is a co-owner of the house and is listed on the title. Your payments are similar to a traditional mortgage, one portion goes toward building equity (buying out their share), and another portion is considered rent, since you're exclusively occupying the property they co-own with you. This rent is roughly equivalent to what they would have earned through interest.

The way a halal mortgage works is structurally different from a traditional one. It avoids riba because there is no loan. Instead, the mortgage provider actually purchases a share of the property with you. Avoiding riba doesn't have to mean that you stay ignorant of the options you have and cursing your family and their descendants into becoming permanent members of the renter class.

If you want further details, here is the company we bought our house with. Look through their website: https://www.guidanceresidential.com/

Respectfully, you don’t make any sense. You are giving away what’s really going on by point to the ‘rent‘ as interest. Can they foreclose if you don’t pay? Is the house just another form of collateral? Are you paying more than you would have paid if you paid cash? If yes, then this is legally no different than a traditional mortgage.

 

[reer]

Isn’t this just clearly riba by another name? Are we trying to fool Allah? If the intention is to make the same interest you would have on an interest-based loan, you are not fooling anyone.

 

[JustSomeGuy]

I don’t like that subreddit but they’re correct. Somalis are the only people who fell for the no riba stuff that other muslims don’t care about. Arab & south asian sheikhs are telling somalis not to buy homes because of riba but turn a blind eye to their people doing the same thing. What is there to be proud about? Your peers and their families own their homes but you don’t? That’s shameful

If the Arabs and Desis decided to jump off a cliff, would you follow them?

 

[AbrahamFreedom]

Many scholars permit taking a mortgage if you’re going to live in the house. The same applies to student loans and other absolute necessities like cars (assuming you don’t already have one). Some even allow business loans, but I personally disagree with that one.

One major reason Somalis underperform in the West is that many have low IQ, are massive massive hypocrites, low IQ and blindly following the Salafi teachings.

Staying in government housing often leads to more of their kids(especially sons) crashing out. Even if they don’t, it’s an uphill battle, especially if their kids still foolishly cling to that low iq poverty mindset.

The vast majority of Somalis in the west are better off moving to a Muslim country or better, Somalia, if they want their lineage to continue. They can't survive in the west for various reasons. They either die early or don't procreate, largely due to cultural conflicts.