Exactly, if you're a Muslim in the west, and you have a bank account with one of the major financial institutions, you have to pay a interest rate just to maintain your account, meaning just dealing with these banks amounts to Riba. You don't want Riba? Leave the west, and go live in a village back home.
Should Somalis in the Diaspora be mortgaging homes?
- Thread starter hamar_oo_iidil
- Start date
Exactly, if you're a Muslim in the west, and you have a bank account with one of the major financial institutions, you have to pay a interest rate just to maintain your account, meaning just dealing with these banks amounts to Riba. You don't want Riba? Leave the west, and go live in a village back home.
Absolutely! Riba is everywhere and standard!
You own a debit card/credit card? Riba.
You pay car insurance? Absolutely haram bro.
You play the lottery? Haram! Riba!
All these Salafi charlatan people are phony.
What do you mean pay interest just to maintain accounts? Checking accounts aren’t interest bearing. Do you mean the customer may be indirectly affected as the bank is dealing in interest?
You don't pay interest with debit cards., If only people understood this smh
Debit cards literally run on the fractional banking system which means the money your withdrawing is not actually your money but RIBA. Banks only hold 10% of customer funds and lend the rest out and guess what they are charging interest with your money
Even basic things like Overdraft is INTEREST.
@Angelina @Cajiib This, just participating in the western financial system is troublesome.Debit cards literally run on the fractional banking system which means the money your withdrawing is not actually your money but RIBA. Banks only hold 10% of customer funds and lend the rest out and guess what they are charging interest with your money
Even basic things like Overdraft is INTEREST.
@ChaseDebit cards literally run on the fractional banking system which means the money your withdrawing is not actually your money but RIBA. Banks only hold 10% of customer funds and lend the rest out and guess what they are charging interest with your money
Even basic things like Overdraft is INTEREST.
Yes, but using a debit card does not mean that you're actively engaging in it yourself. Debit cards work like cash, so you don't accrue debt. You don't make any monthly payments. You don't pay interest. There are no annual fees.
If you put in 30k, you can only spend 30k.
Honestly, I don't know how it works in the UK, in Australia, even if you have a debit card linked to an account, you have to pay a interest fee of 4 dollars a month. Is Barclay's any different?
My friends makes around that much but he lives in Kent and communtes to work for f*ck sake. You might as well hand your cock and balls to the bank if you're thinking about buying property in anywhere near London lol
An Islamic mortgage or a HPPS are realistically the only option if you're a practising Muslim, but then you get into the question of if they're competative with other institutions etc. It's just a headfuck wallahi. I wouldn't put too much weight on the "interast for 1st time home ownership is halal" thing, you have other scholars saying it's okay if you sell alcohol if you work at a chain supermarket etc lol
Then there's the question of car repayment, student loans and so forth. It's a fucking mindfield.
There is no such thing as an "Islamic" mortgage, they're all based on interest lol
Salafi? Are you okay?! Some of you lot are now using aspects of the deen you have issues with and labelling it 'Salafi' to hide that. You're not slick.
-It is a fact, Salafi or not that riba is a major sin. That is a basic aspect of Islam that most people are aware of. But what many might not be aware of, is how much of a major sin it is.
-Scholars have said paying insurance is okay because by law, you cannot drive without an insurance. Driving is a dire necessity. However, owning a house isn't. You can rent. It isn't great, but most aren't homeless.
-Lottery? Why would a Muslim play the lottery? What need is there but greediness?
- We know that the Western financial system is all riba based, but a debit card works like cash. No monthly payments, no annual fee. What you put in, is merely what you can spend.
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Islamic mortgage is meant to be profit based. Bank buys the home, then they mark it up to make money.
I think the Islamic bank purchases the property on your behalf and in effects makes you pay rent till the total sum is repaid, after which point you become the legal owner. But that probably means the monthly repayments are more crippling in some respects.
I guess Australia is a no-go for me lol. I can’t imagine being charged interest on a checking account/debit card. That’s infuriating. Maybe America isn’t so bad after all.
I'm gonna be honest, the words "Islamic" and "mortgage" doesn't make sense to me, either it's Riba or it's not. If UK Somalis are allowed to take loans without interest, wallahi I envy y'all
Most pakistanis I know don’t indulge in riba, instead, the whole family put money together and slowly but surely buy homes for each brother. There’s a reason why cousin marriages is so prevalent in that community, it is to preserve property.
and secondly, most pakistanis came to Uk etc. in the 50s, 60s,70s as working people, my friends parents bought their home in london in 1970 for £20000, which is dirt cheap considering the market today. Somalis came post 1990 as refugees, most of them had minimal education etc.
and anyways, in the Quran we are clearly forbade from taking interest, if these so if these people are not following the commands of Allah, why do you want to indulge in a sin which is 36 times worse than zina.
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