How do Muslims buy real estate?

Question

This question is for the Muslims who take out a loan for financing a deal. Do you lend money from a Islamic bank?

Eman Nofal · Answer

Reach out to your local mosque, they would know of reputable islamic banks that loan for home buyers.

Chris Seveney · Answer

@Ali Nurmohamed

To start I am not Muslim but have several close friends and am aware of the beliefs in interest for loans. Is that what you are referring too?

Here is a link to add some insight.

https://www.guidanceresidential.com/resources/home-buying/do-you-have-to-be-muslim-to-get-an-interest-free-mortgage/

Tim Bee · Answer

I don't agree with paying interest on loans.  They should have interest free loans.

Joe S. · Answer

That was a good read that you provided Chris? It appeared that the person that wrote the article had a way of retitling certain things in order to do a no interest loan. However the borrower is not paying down their home as in all their payment is going toward principal. A interest-bearing loan actually look pretty desirable in comparison to what that other product was offering. Also, the writer of the article had an agenda that was self-serving.

How do Muslims buy real estate?

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