Replying to Avatar MuaawiyahTucker

What do you think of this scheme for a ‘home mortgage’?

I don’t see how anyone can run a business to make money like this based on inflation and how the banking system work, with the laws in place.

• How can you lock in the original purchase price with inflation as it is?

• If you decide to move out the property, are you still obliged to pay rent?

• Once you have the majority equity share of the property (even at 51%) do you get to dictate terms then?

• ie, can you rent it out yourself via AirBnB if you wanted to? And if not why not?

• Most importantly, where are they getting their money from to purchase the property?

I’m still of the view that mortgages are a debt trap, and I’m yet to be shown otherwise. But that doesn’t necessarily make the above program ‘Haraam’. That conclusion I haven’t come to yet.

Well, here’s the answer to the last question…where are they getting the money from. So the words here seem to be saying “give us your money & we’ll give you a yield on it via lending”.

“Helping people purchase their own home” with money can only occur via a loan…prove me wrong

URL: https://www.pfida.com/products/finance/home-finance/apply-for-halal-mortgage/

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MuaawiyahTucker 2y ago

Ok, so the program seems to be revealing itself.

In order to get this scheme (which seemed too good to be true in the first place) you need to lock in your deposit for up to 5 years. And if you can’t wait that long, join the (what looks like) an investment ‘ponzi’ & get ‘yield’

Not only are you locked into an agreement that sells itself as a ‘partnership’ (which maybe it is) but you also have to engage in a program of ‘money lending & yield generation’.

THIS is why I don’t believe an Islamic mortgage is possible in a system built on a Ribaa foundation.

You NEED to fix the money & the system the money operates on. The moment you swim in the ocean of Ribaa, inflation & fractional banking, you cannot escape Ribaa. You CANNOT put your money into someone else’s house & have inflation eat it away, you HAVE to charge interest somehow.

Alternatively, I wouldn’t mind giving a Bitcoin loan for someone to buy a house. They HODL my bitcoin, as long as I get it back later, the exact same amount I’m happy.

“But the price of BTC will go up making it harder to pay back the loan!” Then HODL BTC until you can buy a home

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