Should Somalis in the Diaspora be mortgaging homes?

Should Somalis mortgage homes


  • Total voters
    49
In the 90’s- early 2000s, in my city we had Pakistani sheikhs in the mosque lecturing somalis on how haram «riba» is, and that we should rent instead of buying homes.

The same Pakistanis own 2-3 homes, run the taxi businesses and the kiosk/cornershops.

They still preach about how haram riba is btw. Let that sink in please
 
First and foremost, mortgages involve interest, and it is forbidden to receive and pay interest. Thus all somalis should abstain from it.

Secondly, a rise in the interest rates by the banks, or a defaulted mortgage payment means that all of a sudden, you are looking at your house being repossessed by the bank. When the (inevitable) recession hits, interest rates will rise, people will be unable to pay mortgages, and many people will go homeless. Just like in 2008 and 1929. And the recession is forecasted to happen in 2023. Not worth it, buy a house using cash.
!!! We’re gonna hit a recssion in Canada soon and millions will be losing their homes. I don’t get why people are encouraging others to take out mortgages they won’t be able to afford if them or their partner loses their job the bank takes the home.

Save up your money and buy land in cash in the countryside. I’ve already accepted I’ll never be able to afford a home in Ontario but Alberta and Winnipeg have great homes for 250K which two people working can buy in cash in a couple of years.
 
In the 90’s- early 2000s, in my city we had Pakistani sheikhs in the mosque lecturing somalis on how haram «riba» is, and that we should rent instead of buying homes.

The same Pakistanis own 2-3 homes, run the taxi businesses and the kiosk/cornershops.

They still preach about how haram riba is btw. Let that sink in please

somalis are so slow , this is what happened In the U.K.
 
Its slippery sloop but I wouldve mortgaged a house if I was planing on staying in the west for the next 10+ years .
If you dont mortgage a home your left to rent cheap homes or worse be stuck in the projects where your children will be mentally colonized by the system .
 
!!! We’re gonna hit a recssion in Canada soon and millions will be losing their homes. I don’t get why people are encouraging others to take out mortgages they won’t be able to afford if them or their partner loses their job the bank takes the home.

Save up your money and buy land in cash in the countryside. I’ve already accepted I’ll never be able to afford a home in Ontario but Alberta and Winnipeg have great homes for 250K which two people working can buy in cash in a couple of years.
Bro recessions do not necessarily cause large numbers of mortgage defaults. The only time it has happened was in 2007 and that recession did not cause a mortgage crisis. It was the degenerate mortgage schemes bankers were offering that was extremely risky which eventually caused large-scale defaults which in turn bought about a financial recession. Also governments have shown time and time again when large numbers of people have to default, governments will bail out the banks who in-turn will offer defaulters the ability to re-negotiate and re-finance their mortgages on more amicable terms that is conducive to their financial situation
 
Its slippery sloop but I wouldve mortgaged a house if I was planing on staying in the west for the next 10+ years .
If you dont mortgage a home your left to rent cheap homes or worse be stuck in the projects where your children will be mentally colonized by the system .
You don't have to stay in the west to mortgage a home to live in. You can mortgage to buy and rent it out while you're in Somalia so it will pay for itself.
 
Bro recessions do not necessarily cause large numbers of mortgage defaults. The only time it has happened was in 2007 and that recession did not cause a mortgage crisis. It was the degenerate mortgage schemes bankers were offering that was extremely risky which eventually caused large-scale defaults which in turn bought about a financial recession. Also governments have shown time and time again when large numbers of people have to default, governments will bail out the banks who in-turn will offer defaulters the ability to re-negotiate and re-finance their mortgages on more amicable terms that is conducive to their financial situation
 

Awad

عادل | جامعة الدفاع العربي
Alot of my relatives owns houses but it's usually in the ghetto areas where it's cheap, this usually tend to be the case with most somalis I know
Sadly my family will forever be renters : (
 
Halal financing is becoming more and more viable as an option nowadays but it depends on where you live. Sure it’s more expensive than riba mortgage but it’s better than fucking your mother a million times or so
 
In the 90’s- early 2000s, in my city we had Pakistani sheikhs in the mosque lecturing somalis on how haram «riba» is, and that we should rent instead of buying homes.

The same Pakistanis own 2-3 homes, run the taxi businesses and the kiosk/cornershops.

They still preach about how haram riba is btw. Let that sink in please
Why do you care about the motives of random pakistanis? Take riba or don’t it’s your choice. You come off as having an inferiority complex
 
Why do you care about the motives of random pakistanis? Take riba or don’t it’s your choice. You come off as having an inferiority complex
Nah he's just pointing out facts. Them same timo jilec have created generational wealth and have moved up when it comes to social mobility. Yet we are still stuck here at the bottom and wondering why our children and children children are getting drawn into the gang life etc..
 
First and foremost, mortgages involve interest, and it is forbidden to receive and pay interest. Thus all somalis should abstain from it.

Secondly, a rise in the interest rates by the banks, or a defaulted mortgage payment means that all of a sudden, you are looking at your house being repossessed by the bank. When the (inevitable) recession hits, interest rates will rise, people will be unable to pay mortgages, and many people will go homeless. Just like in 2008 and 1929. And the recession is forecasted to happen in 2023. Not worth it, buy a house using cash.
You deserve to lose your house if you don't have a fixed rate mortgage wallahi, it was the adjustable rate mortgages that utterly butt-fucked people in the 2008 housing crash. But you're right, buying a home now at these inflated prices is risky, but who's to say we'll see that much of a dip in prices when you have the likes of BlackRock hoovering up commercial properties?

The housing shortage, particularly in the US, seems artifically inflated to due to their retarded zoning restrictions, weird suing culture and retarded shit like property taxes. The covid "work from home" thing might've been a blessing in disguise wallahi. You could easily buy a home is a shitty area if you don't commute to work, but I doubt companies are going to just eat the loss on their decade long leases for office spaces.
 
Nah he's just pointing out facts. Them same timo jilec have created generational wealth and have moved up when it comes to social mobility. Yet we are still stuck here at the bottom and wondering why our children and children children are getting drawn into the gang life etc..
I hate it when people retardedly screech "RIBBBBA" without providing viable solutions wallahi. Sure, you could go through an Islamic bank but that's a whole another can of worms. Interest is at the very core of most Western economies. Avoiding that shit is next to impossible.
 
I hate it when people retardedly screech "RIBBBBA" without providing viable solutions wallahi. Sure, you could go through an Islamic bank but that's a whole another can of worms. Interest is at the very core of most Western economies. Avoiding that shit is next to impossible.
It's a hard one Nak. I think Islamic mortgages are probably the only solution I can see for the time being. Riba isn't something a practising Muslim can engage in without fearing for their Akhira as we're told that taking out riba is equivalent to Allah waging war against you, you will be beaten by satan on DOJ, cursed and the list goes on. It's actually scary when you read about how colossal the sin is. However, i have been hearing that there have been scholars who have said that taking out a mortgage for your 1st home that you plan to live in is acceptable if you have no choice, but that is a fringe opinion.
 
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Imagine sacrificing the akira for this short temporary life. At the end of the day mortgage is haram and there is a reason why it’s haram.

This is the sign of the end of times, “haram sins like Riba becomes common and accepted”.

I’m actually shocked at the votes, you do know that Riba is one of the biggest sins you can commit? Imagine chasing this short temporary life, where your real house, (it’s free don’t worry, only need deeds) is in jannah forever.
 
You don't have to stay in the west to mortgage a home to live in. You can mortgage to buy and rent it out while you're in Somalia so it will pay for itself.

That sound good laakin Me and my lady have already started our investments in Somalia will be leaving the west in the near future dont have any interests in buying a property or a home in canada.
 
That sound good laakin Me and my lady have already started our investments in Somalia will be leaving the west in the near future dont have any interests in buying a property or a home in canada.
Very smart mashallah. One of my goals is to build a house back home and do hijrah too. May Allah allow us to reach it. 🤲🏾
 
That sound good laakin Me and my lady have already started our investments in Somalia will be leaving the west in the near future dont have any interests in buying a property or a home in canada.
Why not diversify your investment portfolio? You can't just put all your eggs in Somalia. Who knows, the next 30 years may well be as stagnant economically as the last 30 years were. I say keep one foot back home and one right here in the diaspora
 

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