Alhamdulilah... Do you know any leders who do halal mortgages for VA home loans? i was in military been out since1996 havnt used mine but plan on.want to get a 4Plex.Insha Allah🕋🛐
You did explain nothing. You just advertise for others because your money is from them. Show us a real example from any islamic bank and show us the difference. If you cnat do that. Continue your game fooling muslims and playing the game of riba to attract naive muslims to make business deals. And when they get stuck you will tell them you signed the papers. lol
I just realised after watching this video that almost all Islamic finance options out there are fraudulent and the clerics in our society aren’t truly that knowledgeable about vouching for certain banks or finance options. I also realised that I should watch more of your videos or preferably get in touch with you if you can be kind enough to share your contact information with me. I appreciate how you broke down and explained everything in a simple manner. Jazakallah khair.
After living 22 years in Canada Alhamdullilah finally heard someone who is able to explain the full concept in a common man language. May Allah swt reward you for this contribution. Please take extra caution before you mention any mortgage provider Halal in your future videos. Muslim community in Canada has been betrayed enough times in the past. It becomes more complex when initially these organizations show a different set of rules and later once you are already in a contract with them they share updated terms due to legal compliance or some other odd reasons. By no means we doubt any of our Muslim Brother or Sisters intentions but due to laws of the land they try to make it work and eventually end up breaking the Shariah laws. One more issue is the term of the contract. Generally these organizations offer a 5 years term and then home owner needs a renewal so now if after these organizations are not able to renew the same initial contract then home owner is left with option to go for conventional mortgage only because at that point generally family feels comfortable in the house and worldly losses are hard to bear. May Allah swt protect us all.
Assalam o alaikum wah rehmatullah wah barakatahu. Jazakallah khair for your sincere advice and appreciation. I will be careful and continue insha'Allah. Stay tuned and please share this video.
Thank you for breaking it down so well!! I have prepared a list of questions from your video to ask the islamic financing company here in Australia. Thanks and JazakAllah
May Allah bless you for the clear explanation. Your are one of the few people speaking the truth. keep it up, and I love the references you put in the videos.
I was on the verge signing up for large mortgage with a so called Islamic finance when I am trying to get out of interest from my life. By the grace of Almighty Allah, i had started to question the company contract once I received them. With Allah’s help I have come across your video to clear up my mind and just like you explained it didn’t make sense how their contracts looked so fake and deceiving. Keep up the good word. May Allah increase you in knowledge
Assalam o alaikum wah rehmatullahi wah barakatahu. I am sincerely humbled by this comment. Thank you so much for sharing how positively the video has made a difference for you. I will continue on my work so please stay tune to the channel. Also please share this video as much as possible. Jazakallah khair
JazakAllah Khayr for your invaluable insights, brother Ali. I've watched quite a few of your videos and feel a lot more educated about halal mortgages. I've shared your videos in a Canadian Muslim investment group as well - Insha'Allah, they will benefit from your videos. I saw your Manzil mortgage review and am glad to see the progress in the Canadian Islamic finance space. However, they have a lengthy wait list, which caused me to explore alternatives. I'd highly appreciate your review/input for other financing options, specifically Zero Mortgage, Interest Free Housing (ISNA Housing) and Aya/Moya Financial. Thank you for your hard work and please continue creating such content for the greater ummah!
Walaikumassalam wah rehmatullahi wah barakatahu First refer to this Fatwa on Ask Imam relating to Aya financial: askimam.org/public/question_detail/43406 My opinion after having understood their process, reviewed their process with 3 high ranking members of the Muslim community and tested their deal in a live real estate transaction (initially disclosed to the client their process is not halal). Aya financial is nothing more than a synonymous mortgage deceiving the muslims as a "Halal Mortgage" under the guise of a "user fee profit". The user fee profit is not based on the equity ownership of the credit union in the property Rather it is based on the "financial contribution" of the credit union. Which is synonymous with a loan contract. The Diminishing Musharaka process is one where the Taxes, maintenance and insurance must be paid by parties equal to their equity ownership. That does not occur with Aya financial. I also believe there is Recourse in the event of loss to the lender. Which is also haram in Islamic finance. The lender does not take loss equal to their equity ownership. So my question is, how is this Halal? How is their process not renting money to the client? How is the partnership and ownership of the credit union justified and proven in the house? Please refer to my Fake Halal Mortgage video: Tactics 1,2 and 3.
@@maheritani717 Brother from now on anyone that asks me if so and so company is halal or haram. I tell them to watch this video ua-cam.com/video/exquX6HDeXg/v-deo.html
Salam brother...May Allah reward you for your time and efforts taken to provide a very insightful information...we have been lost among these called halal mortgage. I watched over and over all your videos and shared them to spread the message...bottom line, all these islamic banks we have in Canada are not really halal...as you said fraudulent companies...but as per your last video, and If am not mistaking, morabaha offered by Manzil could be considered as a real mortgage...just a thought...looking forward to hearing from you brother...Jazak Allah Khire...Again you kill it, you master the domain and know what are you talking about👍👍👍👍
Walaikumassalam wah rehmatullahi wah barakatahu. Brother I'm reviewing that process. Manzil has been fully cooperating with me. I have finished the script for the review and will be shooting the video soon insha'Allah. Stay tuned.
@Alitunio You killed it with this video brother. Waiting with baited breath for your review on the Manzil Murabaha product. Sadly there is so much cynicism among our community on Islamic finance. The most common comment that we hear when we discuss this topic is that "Islamic finance and interest based loans are all the same". "Everyone goes for conventional mortgage and you should go for it too". Our people are neck deep in riba based transaction with no remorse. Taking conventional mortgages and then doing Qur'an khani when taking possession of the house (like we have in our Indo-Pak communities). Not very different from a guy getting drunk and then standing in salah, thanking Allah for the drinks!. Its a shame. No wonder we are in the state that we are in today. Allah save us from this condition.
Due to the last 2 -3 generations of Muslims effectively being in slumber, the world simply passed us by. We have all woken up in the 21st century to find that everything except the air we breathe is haram. It will take us a few generations to create credible alternatives in the financial system. Mortgages, financing, insurance, investments, etc have all to be looked at and credible halal alternatives created. It will all take an age for sure. Till then "God save us".
@Rihan Ahmed Assalam o alaikum brother. I'm humbled by your kind words.Jazakallah khair for your feedback and well wishes. Please share the video insha'Allah. Yes the review is complete but is still being scripted. I'll make a post once I complete it insha'Allah.
I watched a few of your videos. This is great brother. Thanks. I have a summary and a question at the end. Murahaba is more of like if house is worth 200k then: 1. You become the bank's agent and find a house you like. 2. Bank buys the house for 'itself' 3. You have no obligation to buy it from them. 4. Bank sells the house to you, for a fixed price it wants. Like for 300k and you have to pay it off in 15yrs. 5. There are no incentives for paying it off early nor any penalties/fees for being late. Otherwise it's not halal... 6. It's not partnership. All costs of the house (maintenance, insurance, taxes is to be dealt with by you) 7. Repeating number 5, there are no penalties for late fees This is interesting. It's just up to you if you're willing to buy the house for that extra price or not. Just one question, so what happens if I buy the house for 300k from the halal loaning company. Then after I've paid 50k I decide to sell the house. Assume that house's price is still 200k. Roughly speaking do I pay the loaning company 200k (the price I sold it for) or 250k (The remainder of my loan) or something else?
aa bro, i believe that if the bank owns the house itself, then you cannot sell the house when your share is only $50k. you can maybe sell your shares back to the bank. or, if you have a buyer, then you/buyer may have to purchase the portion that the bank owns. of course, you have to inform the bank when you are thinking of selling.
From my understanding you cannot sell the house unless the bank agrees because you do not own it outright. It's shared ownership at this point. Generally banks will refuse to sell if they are at a lost. Hope this helps
Give us an monetary example. Yes, I do have a interest mortgage but what I learned here in the US, halal mortgage comes out to the same price once the house has been paid off.
This is all great, and terrific information. However, the more useful peace of information is to tell us about a true halal lender that exists in the United States, to be precise. Because I have and still are looking at all the banks that claim to have halal loans, but can not find anything. And I am really tired of throwing away money in rent.
Which banks or individual in South Africa i can approach to help with my home loan. I have my loan with Al Barakah bank every yr there is a review of the loan.
Simple question from my non-muslim friend: So, if I go into a "halal mortgage", and my share from down payment and making payments for say, 10 years, is something like 40%, and something happens in my life where I'm unable to continue making regular payments and need to sell the house, do I get that 40% back?"
can you direst me to someone i can trust and consult as to what i should do with my ore existing mortgage as manzil isn’t available here in nova scotia.
Selem alaykom Brother, Jazaka Allahou khayran, your vidéos would be much more appealing if you add simple drawings when you enumerate concepts, may Allah reward you for helping muslims.
Salam Ali.. Much appreciated for time and efforts you have put in this video. I was wondering if you can do a video about halal mortgages in the UK and if there are any legitimate halal mortgage providers in the UK? Jazaka allah khayr
Excellent Details on Halal mortgage. The Hard Part is where, or which lender is Lending Halal Mortgage? I live in US AZ I found 2 guidance residential, and LaRiba I’m not sure how they are on sharia compliance? If you know any.. please Make A video, or let me know about those give loan on Halal Way? Jazak Allah
May I know whether funding from an investor in the property business, and share profit in any percentage or 50-50% with the original investment is halal?
First, thank your for the information really appreciate it. Second, could you pls explain in laymen’s terms how the lender makes money. I was unclear on that part for me. Thanks
Assalam o alaikum brother haris. I'm not formally educated in Islam. However, the balance transfer from a bank shouldn't be halal. They charge you 1 one time administration fee which is always a x% on the money you borrow. In obviousness that is money being made on money lent out. Even though they don't charge you interest on an ongoing basis. Also if you don't pay back the amount on time, all that interest that they would have received on the term they chose to call it 0%, becomes due. Long story short, money is being made on money lent out which is riba.
Assalam o alaikum. Ask em the questions that are posted in this video. Also talk to real Islamic financing Scholars and ask them their opinion on the company. Also ask people who have reviewed that companies documentation from a legal and Islamic perspective
So based on the Halal mortgage , the financer or lender or bank is responsible for all maters regarding the house ? Also every month the portion of service charge or HPA will decrease or stay same for entire term?
Brother please refer to the whole video again in relation to the Murabaha process. What your asking for is a diminishing musharaka and for that please refer to the Halal mortgage 101 video
@Ali Tunio Assalamualaikum Ummah of Muhammad (SAW) I plan to buy a house or condo in the near future Insha Allah, I live in U.S, Florida any suggestion with a halal company?
I cannot recommend anyone out of USA cuz I have not reviewed their processes yet. All I can tell you is to refer to the Amja fatawa relating to the Halal financing companies in description of the video
Assalam o alaikum wah rehmatullah wah barakatahu. My stance with guidance financial is lacking information. As mentioned in my video. If a company is practicing the "Diminishing Musharaka" model of financing, there needs to be a sharing in the taxes, insurance and maintenance expenses proportionate to equity ownership. As far as I know guidance financial doesn't do that. Also, the losses needs to be shared proportionate to equity ownership. The next main question to ask is, has there been a situation(s) where guidance financial shared in the losses of a property proportionate to their equity ownership? If not, its riba as stated in the video when describing diminishing musharaka (refer to it insha'Allah).
Of course it does and AOOIFI has strict guidelines when an Islamic financial institution utilizes funds from a conventional interest-based financial institution
Why interests from the banks doesn’t count as services!? You dont have any money, banks look at your trust history of credits and give you the money for four years lets say... during this 4 years bank put 5% interest on your loan... when you agree to the deal, that means you agree that banks serve you with that deal. The 5% interest in not forced, its an agreement for a period of a trust, you can pay it back sooner then you don’t pay for the whole service. If you go over the period of time and you didn’t pay back the loan, the loan doesnt increase, your trusted credit basically will turn down and you will be bankrupt! If you could comment on this, I appreciate it Thanks
I don't know what you want me to comment about. I think what you're saying is hey, why is the bank making any money so wrong? Once again brother I'm not the one who set the rules on what is halal way of making money and what is the Haram way of making money lol. It's in the Quran. It's from God. Ask him. I just submit to Allah because I'm a Muslim. Maybe watch the whole video again especially that section on the "why".
So when u buy a car and ur asking the bank for help and paying them back every month with interest is not permissible. But when u buy a house from bank and selling it to someone it’s permissible because ur providing a service?
I think you missed the point of the video. Please watch it three times. Money made on money lent is interest always. Doesn't matter the commodity you deal on. If you're financing and making profit on the financing that is interest.
I am not qualified enough to review al rayan bank. What makes you doubt them? I think you guys are pretty lucky in the UK to have an Islamic bank. Shariah advisory board: www.alrayanbank.co.uk/useful-info-tools/islamic-finance/sharia-compliance/#SSC
@@AliTunio tks for reply brother sorry for late reply; they are sharia compliant but i dont know if bank still has problems Islamically e.g. in sharing risk or profit and loss, using LIBOR instead of local rates, using 3 contracts instead of 1 independent one, bank doesn't own property before customer makes contract with them- they need our deposit to buy it, doesnt use market value data to calculate the rental rate for customer to pay- the bank their own method or LIBOR i think. overall, im not banking expert so i dont know if bank has these problems or if im overthinking. would you advice in me taking their home purchase plan Ali? thanks
Let me tell you a story. An obedient son of strict parents wanted to marry Jamila. Parents disagreed and asked the son to marry anyone but Jamila. The obedient son changed the name from Jamila to Shakila and married Shakila.
Which one are you? 👇 A) You wish for safe course. Avoid all Interest/riba. No Interest banking or "Islamic banking. I'll support it with hadeeth was narrated by at-Tirmidhi (2442), Ahmad (1630) and Ibn Hibbaan (722) from al-Hasan ibn ‘Ali (may Allah be pleased with him) who said: I memorized from the Messenger of Allah (blessings and peace of Allah be upon him): “Leave that which makes you doubt for that which does not make you doubt, for truth leads to reassurance and lies lead to uncertainty.” Classed as saheeh by Shaykh al-Albaani (may Allah have mercy on him). B) trust Islamic banking system if you must engage in financing. C) You're an imbecile who willfully choosing to be a fool because youwon'tgive up the demands on Riba. The video is clear differentiating between Interest based profit and trade based profit using the Quran as clear differentiating reference.
"All I want to know". Brother you tell me if they are legit or not insha'Allah. Did you watch any of my videos on diminishing Musharaka or Murabaha? What I want to know is if you viewed the content and understood it for your own situation insha'Allah.
Not sure if you still need an answer to this, but I'll put my findings down for those who want to know and don't have the time to investigate themselves inshallah Based on this video's explanation and the fact that UIF's Musharaka (Partnership on their website) policy not only waives their right to put their name on the title but also requires the buyer pay all expenses for the house (taxes, insurance, maintenance), I'm going to say no it's not halal. I'm in the process of trying to establish if their other policy is and will update this comment Update: It seems that this is their only policy, so UIF is not a viable option to buy a house in a halal way
jazak Allaahu khair for making this video. I got answers to questions that I was looking for. Can you comment on Ansar Housing and ISNA (now Interest Free Housing)? I heard they were legit but wan never convinced.
Wa iyyakum. I can't comment on isna. However I did review al ansars old contracts and I was astonished how they managed to convince the muslims it was halal or something to even be taken seriously. That is my opinion.
So what islamic financiers do u know of that offer money towards homes that ACTUALLY follow all these rules????? This seems like a failing business model for the financier, and I have a feeling no one exists. If it does, there have to be so many barriers to entry for the buyer (idk 50% down or something crazy) to ensure that the financiers actually gets their money back. I'm going to try to keep an open mind. Please just refer me to this magical lender haha.
It is just the same example of a halal meat .. How many people see the slaughter of animals but we believe and take words of a halal meat shop or the stamp of halal on the animals and the certificate issued by the haLal commettee
I don't know what you are referring to. Is it your aqeda to follow those who go against Quan? NO. That's not islam. You don't know the definition of Aqeeda then.
The islamic bank itself operates under fractional reserve sysyem, which is the worst type of riba. So the money you get from islamic bank was created by the stroke of computer keyboard and mouse
These so called scholars even allowed that you can go for conventional mortgage and made it halal when there is no other option. WTH that's why I never trust these scholars
You explain nothing. Put a conventional loan and compare it to a loan by any islamic banks to see the differences. This game of riba and halal no one believes it because what you are doing is just turning into a vicious circle. Bring a modal of any islamic bank here in USA and show us the difference. You will find out that Islamic bank calculates it by riba and adds more so the mortgage is more expensive than the real market. then the interest rate is changed by rent or morabaha or ijar. Just plain change of words. Also if it is a partnership between a muslim and an islamic bank why the muslim must pay tax and insurance . Why the bank does not take its share? this is just a game. If you cant compare and show us the real difference you are like all the other businessmen realtors making money to foool the muslims to pay more. They are other banks make a fund and try to play with rich muslims into a bad investment. They are doing the same as any fund in USA.
I'm going to give you the benefit of the doubt that you sincerely mean to understand the differences between a real Islamic mortgage and an interest one. Go through the rest of the content on my channel but here is a link to my video 2.89% interest mortgage versus 2.89% halal mortgage. ua-cam.com/video/FaScLgbzfHc/v-deo.html Regarding your comment about me being like other real estate agents who are just doing this to get more real estate deals. Don't assume anything. And don't be offensive. Cuz I can dish it right back. You're a person who has no knowledge and you're working off of assumptions seeing things on face value. But I'm giving you the benefit of the doubt. Take a deep breath. Calm yourself and understand the differences. If not stay quiet and do not mislead others. For the rest of the public reading this comment. Do not be like this guy
Good comment, and what a pathetic reply from content creator. Yes, it does seem the whole Halal mortgage is essentially a loophole which allows Islamic banks to exploit customers for more profit.
Halal Mortgages 101 | Everything you need to know!...Almost.
For anyone whose ever asked me to help them regarding Islamic Financing.
Alhamdulilah... Do you know any leders who do halal mortgages for VA home loans? i was in military been out since1996 havnt used mine but plan on.want to get a 4Plex.Insha Allah🕋🛐
You did explain nothing. You just advertise for others because your money is from them. Show us a real example from any islamic bank and show us the difference. If you cnat do that. Continue your game fooling muslims and playing the game of riba to attract naive muslims to make business deals. And when they get stuck you will tell them you signed the papers. lol
Do you have some basic templates some one can use
I just realised after watching this video that almost all Islamic finance options out there are fraudulent and the clerics in our society aren’t truly that knowledgeable about vouching for certain banks or finance options. I also realised that I should watch more of your videos or preferably get in touch with you if you can be kind enough to share your contact information with me. I appreciate how you broke down and explained everything in a simple manner. Jazakallah khair.
Welcome brother. Jazakallah kahir for your kind words.
Mufti UA-cam, is Murabaha and Musharaka different than standard mortgage?
After living 22 years in Canada Alhamdullilah finally heard someone who is able to explain the full concept in a common man language. May Allah swt reward you for this contribution. Please take extra caution before you mention any mortgage provider Halal in your future videos. Muslim community in Canada has been betrayed enough times in the past. It becomes more complex when initially these organizations show a different set of rules and later once you are already in a contract with them they share updated terms due to legal compliance or some other odd reasons. By no means we doubt any of our Muslim Brother or Sisters intentions but due to laws of the land they try to make it work and eventually end up breaking the Shariah laws.
One more issue is the term of the contract. Generally these organizations offer a 5 years term and then home owner needs a renewal so now if after these organizations are not able to renew the same initial contract then home owner is left with option to go for conventional mortgage only because at that point generally family feels comfortable in the house and worldly losses are hard to bear. May Allah swt protect us all.
Assalam o alaikum wah rehmatullah wah barakatahu. Jazakallah khair for your sincere advice and appreciation. I will be careful and continue insha'Allah. Stay tuned and please share this video.
Thank you for this! People here do more due diligence when looking for halal chicken. Mortgage is so common here amongst Muslims it's mind boggling
I love how you bringing with examples. May Allah Bless you and your family.
Jazakallah khair please share the video
Thank you for breaking it down so well!! I have prepared a list of questions from your video to ask the islamic financing company here in Australia. Thanks and JazakAllah
Alhamdulillah i'm glad. Please share the video.
جازاك الله خيرا. بارك الله فيك
May Allah bless you for the clear explanation. Your are one of the few people speaking the truth. keep it up, and I love the references you put in the videos.
Jazakallah khair. Stay tuned cause i have more videos coming out
Thank you Ali & jazak Allah khairan.
You are welcome
Man I love you for the sake of Allah, you are a star Ali, jazaakahlaahu khairan
👊
Jazakallahu kher brother. May Allah swt reward you for doing this.
BarakaAllahu Fik Brother
No problem akhi. Please share the video insha'Allah
@@AliTunio For Sure Brother
I was on the verge signing up for large mortgage with a so called Islamic finance when I am trying to get out of interest from my life. By the grace of Almighty Allah, i had started to question the company contract once I received them. With Allah’s help I have come across your video to clear up my mind and just like you explained it didn’t make sense how their contracts looked so fake and deceiving. Keep up the good word. May Allah increase you in knowledge
Assalam o alaikum wah rehmatullahi wah barakatahu. I am sincerely humbled by this comment. Thank you so much for sharing how positively the video has made a difference for you. I will continue on my work so please stay tune to the channel. Also please share this video as much as possible.
Jazakallah khair
Of course the right man for the job
Well done bro
👊
@@AliTunio can you talk about how Etfs and stocks work bro every turn and every hidden dirty secret thanks ✊🏿
You are blunt and real!
Thank you!
Jazakallah khair 😎😁👊
JazakAllah Khayr for your invaluable insights, brother Ali. I've watched quite a few of your videos and feel a lot more educated about halal mortgages. I've shared your videos in a Canadian Muslim investment group as well - Insha'Allah, they will benefit from your videos.
I saw your Manzil mortgage review and am glad to see the progress in the Canadian Islamic finance space. However, they have a lengthy wait list, which caused me to explore alternatives. I'd highly appreciate your review/input for other financing options, specifically Zero Mortgage, Interest Free Housing (ISNA Housing) and Aya/Moya Financial.
Thank you for your hard work and please continue creating such content for the greater ummah!
Walaikumassalam wah rehmatullahi wah barakatahu
First refer to this Fatwa on Ask Imam relating to Aya financial: askimam.org/public/question_detail/43406
My opinion after having understood their process, reviewed their process with 3 high ranking members of the Muslim community and tested their deal in a live real estate transaction (initially disclosed to the client their process is not halal).
Aya financial is nothing more than a synonymous mortgage deceiving the muslims as a "Halal Mortgage" under the guise of a "user fee profit". The user fee profit is not based on the equity ownership of the credit union in the property
Rather it is based on the "financial contribution" of the credit union. Which is synonymous with a loan contract.
The Diminishing Musharaka process is one where the Taxes, maintenance and insurance must be paid by parties equal to their equity ownership. That does not occur with Aya financial. I also believe there is Recourse in the event of loss to the lender. Which is also haram in Islamic finance. The lender does not take loss equal to their equity ownership.
So my question is, how is this Halal? How is their process not renting money to the client? How is the partnership and ownership of the credit union justified and proven in the house?
Please refer to my Fake Halal Mortgage video: Tactics 1,2 and 3.
I do not believe isna to be feasible. I have not yet reviewed their process.
@@AliTunio Thank you. What about Zero Mortgage? JZK
@@maheritani717 Brother from now on anyone that asks me if so and so company is halal or haram. I tell them to watch this video ua-cam.com/video/exquX6HDeXg/v-deo.html
so thank you it was very clever informations;)
Great video Jazak Allah Khair. Please, through some light, into the new Canadian halal mortgage option govt is providing
Salam brother...May Allah reward you for your time and efforts taken to provide a very insightful information...we have been lost among these called halal mortgage. I watched over and over all your videos and shared them to spread the message...bottom line, all these islamic banks we have in Canada are not really halal...as you said fraudulent companies...but as per your last video, and If am not mistaking, morabaha offered by Manzil could be considered as a real mortgage...just a thought...looking forward to hearing from you brother...Jazak Allah Khire...Again you kill it, you master the domain and know what are you talking about👍👍👍👍
Walaikumassalam wah rehmatullahi wah barakatahu. Brother I'm reviewing that process. Manzil has been fully cooperating with me. I have finished the script for the review and will be shooting the video soon insha'Allah. Stay tuned.
@Alitunio
You killed it with this video brother. Waiting with baited breath for your review on the Manzil Murabaha product.
Sadly there is so much cynicism among our community on Islamic finance. The most common comment that we hear when we discuss this topic is that "Islamic finance and interest based loans are all the same". "Everyone goes for conventional mortgage and you should go for it too". Our people are neck deep in riba based transaction with no remorse. Taking conventional mortgages and then doing Qur'an khani when taking possession of the house (like we have in our Indo-Pak communities). Not very different from a guy getting drunk and then standing in salah, thanking Allah for the drinks!. Its a shame. No wonder we are in the state that we are in today. Allah save us from this condition.
Due to the last 2 -3 generations of Muslims effectively being in slumber, the world simply passed us by. We have all woken up in the 21st century to find that everything except the air we breathe is haram. It will take us a few generations to create credible alternatives in the financial system. Mortgages, financing, insurance, investments, etc have all to be looked at and credible halal alternatives created. It will all take an age for sure. Till then "God save us".
@Rihan Ahmed
Assalam o alaikum brother. I'm humbled by your kind words.Jazakallah khair for your feedback and well wishes. Please share the video insha'Allah. Yes the review is complete but is still being scripted. I'll make a post once I complete it insha'Allah.
May ALLAH bless you
Jazakallah khair please share insha'Allah
I watched a few of your videos. This is great brother. Thanks.
I have a summary and a question at the end.
Murahaba is more of like if house is worth 200k then:
1. You become the bank's agent and find a house you like.
2. Bank buys the house for 'itself'
3. You have no obligation to buy it from them.
4. Bank sells the house to you, for a fixed price it wants. Like for 300k and you have to pay it off in 15yrs.
5. There are no incentives for paying it off early nor any penalties/fees for being late. Otherwise it's not halal...
6. It's not partnership. All costs of the house (maintenance, insurance, taxes is to be dealt with by you)
7. Repeating number 5, there are no penalties for late fees
This is interesting. It's just up to you if you're willing to buy the house for that extra price or not.
Just one question, so what happens if I buy the house for 300k from the halal loaning company.
Then after I've paid 50k I decide to sell the house. Assume that house's price is still 200k.
Roughly speaking do I pay the loaning company 200k (the price I sold it for) or 250k (The remainder of my loan) or something else?
This is a great question. I hope he answers it.
aa bro, i believe that if the bank owns the house itself, then you cannot sell the house when your share is only $50k.
you can maybe sell your shares back to the bank. or, if you have a buyer, then you/buyer may have to purchase the portion that the bank owns. of course, you have to inform the bank when you are thinking of selling.
From my understanding you cannot sell the house unless the bank agrees because you do not own it outright. It's shared ownership at this point. Generally banks will refuse to sell if they are at a lost. Hope this helps
thanks you
Give us an monetary example. Yes, I do have a interest mortgage but what I learned here in the US, halal mortgage comes out to the same price once the house has been paid off.
Is there a halal mortgage in Michigan USA please let us know?
Great video. Only issues is that even the so called halal murabaha contract is suspect.
Watch my manzil Murabaha halal mortgage review. You won't be suspicious anymore. If you still are, refer to.the aaoifi murabaha shariah standards.
This is all great, and terrific information. However, the more useful peace of information is to tell us about a true halal lender that exists in the United States, to be precise. Because I have and still are looking at all the banks that claim to have halal loans, but can not find anything. And I am really tired of throwing away money in rent.
Did you find anything?
Is owner financing mortgage halal ( with a fixed interest rate)?
Which banks or individual in South Africa i can approach to help with my home loan. I have my loan with Al Barakah bank every yr there is a review of the loan.
Simple question from my non-muslim friend: So, if I go into a "halal mortgage", and my share from down payment and making payments for say, 10 years, is something like 40%, and something happens in my life where I'm unable to continue making regular payments and need to sell the house, do I get that 40% back?"
can you direst me to someone i can trust and consult as to what i should do with my ore existing mortgage as manzil isn’t available here in nova scotia.
Selem alaykom Brother, Jazaka Allahou khayran, your vidéos would be much more appealing if you add simple drawings when you enumerate concepts, may Allah reward you for helping muslims.
Salam Ali.. Much appreciated for time and efforts you have put in this video.
I was wondering if you can do a video about halal mortgages in the UK and if there are any legitimate halal mortgage providers in the UK?
Jazaka allah khayr
Walaikumassalam. Insha'Allah I'll try brother.
@@AliTunio jazaka allahu khayran
Is there any halal mortgage similar to a home equity loan (a loan based on owned property)?
What is your view on variable rate murabaha/tawaruq?
Excellent Details on Halal mortgage. The Hard Part is where, or which lender is Lending Halal Mortgage? I live in US AZ I found 2 guidance residential, and LaRiba I’m not sure how they are on sharia compliance? If you know any.. please Make A video, or let me know about those give loan on Halal Way? Jazak Allah
Assalam o alaikum please open the description of this video and see the fatawa from Amja relating to the Islamic financing companies of USA
Please share the video insha'Allah
Ali Tunio inshallah I already send it to my friends
May I know whether funding from an investor in the property business, and share profit in any percentage or 50-50% with the original investment is halal?
So what do suggest brother to own homes, condos in US & Canada??
Great explanation and great editing
Jazakallah khair
@@AliTunio Can you recommend a good Islamic bank in Uk. Thanks
Asalam Aleikum brother. Can I work with you because I'm looking to finance a property in Houston, TX?
What are the names islamic murabaha banks that will do finance in Canada?
First, thank your for the information really appreciate it. Second, could you pls explain in laymen’s terms how the lender makes money. I was unclear on that part for me. Thanks
Would balance transfer fee on a credit be considered interest?
Assalam o alaikum brother haris. I'm not formally educated in Islam. However, the balance transfer from a bank shouldn't be halal.
They charge you 1 one time administration fee which is always a x% on the money you borrow. In obviousness that is money being made on money lent out. Even though they don't charge you interest on an ongoing basis. Also if you don't pay back the amount on time, all that interest that they would have received on the term they chose to call it 0%, becomes due. Long story short, money is being made on money lent out which is riba.
@@AliTunio thank you for your input
Thanks - great explanation. In your opinion, what real halal option, if any, do we have here in Canada?
Assalam o alaikum Rameez. I am currently reviewing one. Once my thorough test is complete I will release video on it inshallah
Ali Tunio When will you complete your review?
@@AliTunio plz complete ur research and let us know. Also tell about UIF?
@@sameenomair9006 Uif is b.s from what I have seen of their Documents. Stay away from it. Also view the amja certification
There is a well known Islamic bank in UK that we are thinking to use for a halal mortgage. How would I know if they are telling the truth?
Assalam o alaikum. Ask em the questions that are posted in this video. Also talk to real Islamic financing Scholars and ask them their opinion on the company. Also ask people who have reviewed that companies documentation from a legal and Islamic perspective
Please share the video insha'Allah
Is there any islamic mortgage is available in canada. Please guide me
Yes there is. Here is the review ua-cam.com/video/1U4eeW6AOeo/v-deo.html
Nice! 👏🏻👏🏻👏🏻👏🏻👏🏻
Thank you 😁👊
Which bank is working in canada on islamic finance?
I think you need to watch that video for that update
Do you know of any halal financing in the US?
So based on the Halal mortgage , the financer or lender or bank is responsible for all maters regarding the house ?
Also every month the portion of service charge or HPA will decrease or stay same for entire term?
Brother please refer to the whole video again in relation to the Murabaha process. What your asking for is a diminishing musharaka and for that please refer to the Halal mortgage 101 video
@@AliTunio Do you offer/suggest/recommend halal mortgage?
Salam. Does any one know about authentic halal financing options in Illinois, USA?
👏👏👏👏👏
😊
@Ali Tunio
Assalamualaikum Ummah of Muhammad (SAW)
I plan to buy a house or condo in the near future Insha Allah, I live in U.S, Florida any suggestion with a halal company?
I cannot recommend anyone out of USA cuz I have not reviewed their processes yet. All I can tell you is to refer to the Amja fatawa relating to the Halal financing companies in description of the video
@@AliTunio Thank you bro
Sadly amja is not explaining what “dire need” means, and everyone is using their fatwa to justify the charia compliance of the companies listed.
So why all the HALAL finance always charges a ridiculous amount more than any conventional banks.
How young is the industry its self? That's why
Brother is guidance residence halal
Assalam o alaikum wah rehmatullah wah barakatahu.
My stance with guidance financial is lacking information. As mentioned in my video. If a company is practicing the "Diminishing Musharaka" model of financing, there needs to be a sharing in the taxes, insurance and maintenance expenses proportionate to equity ownership. As far as I know guidance financial doesn't do that. Also, the losses needs to be shared proportionate to equity ownership.
The next main question to ask is, has there been a situation(s) where guidance financial shared in the losses of a property proportionate to their equity ownership?
If not, its riba as stated in the video when describing diminishing musharaka (refer to it insha'Allah).
Doesn't the Source of funds need to be Halal too...?!
Of course it does and AOOIFI has strict guidelines when an Islamic financial institution utilizes funds from a conventional interest-based financial institution
Why interests from the banks doesn’t count as services!?
You dont have any money, banks look at your trust history of credits and give you the money for four years lets say... during this 4 years bank put 5% interest on your loan... when you agree to the deal, that means you agree that banks serve you with that deal. The 5% interest in not forced, its an agreement for a period of a trust, you can pay it back sooner then you don’t pay for the whole service. If you go over the period of time and you didn’t pay back the loan, the loan doesnt increase, your trusted credit basically will turn down and you will be bankrupt!
If you could comment on this, I appreciate it
Thanks
I don't know what you want me to comment about. I think what you're saying is hey, why is the bank making any money so wrong?
Once again brother I'm not the one who set the rules on what is halal way of making money and what is the Haram way of making money lol. It's in the Quran. It's from God. Ask him. I just submit to Allah because I'm a Muslim. Maybe watch the whole video again especially that section on the "why".
salam comment vous contacter en privé je comprend pas vraiment anglais j'aimerais avoir des informations en français ou en arabe svp
جزاكم الله خيرا
So when u buy a car and ur asking the bank for help and paying them back every month with interest is not permissible. But when u buy a house from bank and selling it to someone it’s permissible because ur providing a service?
I think you missed the point of the video. Please watch it three times. Money made on money lent is interest always. Doesn't matter the commodity you deal on. If you're financing and making profit on the financing that is interest.
@@AliTunio hi in event you buy property with halal mortgage , cannyou rent this out to someone Else as your still paying back the mortgage?
Buy a cheaper second hand car. Don't buy a brand new car paying interest. Totally haraam.
@@shamimakhtar5800 you can get Buy to let or HMO in the UK and its Islamic
brother please can you check if al rayan bank home purchase plan- either btl or normal (UK Bank) is acceptable for muslims please. jazakallah
I am not qualified enough to review al rayan bank. What makes you doubt them? I think you guys are pretty lucky in the UK to have an Islamic bank.
Shariah advisory board:
www.alrayanbank.co.uk/useful-info-tools/islamic-finance/sharia-compliance/#SSC
@@AliTunio tks for reply brother sorry for late reply; they are sharia compliant but i dont know if bank still has problems Islamically e.g. in sharing risk or profit and loss, using LIBOR instead of local rates, using 3 contracts instead of 1 independent one, bank doesn't own property before customer makes contract with them- they need our deposit to buy it, doesnt use market value data to calculate the rental rate for customer to pay- the bank their own method or LIBOR i think. overall, im not banking expert so i dont know if bank has these problems or if im overthinking. would you advice in me taking their home purchase plan Ali? thanks
Let me tell you a story. An obedient son of strict parents wanted to marry Jamila. Parents disagreed and asked the son to marry anyone but Jamila. The obedient son changed the name from Jamila to Shakila and married Shakila.
Which one are you? 👇
A) You wish for safe course. Avoid all Interest/riba. No Interest banking or "Islamic banking. I'll support it with hadeeth was narrated by at-Tirmidhi (2442), Ahmad (1630) and Ibn Hibbaan (722) from al-Hasan ibn ‘Ali (may Allah be pleased with him) who said: I memorized from the Messenger of Allah (blessings and peace of Allah be upon him): “Leave that which makes you doubt for that which does not make you doubt, for truth leads to reassurance and lies lead to uncertainty.” Classed as saheeh by Shaykh al-Albaani (may Allah have mercy on him).
B) trust Islamic banking system if you must engage in financing.
C) You're an imbecile who willfully choosing to be a fool because youwon'tgive up the demands on Riba. The video is clear differentiating between Interest based profit and trade based profit using the Quran as clear differentiating reference.
My name is salman from Bangladesh
All I want to know is, is United Islamic financing (UIF) legit? Or are they a scam as well?
"All I want to know". Brother you tell me if they are legit or not insha'Allah. Did you watch any of my videos on diminishing Musharaka or Murabaha? What I want to know is if you viewed the content and understood it for your own situation insha'Allah.
Not sure if you still need an answer to this, but I'll put my findings down for those who want to know and don't have the time to investigate themselves inshallah
Based on this video's explanation and the fact that UIF's Musharaka (Partnership on their website) policy not only waives their right to put their name on the title but also requires the buyer pay all expenses for the house (taxes, insurance, maintenance), I'm going to say no it's not halal. I'm in the process of trying to establish if their other policy is and will update this comment
Update: It seems that this is their only policy, so UIF is not a viable option to buy a house in a halal way
jazak Allaahu khair for making this video. I got answers to questions that I was looking for. Can you comment on Ansar Housing and ISNA (now Interest Free Housing)? I heard they were legit but wan never convinced.
Wa iyyakum. I can't comment on isna. However I did review al ansars old contracts and I was astonished how they managed to convince the muslims it was halal or something to even be taken seriously. That is my opinion.
So what islamic financiers do u know of that offer money towards homes that ACTUALLY follow all these rules?????
This seems like a failing business model for the financier, and I have a feeling no one exists. If it does, there have to be so many barriers to entry for the buyer (idk 50% down or something crazy) to ensure that the financiers actually gets their money back.
I'm going to try to keep an open mind. Please just refer me to this magical lender haha.
Br it is all about the aqeda and believe of muslims; please don’t make FUN of it
Jazakallah khair
It is just the same example of a halal meat ..
How many people see the slaughter of animals but we believe and take words of a halal meat shop or the stamp of halal on the animals and the certificate issued by the haLal commettee
I don't know what you are referring to. Is it your aqeda to follow those who go against Quan? NO. That's not islam. You don't know the definition of Aqeeda then.
So it's perfectly fine to get interest mortgages and be fooled into riba?
The islamic bank itself operates under fractional reserve sysyem, which is the worst type of riba. So the money you get from islamic bank was created by the stroke of computer keyboard and mouse
These so called scholars even allowed that you can go for conventional mortgage and made it halal when there is no other option. WTH that's why I never trust these scholars
Those are against the Qur'an and sunnah. I can't call them scholars. They will have to answer tk Allah Azawjal
@@AliTunio indeed
You explain nothing. Put a conventional loan and compare it to a loan by any islamic banks to see the differences. This game of riba and halal no one believes it because what you are doing is just turning into a vicious circle. Bring a modal of any islamic bank here in USA and show us the difference. You will find out that Islamic bank calculates it by riba and adds more so the mortgage is more expensive than the real market. then the interest rate is changed by rent or morabaha or ijar. Just plain change of words. Also if it is a partnership between a muslim and an islamic bank why the muslim must pay tax and insurance . Why the bank does not take its share? this is just a game. If you cant compare and show us the real difference you are like all the other businessmen realtors making money to foool the muslims to pay more. They are other banks make a fund and try to play with rich muslims into a bad investment. They are doing the same as any fund in USA.
I'm going to give you the benefit of the doubt that you sincerely mean to understand the differences between a real Islamic mortgage and an interest one. Go through the rest of the content on my channel but here is a link to my video 2.89% interest mortgage versus 2.89% halal mortgage.
ua-cam.com/video/FaScLgbzfHc/v-deo.html
Regarding your comment about me being like other real estate agents who are just doing this to get more real estate deals. Don't assume anything. And don't be offensive. Cuz I can dish it right back. You're a person who has no knowledge and you're working off of assumptions seeing things on face value. But I'm giving you the benefit of the doubt. Take a deep breath. Calm yourself and understand the differences. If not stay quiet and do not mislead others. For the rest of the public reading this comment. Do not be like this guy
Good comment, and what a pathetic reply from content creator. Yes, it does seem the whole Halal mortgage is essentially a loophole which allows Islamic banks to exploit customers for more profit.
حرامی is talking about halal!
Lol Islamic mode of finance like Islamic honey after few months honey become un Islamic
Don't be like this guy^