When we want to buy a house we deal with a very huge problem. The interest. This stuff is going to make unhappy every potential buyer. How would it if we don’t have this interest. How about abolition of interest ? The muslim law, the so called shariah, has prevented many muslims to buy a house because of the abolition of interest. This is a religious goal and a value in their lives.
And how they buy a house ?
In Britain there are few bank that offer a solution. They have recognized that buying a home is for most people the biggest financial commitment. It can be time-consuming, expensive and frustrating. For people that an make the process smoother by equiping self with the right information the life is easier.
Two options exist that correspond with Muslim law:
• Deferred sale finance mortgage
• And Lease to own mortgage
The banks that offer the solutions are (found on internet):
- HSBC Amanah
- Alburaq
- Ahli United Bank
- United National Bank