The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world. It’s not only about what you’re paying, but it’s also about, in cases of the downside, the risk part of it. One may raise an objection that if the promise of resale has been taken before entering into an actual sale, it practically amounts to putting a condition on the sale itself, because the promise is understood to have been entered into between the parties at the time of sale. And I refinanced. Similarly if the intention is to sell the undivided share of the building to the partner, all the Muslim Jurists also, unanimously, permit it. Help to Buy mortgage guarantee scheme extended to include providers of Home Purchase Plans. Investments in high-yield securities can be speculative in nature. Please read the prospectus or summary prospectus carefully before investing. Halal means lawful or allowed in Islamic law. 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. The products are end-to-end Halal, which simply means permissible and in compliance with Islamic Shariah Law. The most that the person whom the promise has been made to can do is to compel those undertaking the promise, through the courts of law, to fulfil that promise. MONEM SALAM: Yeah, we have our regional manager for Saturna Capital, Amjad Quadri. These risks include currency and market fluctuations, and political or social instability. If you’ve never been through the process and your first exposure is Islamic finance… you’d think my God, this is complicated and stuff but you’re basically saying… no matter what happens…. AMJAD QUADRI: I think the main reason for someone not to want a traditional mortgage that is of the Islamic faith is to stay away from what’s called Riba. If they have a history of doing business in a reputable way with other people. Unfortunately we are not a financial institution, hence do not provide any Islamic financial services. A company limited by guarantee (No. Investors should not assume that investments in the securities and/or sectors described were or will be profitable. My credit score, my W-2, how much income, how much do I have saved. And that’s a large part about these contracts. AMJAD QUADRI: Absolutely. 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. 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. Share Flipboard Email Print CEphoto, Uwe Aranas/Wikimedia Commons/Photo by CEphoto, Uwe Aranas / CC-BY-SA-3.0 Islam. Halal & Ethical Screening. There are a range of Islamic mortgage alternatives available, allowing buyers to get on the property ladder while being sharia-compliant. Hanafi jurists, on the other hand, have argued that if the resale of the house to the original seller is made a condition for the initial sale, it is not permitted. The three problems with Islamic mortgages, you have mentioned are exactly the questions. No lien, no foreclosure, true partnership model. There is a risk mitigation here. In either case, the sale of the house is valid, and the buyer may rest assured that s/he has done nothing wrong. There are two relatively straightforward reasons why UK Islamic mortgages are more expensive than conventional ones. This objection can be answered by saying that there is a big difference between putting a condition in the sale and making a separate promise without making it a condition. And this is a money-on-money transaction where there’s no effort put into it or there’s no assets that actually are backing the financing. My 1099 says INT on there. AMJAD QUADRI: I think when you know you’re going to be in a particular area for a significant amount of time and significant being probably you know, more than five years. 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. They are mandated government institutions that are supposed to help Americans buy homes. There are some external similarities between Islamic home financing and a mortgage loan, but in reality they are based on completely different foundations. 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. MONEM SALAM: That’s what I was thinking about, too. 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. MONEM SALAM: Amjad, well, welcome to the show. MONEM SALAM: That’s a beautiful story. A. The share of the financier is further divided into a number of units. As a result, Islamic mortgages tend to be taken out only by those Muslims who regard conventional mortgages as being religiously prohibited. Do you wanna just briefly talk about what are the most popular ones? AMJAD QUADRI: I think really, the nuts and bolts comes down to the contract itself. So, I got into Islamic finance 16 years ago, now. 3 Oct 2019. AMJAD QUADRI: You know, that’s a great question and the short answer is there is no trade-off. And then the other thing that I would say is I know that they allow you to buy a house when you have 5% but I’ve always found that when people have 20% that that’s a better time to buy. 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. AMJAD QUADRI: That is an awesome question. It leads to uncertainty (Gharar) in the transaction, which is totally prohibited in Shariah. That people talk about. Because I wanna know if the person that I’m potentially helping to buy a house is reputable. 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. CHRISTOPHER PATTON: Do you feel like there’s an awareness that this is even possible? And he approached one the other guys that we grew up with from our mosque that ended up becoming an Islamic scholar, and said, “Can we come up with a solution for the Islamic community?” His dad was a businessman, did a lot of banking with local Korean banks, so felt like hey maybe this will help. An Islamic home loan might be an intrigue free credit, however frequently it is a more unpredictable exchange. We’re really excited to have you on. You’re actually in a business relationship with the person that you went into business with. MONEM SALAM: Rumors and those type of things. MONEM SALAM: Number two follows that up: it’s the same as a conventional mortgage. AMJAD QUADRI: Sure. Zero Mortgage Canada is now offering Islamic home mortgages to home buyers. MONEM SALAM: That’s a good explanation. At the same time the client may sign a one-sided promise to purchase different units of the share of the financier periodically and the financier may undertake that when the client purchases a unit of his share, the rent of the remaining units will be reduced accordingly. The client is then able to purchase those units one by one periodically, thus increasing his own share till all the units of the financier are purchased making the client the sole owner of the property. This question brings up some important issues. 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. 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. Where, yeah, it does cater to a certain audience, but if you’re looking at it from a returns perspective or a risk perspective, anybody can use it. 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. Certain states, they don’t want to target because there’s not enough Muslims there. It helps people get into a house and you know, feel like they’re not in debt. Halal mortgages currently come in two forms, the Murabuha and the Ijara. However there are a number of Muslim Jurists who hold the view that promises are enforceable, and the court of law can compel people to fulfill their promise, especially, in the context of commercial activities. One of the things within Islam is that if someone is in trouble, you can’t add to their troubles by increasing the late fees, changing the interest, adding onto their principal balances, things along those lines. MONEM SALAM: I would want to know that history whether it was a debt contact or an equity one, right? 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. Flexibile: You can transfer your existing ACU mortgage … Read on to find out how Islamic mortgages work. Institute of Islamic Banking and Insurance MONEM SALAM: Yeah, you know, but I think as we get into more about what this actually is, you’ll find out there’s actually quite a benefit for just everybody. CHRISTOPHER PATTON: What would be the reason for a person of your faith to not want a traditional mortgage? 11390908 Hamid. A. We shouldn’t leave things in doubt.”. In the case mentioned in the question, a part of the cash payment advanced by the questioner would undoubtedly be used by the seller to pay off a mortgage. Leave new. Amana Mutual Funds, Saturna Sustainable Funds, Sextant Mutual Funds, and Idaho Tax-Exempt Fund are offered only by prospectus. All material presented in this publication, unless specifically indicated otherwise, is under copyright to Saturna. MONEM SALAM: Every time I speak to you, I learn something new, so I’m glad we were able to have this conversation and hopefully our audience learned something as well. So, a few of the stipulations, the footnotes, the first one said that if Islamic financing is around, that this ruling no longer applies. which means it was a stipulation given at a time of need and that it might not apply anymore. This is one comparison platform that accumulates every mortgage product in a single list. 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. Investing in foreign securities involves risks not typically associated directly with investing in US securities. A Islamic banks can participate in home financing on the basis of diminishing Musharakah. The reason for that is because they were new, they had more overhead. MONEM SALAM: I think one of the last ones would be… there have been fatwas in the past that said we can buy conventional mortgages. When interest rates fall, bond prices go up. So, to make sure they’re protected, you need a barred attorney in that state to look over the contracts, look over all of the protection laws, make sure nothing is breaking the laws and then basically give a legal ruling saying yes. Firstly, a conventional mortgage is a reasonably simple transaction to document legally. And the next day he called Guidance back and he said, “I know this is something that is really going to help our community and even though the initial answer was no, let’s see if there’s something we can do to make this palatable so this is something that Freddie Mac will be willing to do…” And you know, many people in our community might have been like, “Oh you know, this guy works at an institution that just deals with something outside of our religion—this is not a good thing,” but this is where some scholars will say if your intention in going into something is to be able to find out how to do it so that it helps the greater community, then that is one of the reasons why you can do it. AMJAD QUADRI: One thing I just wanted to add is the story of how one of the institutions first got started. We help you purchase your residential property the Halal way. Ijara CDC offers the rent-to-own model and has helped buyers in Brooklyn and Queens. Islamic Mortgage Our Islamic Mortgage is a banking solution offered to qualified members, based on a shared ownership concept called 'musharaka' (partnership). They are asking me for a lot.” And when you understand the amount of money that most of these financing institutions are giving you, or most of these banks are giving you, they are asking you for a lot and it should be hard because it’s not a small amount of money. I’d never heard that before, that that person was able to do that. A. Conversely, if the sale is without any condition, but one of the two parties has promised to do something separately, then the sale cannot be held to be contingent or conditional upon fulfilment of the promise made. MONEM SALAM: Yeah bad news always spreads faster than good news. Home Purchase Plans are Islamic mortgage alternatives which allow individuals to buy their home in a halal way. 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. A. In this particular example of the Islamic finance contract, the financier, the lender, and you are actually co-owners of the house. United Kingdom, Registered charity no. these contracts, even though they’re not a conventional mortgage, do comply with all of the state home protection laws and these guys can do business in this state. The seller may give it to the poor, or he may spend it on sin. The most that can be said is that there is an appearance of involvement, but appearance and reality are two different matters. Manzil is the only institution in Canada that has access to open fixed (Murabaha) and variable (Musharaka) rate Halal certified mortgages with payment terms of up to 25 years. It is clear from the previous three points that each of the transactions mentioned above are allowed per se, but the question is whether this transaction maybe combined in a single arrangement. And if you have to sell it for less than what your house is actually worth, or less than what your house is actually worth or less than what you still owed, then they won’t come after you for a difference because if you are in a Musharakah contract, which means you’re a co-ownership contract, basically your co-owner decided to take the loss with you and it’s not gonna go on your credit that you have an outstanding balance or things along those lines. 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. Or is it just, across-the-board, a different mindset. That way, you still get the benefit of the increase in property value without the downside of if something happened on the other side, you’re still protected. AMJAD QUADRI: Well, you know, I would say that what happened is when Islamic financing first started and even for myself, when I first went with this local Korean bank, the rate that I was paying was almost 2 percent higher than what a conventional bank could have gotten at the time. I don’t know of any other myths or misperceptions. So how to get around that? Now, what you see is that it’s completely in line and the issue is that those first people that started and that complained… that rumor never went away. 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. And then, Mufti Taqi Usmani was one of the people that helped create the Guidance products, so I felt like his Urdu permission that he gave us no longer applied because now there’s a product from scratch. 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. MONEM SALAM: Yeah, it’s one of those things where they have to get approval from each of the different states, as far as the contract is concerned. AMJAD QUADRI: Absolutely, and I think we clearly know within our religion that’s very important. To obtain this and other important information about Amana Mutual Funds, Saturna Sustainable Funds, Sextant Mutual Funds, or Idaho Tax-Exempt Fund in a current prospectus or summary prospectus, please visit Forms & Literature or call toll free 1-800-728-8762. Allah willing, in the near future, Shari`ah-compliant alternatives to mortgages will become available to Muslims worldwide. A claim for actual damages suffered resulting from a default can consequently be made. In an Islamic co-ownership contract which is one of the allowed contracts for home financing, then your co-owner takes that loss because at that point, you are having to stop this contract out of hardship and not something that you’re doing just purposely just because you decided, hey, you didn’t like the house. There’s an LLC. Now, some states do protect you even in conventional financing, but not all states do and when we had our last crash, I know in the state of Florida that this was a big issue, where you know, people still had, after they walked away from their mortgages, they still had large balances that they owed to institutions whereas if they did finance with an Islamic finance institution that would not be the case. The same applies to anything stolen. Correct? Should such alternatives become available, however, the legal necessity will no longer exist, and the fatwas will no longer be valid. The subsequent uses to which the seller may put that cash is of no legal consequence to the sale. An Islamic mortgage, or halal mortgage, enables you to buy a house in compliance with Sharia law. 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. 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. Faith-Based Financing Faith Based Financing FAQs Murabaha Shariah Board Approval Heter Iska Stay Connected Islamic Financing Devon Bank has been offering Islamic Financing designed to avoid conventional interest common in traditional loans since 2003 for home purchases and refinancing from traditional loans. 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. Likewise, it was known at that time that certain people were making usurious transactions in dinars and dirhams, yet neither the Prophet of God, upon him be peace, nor his Companions refrained from dealing with dinars and dirhams. A Sharia compliant Halal mortgage takes a different approach. Essentially, then, the world will be free of the Haram only when people stop doing wrong, and that is impossible. Whether they’re Muslim or not Muslim.” Then, the question becomes okay what are you gonna ask them if you’re gonna get into this business of helping people buy homes? Let’s say, they had, you know, multi-billions of dollars and they said, “I wanna help people buy homes. The Amana Funds restrict investments to those companies consistent with Islamic and sustainable principles, which limits opportunities and may affect performance. He was actually born and raised in Chicago, lives there currently as well. This is permitted because Ijara can be effected for a future date. Why is there so much skepticism in mortgages, Islamic mortgages? A. MONEM SALAM: So, I guess for conventional, Chris when you’re given a mortgage, you own the house and the bank has a lean on the house, so they gave you money and you purchased the house. (Al Manzil Islamic Finance) Basically, what that means is that you know, let’s say someone moves to Indiana and they were wanting to buy a house. Islamic Mortgage Foundations and practices of a no-riba home mortgage. • Murabaha: It is a sale in which it is permissible to stipulate an increase in price in exchange for deferring payment. AMJAD QUADRI: That’s exactly how it’s done. The same is true in regard to the second part of the question because there, again, the sale is completely Shari`ah-compliant. A. Hopefully we’ll get rid of a lot of myths that a lot of people have about Islamic mortgages. What is an Islamic mortgage and how do they work? And then, the last one was don’t use this to go do business. The first thing I wanna know is their credit score. Please read the prospectus or summary prospectus carefully before investing. Combining our market knowledge with a huge network of mortgage providers, we have created huge lists of Islamic mortgage choices. Imam Abu Hanifa and Imam Zufar are of the view that the undivided share cannot be leased out to a third party, while Imam Malik and Imam ShafiT, Abu Yusuf and Muhammad Ibn Hassan hold that the undivided share can be leased out to any person. The following banks and brokerage institutions offer Islamic, or no riba', home mortgages which are compliant with Islamic law. Since 1980, Ansar and Islamic Cooperative Housing Corporation has been enabling Muslims to purchase homes without using mortgages or interest while also providing an opportunity for halal investment. 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. MONEM SALAM: Okay. 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. The proposed arrangement is based on the following transactions: The first step is to create a joint ownership in the property. And I would say the answer to that is no. On that note, well, I thank you very much Amjad for joining us on this show today. So then, he’s paying the other partner, the 50% partner, off, while he’s living in it, and paying them almost a rental amount while he does that. A. And Islam is not a burden. High-yield bonds may have low or no ratings, and may be considered "junk bonds." So, that’s how I bought my first condo in Chicago. And when Guidance came to market, I was ending up saving almost 2 percent going with Guidance and to me, I was like, Hallelujah, this is awesome and it’s, you know, something that from start to finish was created by the Islamic scholars. Apply online. The second one was this has to be a need. 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. Clicking a fund's name will take you to a more detailed page that includes objectives, strategies, and risks of that specific fund. When I go to this Islamic institution, they’re asking me for the same things. Even so, a number of reputable Muslim scholars have written fatwas which allow, on the basis of legal necessity (darurah), the purchase of homes in the west through mortgages. Assalam Alaikum bro. These fatwas are based on the assumption, however, that no Shari`ah-compliant alternative is available. This is attested to by the fact that in the time of the Prophet of Allah, Allah bless him and grant him peace, when a shield was stolen, and when an abba was misappropriated from among the spoils of war, no one refrained from buying shields or abbas. 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