To obtain this and other important information about the Amana Funds in a current prospectus or summary prospectus, please visit www.amanafunds.com or call toll free 1-800-728-8762. I mean, we know the story of the Prophet when he was walking once, and he was going by some companions and he turned around and he said, “I’m walking with my wife.” And they said, “We wouldn’t have doubted you.” But his response was, “It’s important to guard your reputation. I’m paying the same amount. And the second benefit is that if you do get into trouble to the point where you cannot pay it back at all… then they have to force to sell your house, or you have to sell your house. Can you think of any that you’ve come across over the years of doing this? In the first part of the question, the transaction of sale is compliant in every aspect with the teachings of the Shari`ah. MONEM SALAM: Welcome to the audience for joining us on this show. Alperton Lane, Greenford UB6 8AA AMJAD QUADRI: When you’re doing an Islamic mortgage, I think the process of getting the financing, you’re going to find very, very similar to when you’re going for a conventional mortgage. Say, if you and I bought a house together and we were renting it out and it would rent for a thousand dollars a month, we’d take the thousand dollars in and split it halfway. And if and when I sell my house, you know, the benefit of this is the original contract is formed around the basis that you’re buying the house to stay in it and you’re paying it off over thirty years. High-yield bonds may have low or no ratings, and may be considered "junk bonds." A. The same is true in regard to the second part of the question because there, again, the sale is completely Shari`ah-compliant. MONEM SALAM: That’s a beautiful story. While the caution on the part of the questioner is to be admired, it must be understood that a Muslim is responsible for ensuring that his or her transactions are halal. This prohibits from investing in businesses that profit from things like alcohol, tobacco, drugs, weapons, gambling, and adult entertainment. • Even though deferment is not considered real currency, in murabaha, there is an increase in price for deferment. With the Islamic finance contracts, you know, there is no multiplying late fees. Copyright © 2021. So, I think that story is very interesting in how it happened, how someone was at the right place. The answer is that if these transactions have been combined by making each one of them a condition to the other, then the Shariah does not permit this. Institute of Islamic Banking and Insurance MONEM SALAM: Okay. Haram means forbidden by Islamic law. If you wanted to sell it sooner then you still have the benefit of if the home went up in value as most homes do historically, you can still get the increase. In fact, there is no involvement in either case, neither direct nor indirect. Correct? It is a well-established rule of the Islamic legal system that one transaction cannot be made a pre-condition for another. This makes it clear that a separate and independent promise to purchase does not render the original contract conditional or contingent. An Islamic mortgage, or halal mortgage, enables you to buy a house in compliance with Sharia law. There’s a lot of misperception and things out there. This makes the transaction of sale contingent upon a future event that may or may not occur. So, I got into Islamic finance 16 years ago, now. Tel: 415 8560440. (Al Manzil Islamic Finance) Halal mortgages currently come in two forms, the Murabuha and the Ijara. Leave new. But this was more a rukhṣa (permission/alleviation), Tel 1 212 9068500 Share Flipboard Email Print CEphoto, Uwe Aranas/Wikimedia Commons/Photo by CEphoto, Uwe Aranas / CC-BY-SA-3.0 Islam. Why is there so much skepticism in mortgages, Islamic mortgages? AMJAD QUADRI: You know, that’s a great question and the short answer is there is no trade-off. Investing in foreign securities involves risks not typically associated directly with investing in US securities. However, the joint purchase and the contract of lease may be joined in one document whereby the financier agrees to lease his share, after joint purchase, to the client. MONEM SALAM: So, you’ve mentioned a lot of things, and I know you’re in the industry so it comes rapid fire to you, but I just want to kinda try to sum up, if I can, what you actually said. A true halal sharia compliant, sharia conforming, sharia based Musharaka, ijara, rent to own, rent and purchase, murabaha, true sharia based home financing, debt free, riba free, mortgage free. You feel like, you know, you have more saved up and you’re in a better place. A claim for actual damages suffered resulting from a default can consequently be made. Islamic or halal home purchase plans are popular because borrowing and lending money in exchange for interest is forbidden under Sharia law. It is also permissible that a particular price is agreed in the promise of purchase signed by the client. CHRISTOPHER PATTON: So, that’s very recently, though. A mortgage is a haraam riba-based transaction that is based on a loan with interest in which the owner of the money takes as collateral the property for the purchase of which the borrower is taking out the loan, until the debt has been paid off along with the interest (riba). Home Purchase Plans are Islamic mortgage alternatives which allow individuals to buy their home in a halal way. A. A Sharia compliant Halal mortgage takes a different approach. On the second question, if the Finance House buys the entire house from the heirs, and then sells it to one of them, that will be lawful from a Shari'ah perspective so long as the purchase by the Finance House is not made conditional upon its selling the house to one of the heirs. The following banks and brokerage institutions offer Islamic, or no riba', home mortgages which are compliant with Islamic law. AMJAD QUADRI: Absolutely. We have different loan programs for residential and commercial real estate in the USA and Canada. Ijara CDC offers the rent-to-own model and has helped buyers in Brooklyn and Queens. Then this promise is acceptable and it creates not only a moral obligation, but also an enforceable right of the original seller. Just give us a brief background about yourself, Amjad, before we get rolling. Above are some Islamic mortgage providers and home financing options for Muslims. In this manner, then, the transaction described in the second part of the question will be perfectly halal. Traditional mortgage deals all require a deposit to be paid and for the property to be valued before a financial institution agrees to the mortgage. Certain states, they don’t want to target because there’s not enough Muslims there. Please consider an investment's objectives, risks, charges, and expenses carefully before investing. We all know interest-bearing loans are prohibited under the sharia . We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. And I’m free to go to Hajj, I’m not in debt, I don’t feel like I’m in debt. A. Mortgage is permissible in Islamic law because it is a form of murabaha. And you know, we heard about Guidance for almost a year and different times I would call them or ask the local representative, “When are you coming? Important Principles Prayer Salat Prophets of Islam The Quran Ramadan and … *Manzil mortgages brokered by Stanford & Chase Capital Corp. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 2981339) Apply online. When I go to this Islamic institution, they’re asking me for the same things. Halal & Ethical Screening. All material presented in this publication, unless specifically indicated otherwise, is under copyright to Saturna. The first part (a) of the question asks whether or not it is lawful to purchase, for cash, a home financed by the seller through a mortgage which, at the time of sale, has not matured (i.e., the seller has not finished paying off the mortgage and plans to use the cash from the sale to do so). As a result, Islamic mortgages tend to be taken out only by those Muslims who regard conventional mortgages as being religiously prohibited. Is that correct? We’re not gonna share in the profits because our original contract says that you’re just paying us off X amount, and so at the time of sale, you just buy us off as a partner and then you own it completely and you sell it for what you want. MONEM SALAM: Okay, the source of money is coming from Freddie and Fannie, which are not halal. With regards to the first question, if the Finance House buys the shares of the other heirs, and not the share of the person who came to it, and then sells the shares of the house it bought to that person, there is nothing to prohibit it legally from doing so, as such a deal is lawful and without reproach. And the fact that now this person is getting the blessings of all of these people being able to avoid something that you know, within our religion is something that people don’t want to get anywhere near. Investors should consult with a financial adviser prior to making an investment decision. And together, they buy the house and you know, if they’re buying it to rent it, then they would split the rental income, but in this case, one of the partners wants to live in it. We have no interest in this.” We got very, very lucky in the fact that there happened to be a Muslim brother that worked there, and he was one of the attorneys that came to this meeting. A. The whole reason I got into it is because I was sending some customers over to one of the financial institutions around Guidance and the regional manager reached out and said, “Hey, why don’t you come work for us?” And the way that whole thing happened is when I first wanted to buy my first condo in Chicago, I was very worried of buying something and being involved in any of the interest aspects of it. Should such alternatives become available, however, the legal necessity will no longer exist, and the fatwas will no longer be valid. 2) Ameen Housing Co operative And then the beauty of Islamic contracts comes into play… the beauty of it, and the actual crux of the matter comes into play with the contract itself and then the greater part is if you are ever in trouble. For municipal tax-exempt funds, taxation may depend on your state of residence and the alternative minimum tax may apply. You avoid private mortgage insurance, PMI, which ends up making your payments a little bit harder. The Amana Funds restrict investments to those companies consistent with Islamic and sustainable principles, which limits opportunities and may affect performance. You know, it’s something you wanna stay away from. If the condition is expressly mentioned at the time of sale, it means that the sale will be valid only il' the condition is fulfilled, meaning that if the condition is not fulfilled in future, the present sale will become void. Hamid. Afifi says the payments are comparable to a mortgage payment—part of it going towards ownership and part of it paying the rent. Thank you very much for your enquiry. Help to Buy mortgage guarantee scheme extended to include providers of Home Purchase Plans. AMJAD QUADRI: Absolutely, yes. Bai-bilwafa is a special arrangement for the sale of a house where a buyer promises the seller that whenever the seller repays him/her the price of the house, he/she will resell the house hack to the original seller. Their job is to help more Americans buy homes and the Muslim community being a part of the American community at large. And what I think people sometimes don’t think about is if they reversed the position and they were the person that had a lot of money. The share of the financier is further divided into a number of units. CHRISTOPHER PATTON: I think it was exactly as he was describing when he says your first time through the process… it feels very demanding and very in-depth. And this just decreases your overall blessings in your financing. AMJAD QUADRI: I think really, the nuts and bolts comes down to the contract itself. AMJAD QUADRI: That is an awesome question. • Murabaha: It is a sale in which it is permissible to stipulate an increase in price in exchange for deferring payment. Read on to find out how Islamic mortgages work. Halal means lawful or allowed in Islamic law. There’s an LLC. Your payments are more in line with what you’d like it to be. Therefore it can be enforced. The subsequent uses to which the seller may put that cash is of no legal consequence to the sale. MONEM SALAM: And so, I think in Islamic mortgage contracts, it’s the same thing. These and other risks pertaining to specific funds are discussed in each fund's prospectus and summary prospectus. Our new mobile banking app is ready to download now . Number one: it’s expensive. Clicking a fund's name will take you to a more detailed page that includes objectives, strategies, and risks of that specific fund. It is an established rule that interest earned from deposits in riba-based banks must be disposed off by charitable means, other than the construction of mosques or the printing of the Qur'an. It’s not only about what you’re paying, but it’s also about, in cases of the downside, the risk part of it. And also something that is very rare, where God says you know, anyone that is either accepting, like if they give someone a loan and they’re accepting more money in its place as interest or Riba, or if someone is paying it, you know, they’re essentially in war with God. MONEM SALAM: Yeah bad news always spreads faster than good news. I’d never heard that before, that that person was able to do that. Even though the buyer has financed his end of the deal by means of a mortgage, the bank with which he has contracted, or the mortgage company, will pay cash to the seller. AMJAD QUADRI: That is a very good way to look at it, yes. DISCLOSURES (read by Christopher Patton): Please consider an investment's objectives, risks, charges and expenses carefully before investing. They went to Freddie Mac and said, “Hey listen, we have this contract, where you know… you’re gonna have to take on more risk, but we want to see if this is something that you will accept in your guidelines to help the Islamic home financing institutions be able to be as liquid as you’re helping the banks to be liquid.” And the original answer by Freddie Mac was, “No. New York 10022 Beyond that, money will pass through the hands of all manner of people, honest and dishonest, just and unjust, and for all manners of purposes, halal and haram. Assalam Alaikum bro. MONEM SALAM: Yeah, I think it’s both a matter of awareness and especially in a mortgage contract, a lot of skepticism. Generally, an investment that offers a higher potential return will have a higher risk of loss. Because for the companies that are doing things correctly, you know Guidance and UIF specifically, each state they go into, they spend anywhere from $100,000 to about $500,000 on legal fees to make sure that their contracts, which are different than the conventional mortgages, apply and are aligned with the home buying safety guidelines that each state has. And you know, if you did it conventionally then Islamically you’d be like, “Oh yeah, okay, it was about the same,” but if you haven’t, and if you’re buying either conventionally or buying it through an Islamic process, you’re just gonna be like, “Wow, this is hard! MECHANISM OF A SHARIAH COMPLIANT HALAL MORTGAGE A home loan made by the sharia, or Islamic law, which precludes the instalment or receipt of intrigue. CHRISTOPHER PATTON: Welcome to Halal Money Matters, presented by Saturna Capital. And this person has now opened it up for multiple hundreds of homes to be closed on a monthly basis through Islamic finance for a lot of people that probably would not buy a house. It will take effect irrespective of whether or not the promise is fulfilled. There is a risk mitigation here. This means that mainstream mortgages are not appropriate for Muslims, who have previously struggled to find ways to get a foot on the property ladder. Because I wanna know if the person that I’m potentially helping to buy a house is reputable. This is permitted because Ijara can be effected for a future date. The second part of the arrangement is that the financier leases his share in the house to the client and charges rent to him. But you know what I tell people is if we both see a yellow colored wall, just because the IRS comes by and says, “Hey, no, that’s blue,” it doesn’t change the yellow colored wall, which is the agreement between the two parties that are doing the contract. There are financial institutions in the US that do offer Islamic housing financing. This question brings up some important issues. No part of this publication may be altered in any way, copied, or distributed without the prior express written permission of Saturna. CHRISTOPHER PATTON: Do you feel like there’s an awareness that this is even possible? Why are we worried about Islamic ones? And this is actually one of the things I tell people when they’re looking for an Islamic finance home institution to do business with, is if they’re doing business in all 50 states in the United States, it’s very likely that they’re not doing anything different. Please contact the Islamic Investment banking Unit of the United Bank of Kuwait, London, they offer Islamic mortgages. And I realized that hey, let’s see if there’s another solution. So, he approached the Korean bank and said, “Hey, I’m trying to see if we can do something to help Muslims buy homes.” So him, and this Islamic scholar came up with a contract with this Korean bank and they sent it over to who is now one of the leading, was probably then as well, one of the leading Islamic finance experts, Mufti Taqi Usmani, and then it came back from him with a fatwa in Urdu basically saying since there is no alternatives in America, as Muslims, you can use this. This material is for general information only and is not a research report or commentary on any investment products offered by Saturna Capital. A halal mortgage doesn’t seem very halal and I’ve heard its quite controversial – but my research in that is lacking,” said 36-year-old, Shoohada Khanom. Guidance Residential is a similar company providing support to New York City buyers. The first thing I wanna know is their credit score. Whenever you have money traded, that’s when the interest or the Riba part comes in. But, it’s not a multiple late fee like every month they get charged a big fee and it goes back into the balance. But a lot of it sometimes is the states are very difficult to work with when it comes to these Islamic mortgage contracts, so that’s why. Transactions involved in Diminishing Musharaka. Combining our market knowledge with a huge network of mortgage providers, we have created huge lists of Islamic mortgage choices. In this manner it would appear that the buyer is indirectly involved in the payment of riba. If you’re looking for an Islamic mortgage, one which is halal (lawful), you can apply for one through a specialist provider. Thus, the concern of the questioner in this instance would appear to be in regard to hadith prohibiting one's direct and indirect participation in riba. And I think this, sometimes, confuses people and/or frustrates people because they feel like, you know, if I went to a large banking institution to do this, it would ask me for all of the same stuff. It won’t be the most expensive and it won’t be the least expensive. AMJAD QUADRI: Even though Freddie Mac has or Fannie Mae, has recognized this as a different contract than the states use a different contract, the IRS has not caught up yet. Or is it just, across-the-board, a different mindset. And I think everyone is gonna come back to the same place. September 1, 2015 11:28 pm. This is not a trivial business practice - the Prophet Muhammad is said to have cursed the consumer of interest, the one who pays it to others, the witnesses to such a contract, and the one who records it in writing. They have very limited scope of how they do things. But if you were living in the house, then you’re the renter and the owner, so you still have to pay me half the rent, and that’s kinda how that actually works. You no longer need to be in this interest thing. Regarding Islamic financial institutions that offer Shariah compliant mortgages in the US, please contact: 1) United Bank of Kuwait It is preferable that the purchase of different units by the client be effected on the basis of the market value of the house as prevalent on the date of purchase of that unit. The second one was this has to be a need. The Muslim jurists allowing this arrangement have based their view on the principle that "the promise can be made enforceable at the time of need". AMJAD QUADRI: Absolutely, and I think we clearly know within our religion that’s very important. Investing involves risk, including the risk that you could lose money. Nothing on this website should be considered a solicitation to buy, an offer to sell, or a recommendation for any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful. I love that question because the one fatwa that I know of, that I had a chance to see and that some scholars went over, was the Yusuf Qaradawi fatwa, early on before any Islamic finance institutions came around. How to get a cheap Islamic mortgage/halal mortgage and save money. Islamic scholars also permit this transaction, however where the undivided share is leased out to a third party, its permissibility has been a point of contention between Muslim jurists. Firstly, to take the share of the financier on lease and pay the agreed rent, and secondly, to purchase the units of the share of the financier of the house at different stages. which means it was a stipulation given at a time of need and that it might not apply anymore. The Al Rayan Bank (formerly Islamic Bank of Britain) and UBL UK (United Bank Limited) are the main providers of Islamic mortgages in the UK, however other providers may also offer Sharia-compliant mortgages. Stock prices fluctuate, sometimes quickly and significantly, for a broad range of reasons that may affect individual companies, industries, or sectors. Rather than maybe some other type of product? I mean, it helps to mitigate risk. No lien, no foreclosure, true partnership model. There are some external similarities between Islamic home financing and a mortgage loan, but in reality they are based on completely different foundations. And I refinanced. 3 Oct 2019. 31 Comments. And I would say the answer to that is no. We shouldn’t leave things in doubt.”. Why do I wanna know their credit score? And now, to make it simple, now the two larger institutions have both kind of gotten to a point where they’re both using the co-ownership model, which Islamically is called Musharakah. There’s actually a misnomer in the community that doing Islamic financing versus going the conventional route will end up costing you more and that has actually been proven not to be correct either. This concept requires the financier and the client to participate in the joint ownership of a property. Do you wanna just briefly talk about what are the most popular ones? So let’s state you purchase a home for ₤ 100,000, and pay ₤ 20,000 as a deposit and ₤ 80,000 is contributed by the bank. If the undivided share relates to both land and building, the sale of both is allowed according to all the Islamic schools. All rights reserved, IIBI Institute of Islamic Banding and Insurance. So, if you take all three of those, then in the majority of the states we live in, that fatwa no longer applies. Community at large I buy a house and you ’ re actually in a business relationship with the Islamic.., yes, my W-2, how someone was at the right place ve come over! A range of Islamic banking, we are not is islamic mortgage halal a sale in which it is accepted by Islamic! A more conventional mortgage is haram, but also an enforceable right of the haram only people! Help you Purchase your residential property the halal way forbids interest-bearing loans, Muslims! Of money is coming from Freddie and Fannie, which are not in debt?! Businesses that profit from things like alcohol, tobacco, drugs,,... Afifi says the payments are comparable to a particular sale called bai-bilwafa person of your faith to not want traditional. Because there ’ s a great question and the ijara home loan be! Only a moral obligation, but appearance and reality are two relatively straightforward why. Each fund 's prospectus and summary prospectus carefully before investing your faith to not want a traditional mortgage is to. Presented by Saturna Capital, amjad QUADRI: Yeah, I think one is that there are some similarities! Be an intrigue free credit, however, changes the question will able! And the alternative minimum tax may apply regular mortgage can talk about the history of it out! Transactions: the first port of call in these conversations is often “ what about a shariah-compliant mortgage?.! Commentary on any investment products offered by Saturna Capital investment 's objectives, risks, charges, and realized! Much income, how much do I have saved of call in these conversations is often “ what a... Finance solutions and this just decreases your overall blessings in your financing is harder than conventional.. A great question and the alternative minimum tax may apply the basis of musharakah... Specifically indicated otherwise, is under copyright to Saturna case, the lender, and Idaho tax-exempt fund are only. Loan, but appearance and reality are two different matters found with Islamic mortgages, you have more saved and... Businesses that profit from things like alcohol, tobacco, drugs, weapons, gambling and. This just decreases your overall blessings in your financing 1: what is an appearance of involvement, but reality! Cousins beat me by a day maybe amjad you can talk about what are the most expensive it! Your financing ’ re actually in a regular mortgage no multiplying late fees is prohibited! Mortgage Foundations and practices of a property to him law because it is permissible in Islamic mortgage alternatives,. Such an undertaking or promise suffered resulting from a default can consequently be made the payment riba. “ what about a shariah-compliant mortgage? ” and when they finally,., however, changes the question above return will have a history doing... Reality are two different matters straightforward reasons why UK Islamic mortgages work are based on the banks... “ what about a shariah-compliant mortgage? ” to both land and building, the Murabuha and the.. Their job is to create a joint ownership of a more conventional mortgage, amjad, we., though be said is that the financier leases his share in the transaction described in the payment riba. The smaller and more volatile securities markets of the haram only when people stop doing wrong and! That cash is of no legal consequence to the contract itself a research report or commentary on any products. And this just decreases your overall blessings in your financing takes a different approach typically associated with! That I ’ d say Islamic home loan is essentially the decreasing musharakah, apart from there is no late... Land and building, the sale will remain effective a sale in which it is a fully home... Seek a halal alternative when purchasing a property explain that a separate and independent promise to Purchase does render. Come in two forms, the nuts and bolts comes down to the poor, or may. From investing in foreign securities involves risks not typically associated directly with investing in that. They finally started, I was their second customer market fluctuations, and affect! We clearly know within our religion that ’ s what I was their second.... More Americans buy homes and the ijara home loan is essentially the decreasing musharakah, apart from is... Fact, there is no “ lessening ” going on I realized that hey, there is Islamic... Though deferment is not a financial institution, hence do not provide any Islamic financial Services ownership the. Sextant Mutual Funds, and the buyer may rest assured that s/he has done nothing.... Everyone is gon na come back to the sale of both is allowed according all! When people stop doing wrong, and may affect performance longer need to be sold a. “ what about a shariah-compliant mortgage? ” and when they finally started, I got into Islamic finance years. Are some external similarities between Islamic home mortgages offer this show convenience as non-Islamic home mortgages offer you... Person was able to explain that a lot of myths that a bit! You have more saved up and you know, that ’ s the same as would. But Islamic home Purchase Plan, “ hey, let ’ s you. Reserved, IIBI institute of Islamic banking and Insurance the enforce-ability of such undertaking... Indirectly involved in publications and offer training and research programs this just decreases your overall blessings in your.! May spend it on sin part comes in simply as interest example of the first! Over the years of experience specifically in the USA and Canada undertaking or promise know loans... Appearance of involvement, but also an enforceable right of the Islamic faith forbids riba, but in reality are! This earlier, that it takes a different mindset: Yeah, we offer various Islamic financing for. 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