Islamic Mortgage vs Halal Mortgage
Islamic Bank of Britain and other mortgage lenders
Are all here to help! Thankfully. Living in the UK has provided many challenges for Muslims to buy a home free from riba in the past. We have put together a list of halal mortgage or Islamic mortgage providers who can help find you the ideal riba free loan to get you on the property ladder without compromising on your Faith.
Riba Islam & The Sharia
Islam is clear cut when it comes to the prohibition of Riba; or interest. We find many Verses and Hadith which strongly condemns it. It is considered to be amongst the seven major sins. These are listed below:
- Consuming Riba
- Unlawfully taking orphan’s money
- Fleeing from the battlefield
- Accusing a chaste believing women
So how do we go about buying a home for those of us who live in the West? where the only way to buy a house seems to be to take out a mortgage with interest. Thankfully there are other options. Which are the interest free schemes that are available in certain banks across the UK and abroad.
Interest Free Mortgages
Finding a halal mortgage / interest free mortgage need not be a daunting task. Below we have compiled a list of links that include halal mortgage lenders, forums that discuss their advantages and disadvantages, Islamic Q&A from trusted scholars regarding the matter and other useful links that will help you decide whats correct for you. Please leave a comment and share with others who it may benefit!
- halal mortgage calculator
- how it works
- islamic bank of britain
- ahli united bank
This list is not exhaustive so please add or suggest more sites.
As a side note. HSBC have discontinued their Amana Finance scheme, which was there version of the interest free mortgage.
Please share! JazakAllah