Buying a house in a non-Muslim country

[glotgering]

Assalamu Alaikum,

I have a serious question regarding buying a house in a non-Muslim country. I'm very well aware that buying a house through a traditional mortgage is haram due to interest, while the 'halal' mortgage options in the UK are almost prohibitive in price, almost ruling out any chance of me buying a house this way.

I'm able to rent the house I'm in with no real issues, housing my parents as well, but when I get my own family (+ children) I will need to rent a bigger house, with more expenses. Assuming I can still pay this rent, what happens when I get older and in my 50-60s cannot afford to work to keep renting?

Sincerely asking, by age 65 do I have to hope that I have all that money saved for retirement?

Please do give me sincere advise and not answers where I should depend on others as I ideally would prefer to be independent financially. JazakAllah.

 

[noagnostics]

@glotgering My brother, God promised no one will die missing a dime that was his, and no one will take a dime that isn’t his, so trust Allah that he’ll provide for you when you’re young and when you’re old. Whoever leaves something for Allah, Allah will grant him something better. And you know what, if Allah didn’t give you a house, trust him, you could do the haram and buy a house only to for it to be destroyed in a hurricane or something. He who found Allah what has he lost, and he who lost Allah what has he gained. May Allah bring us ease and the paradise brother.

 

[jerushac]

@noagnostics A hurricane? In the UK? May allah bring you some brains brother.

 

[michaelg1949]

@jerushac And May Allah bring you some Akhlaq brother

 

[noagnostics]

@jerushac You missed the point

 

[ambrosiasmall]

@glotgering I've done a bit of research into this and your halal options in the UK are:
- Gatehouse bank
- StrideUp
- CrowdToLive
- Wayhome
- AlRayan bank

The "cheapest" and most sensible of these is Gatehouse and they just released a 90% LTV product.

 

[glotgering]

@ambrosiasmall jazakAllah for the info!

 

[lioneljoe]

@glotgering It's interesting how people are making fun of Muslims who are trying to follow their believes.

Yes, some of this 'Islamic Mortgages' are just workarounds.

However, unless you are super rich benefiting from the interest based economy, you should be complaining about why the economy is build on the concept of interest which basically makes rich people richer and everyone else suffers from that.

If anything an intrest free economy is much better for the general public, there are ways for people to buy things they can't afford today in an interest free economy, they just don't benefit the lenders as much!

 

[resjudicata]

@lioneljoe there is no such thing as an interest free economy.

 

[lioneljoe]

@resjudicata That you know of..

 

[resjudicata]

@lioneljoe haha. lending is necessary for people to make big life purchases like a house and interest is a fundamental part of that. nobody is giving money for nothing. islamic mortgages don’t prove that interest isn’t needed because spoiler alert behind the scenes they are doing the math on interest to decide how much to “charge you”. why do islamic mortgage “prices” track interest base rates? could it be that interest is still a fundamental part of borrowing? the world and by extension the economy is dynamic and always changing, interest is the only way to make the economy work with inflation and asset price movements.