Islamic mortgage.

[CigaalSHiiDaaDCFC]

my wife and I are thinking to buy house we dnt want take conventional mortgage we want interest free mortgage, I found only one credit union that offers Islamic mortgage in Canada, its called Assiniboine credit union in Manitoba Winnipeg, unfortunately their mortgage is only for Manitoba residents, also there are other smaller organization such as umm financial, isna housing etc, has anybody had experience with these organizations or know some one who dealt with them? do you know any bank, organization that offers Islamic/halal mortgage in canada? any info or advice would be greatly appreciated .

[original dervish]

If the Uk is anything to go by.....these socalled Islamic Banks charge interest under another name.
In many cases it would be cheaper getting a standard mortgage.

[original dervish]

If the Uk is anything to go by.....these socalled Islamic Banks charge interest under another name.
In many cases it would be cheaper getting a standard mortgage.

[CigaalSHiiDaaDCFC]

is't interest or profit? you know islam doesn't prohibit profit, I rather pay more then paying interest.

[Arabman]

my wife and I are thinking to buy house

Is it a matter of life or death for you to buy a house?

[CigaalSHiiDaaDCFC]

^^ not really but very necessary

[SelfD]

Its a scam...the interest is already added to the total they give you. Ive heard some people mention leasing til u own..dont know how that one would work financially but the best way is to just save the money or takes loans from you family and return it to them gradually. It would be a saving solution for them and help you out. That is what my parents did.

[CigaalSHiiDaaDCFC]

^^^ who is gonna lend you over 300k?

[SelfD]

u dont take it all from one person...you save up the bulk of it your self. Then whatever little amount...like $10-15k from different family members. Personally i believe if you dont have the money dont bother. Its very stressful situation.

[Arabman]

^^ not really but very necessary

Elaborate 'very necessary.'

[original dervish]

^^^^^ Like the difference between sleeping on someones sofas or under the bridge, kinda necessary.

[CigaalSHiiDaaDCFC]

^^ you would know if you have kids, first, when you got kids you want to live in a stable place, where you don't have to worry moving again, you never know when your landlord will need his house ask you to move out, always moving, so your kids don't have place to call home. second if you got more then 2 kids its hard to get apartment or even house, some owners don't like to rent their houses family with children. so it may take you to find for a while if you got kids. third when you live in some els place, you cant do what ever you want, decorate, paint, built extra office or room down in the basement etc, fourth you will forever pay someone els's mortgage while you could pay the same amount for a place that you could own in the future and so on.

[original dervish]

Do the right thing by your family........buy a house Allah(SWT), knows best.