Can someone please explain the process of selling a home when you have an Islamic loan? Since itโ€™s profit sharing i donโ€™t fully own the home right? So if i sell it i canโ€™t take full profits since i donโ€™t own it outright. Iโ€™m considering Islamic financing but have so many questions about it. Can you take an equity line? Can you write off mortgage interest?

like
Posting as :
works at
You are currently posting as works at

From what I understood from them, the down payment you make is your share in the home so when you sell, the portion should be yours technically. I have been talking to guidance, but from what they have been telling me, I feel like I am talking to a mortgage agent from Chase or any other bank. ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚

Itโ€™s exactly the same. Imam Suhaib Webb actually said on one of his stories that he doesnโ€™t see a difference and doesnโ€™t recommend paying a higher rate for the โ€œhalalโ€ one

like

I was considering an Islamic loan and spent over a month researching. Ultimately had to go with a traditional one because didnโ€™t see any difference. And completely agree with A1 here that it felt like I am talking to a mortgage agent. The rates were crazy and I even read somewhere that they ultimately sell your mortgage to a bank.

All the best OP on your home purchase!

Not quite- when you buy with Islamic loan say with 5% down, you are using 100% of the home but the bank owns 95% and they charge you for their share of the home that you are using. thatโ€™s where the profit comes from for them. This is vs a traditional loan where you own the home but pay interest on the borrowed money along with paying it back.

When you sell the home they recoup their investment, so they donโ€™t get any part of the gain.

In no case is it halal to use riba and is a MAJOR sin. May Allah make it clear and give us ease

Related Posts

Hi everyone, any tips for resignation letters, who to meet/tell first, what to do before your last day (i.e. anything adulty like 401K or healthcare)? Any insights would be greatly appreciated!

like

Problem gambler here having to deal with multiple payday loans. Does anyone have any advice on how to handle? Been in a situation with pay day loans in the past? Any guidance would be great.

like

Hi, I'm new to Dallas. Have been eyeing on rental investment in Dallas. Looking into Zillow, properties in Arlington seem to have good appreciation. Is it good idea to invest in Arlington? What other areas in Dallas can I consider (checked Carrollton, Plano, Coppell, Addison).
Thank you.

like

Does anyone know how to declare in my individual tax return, RSA and Stock Options from a US Company that I have? Non exercised yet.

like

TRON correction anytime soon or buy at .20?

like

Considering trading my no date pre-ceramic sub for a modern DJ. Thoughts?

Post Photo
like

Does anyone have any good mortgage broker recommendations that will help find a way to not pay PMI?

like

I am considering investing in an early stage startup. I know the founders for many years and are more like family to me. I will be investing $100K with a convertible note. What should be the equity that I should be drawing out? I donโ€™t want to draw just the fair amount so the company is not at a disadvantage when they eventually raise money outside of F&F. They are valued at $5M by a startup accelerator and received $50K as part of being admitted into the program. Contd.

like

Good credit card to open? Thinking Amex gold - anyone have it and recommend? Or any others?

like

What are your experiences with buying or selling homes on leased land... Is it really a secure investment, or could they just take back the land whenever they wanted?

like

Can anyone please tell if rent agreement is required in LTIMindtree for hra tax exemption or not ? If yes then should it be notarized or should it be registered ( registered means stamp duty and all ).
Please let us know.

like

I like my job and live in a cool apartment in a cool city. I travel a lot, I have lots of savings, and I can afford virtually anything I want. I set and meet small goals (ex. run a 10k) regularly...

like

Iโ€™m 26 and have ~40k sitting in my savings account. Annual income 140k. Maxing out 401k. No debt. Planning to invest 25k but donโ€™t know where to start. Should I get a wealth manager? What is the best way to approach this?

like

What are some good platforms I can use to invest in Bitcoin? (Other than Robinhood)

like

Anyone buy storm? I almost bought in the ICO at $.02 /coin, now up to $0.18.. curious if anyone is HODLING also if anyone had a target for it

Has anyone made a property purchase using sheriff sales? Can you shed any light on the process or share tips or resources?

like

Hey people,
Are there any visa restrictions on mining for Bitcoin or ETH in USD.

like

Anyone know when Ch. 7 BKs must close by? Is this changed by when there are adversary proceedings (alleged fraudulent transfers made to a bank for CC payments)? Asking for my friend who is unfortunately involved bc of his parents, who are the debtors (he isnโ€™t a defendant or a debtor in this, but the payments were made to a CC in his nameโ€”a CC he didnt know was opened in his name).

Its in Texas, and the initial BK filing was made about 23 months ago. TIA!

like

More Posts

Is there any way to preserve/sell a Spirit airline reservation credit? Mine expires at the end of the year. Had to cancel over the summer due to extreme delays and uncertainties.

likefunny
like

Once when I was waiting tables, I had a guy pay me cash. The change was 45 cents, which I didn't give back to him because like who wants that. He then asked where the change was, and when I explained that I didn't give back the loose change, he made a big stink about how dollars and cents matter and didn't leave me a tip. He was a republican staffer on capitol hill.

likesmarthelpfulfunny

So, my boss just told me that all lives matter.
Let me know if you hear about any executive HR openings, I have 16 years of global HR experience.

like

Recommendations for best suits in Dubai? Good quality but not 10k either.

like

CIPD vs. SHRM?

Is today salary day? I havent received my salary yet?

Does anyone get so anxious about work that they canโ€™t eat? The thought of food just makes you want to puke? How to manage? Skipping meals/not eating for a day is unhealthy and will cause weight gain

like

Hi, just wanted to know will those who were promoted to Consultant in January 2022 get any hike at all or no?
Thanks!

like

Waiting to see if I get an L7 EM role at Google. Should I move from Amazon to Google in the economy? And to be clear it would be a level and pay increase from L6 SDM at Amazon unless Google downlevels me.Google Amazon

like

Can anyone me a career advice, if you were to start your career again ,what would you have done?
1)Learn trending topics like data science,cloud etc...
2)Go for higher studies(m.tech/mba,...)
3)Leetcode more and tried better dev roles
4)try jobs in core fields(vlsi,...)
5)Any different path...
Would love to hear your opinion. :)

like

Hello Fishes,

I want to understand the work culture of HCL.
I have cleared many interviews but i got one offer from Cognizant For 14 LPA
And HCL salary negotiation still needs to be done
My ask is 18 LPA
YOE :4 .2

Thanks

like

Are we absolutely unable to get a pump that is not the Limerick one?

Has anyone used Productboard with Jira? Iโ€™m specifically looking to understand how you manage epics within the Jira backlog. Currently our backlog contains the child issues for each epic

like

Husband works at nonprofit. Started in August, fully remote. We are on vacation in the Caribbean this week, and I want to stay another week or two. Are the optics of my husband working from the Caribbean problematic?

like

Hi can anyone refer me in amdocs for job id:167165 for java developer?

like

Does anyone actually enjoy Federal Consulting or is it just about the work/life balance it affords and easy work? I feel like Iโ€™m slowly losing my soul on white collar welfare

like

What's the future with Adobe Coldfusion.

like

Is it too late to apply for an EY internship for this summer? I have one reference who works at EY. Plans changed last minute is why I am behind

like

Additional Posts in Muslim Consultants

What is included in Halal dating? Occasional hugging?

like

Joining Deloitte in two weeks. Going from Consultant role at KPMG to SR C in Deloitte within the org transformation. Any Muslim fishes work at D?

like

Jummah Mubarak and Happy Friday ๐Ÿค—! Howโ€™s everyone doing? Any plans for the weekend?

likeuplifting

Anyone willing to give a referral for IBM and Deloitte canada, I am a new grad and looking to start my career in consulting

like

Find your Halal Partner today ๐Ÿ˜‚

Post Photo
funnylike

How do yโ€™all meet people (networking/prospects/otherwise)? Something besides mipster/muppies would be solid :)

like

Salam everyone! Did anyone switch / know anyone who switched from risk consulting to a risk role at a big bank (e.g., Bank of America or Wells)? Any advice on the switch or what Bank you recommend? Additionally, would love any input on any Muslim networks at big banks (if any exist). Thanks so much!

like

Has anyone come to you for help?

Remember that these people asked Allah first, and Allah gave them your address for you to help them.

like

Another question for the older folks(30+) in the bowl, just started working like 2 months ago out of undergrad like I mentioned in my previous post. The question: what career advice do you have for someone just starting out of undergrad? Would appreciate any advice and tips!

like

Something to brighten up your day ๐Ÿค—

Post Photo
likeuplifting

Hookah lounge in DC; recommend

Shia - Sunni marriages?

Long post alert; I have been interviewing with a b4 for a senior con role since Mar end. Cleared all the rounds including case study and got strong rating as well as good feedback. Fast forward to last week, the talent POC calls me up and informs that she has asked the business if the position is still open, because now they just need the business approval to roll out the offer. I immediately felt demotivated as to โ€˜why nowโ€™ after all rounds have been cleared (continued in the comment below)

like

Is everyone ready for Ramadan ๐Ÿ˜†๐Ÿฅณ๐Ÿ™Œ๐Ÿฝ

likeuplifting
like

Any travel recommendations in December?

like

Something to brighten up your night ๐Ÿค—

Post Photo
upliftinglike

Salam Sisters and brothers.
Anyone knows of 100% remote consulting opportunities ? SAP would be ideal

likehelpful

Dang, sorry I meant to comment on the post!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a previewโ€ฆ
Sign Up to see all discussions
  • Discover what itโ€™s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See whatโ€™s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal