How to buy an House for Baby K

[truthlovingorthodox]

good morning to everyone.

I wanted to tell you a normal story.

K is a 10-month-old baby born with a severe genital malformation that will lead him to undergo at least 3/4 operations in the next few years. the malformation hit him in the most severe form of him and therefore the doctors have already said that there is a 20% chance that the reconstructive operation will fail. K's parents are a Muslim couple who currently live in an apartment for rent in Venice(Italy) and the rent takes away a good part of their salary. they are humble and hardworking people and luckily their father has a fixed-term job as a warehouse worker. Their dream is to buy a decent apartment to raise a child, however their religion does not allow them to take out a mortgage, as it is not permissible to pay interest on a loan. (Riba)

There are no islamic bank in Italy and i need advice how
to help them. I am talking to various banks to see if I can get them a zero interest mortgage, but the most practical solution would be to find a person of heart who would pay the interest costs, so as to leave a them only the capital installment.

Any advice?

P.s. sorry for my English, is not my primary language.

If you would like to somehow help me make their dream come true, please contact me. Thanks for the attention

 

[kimutaikim]

@truthlovingorthodox While the bank would not be willing to pay interest can you ask them to change their document to follow one of the following methods:

Ijara works as a leasing arrangement: the bank buys something for a customer and then leases it back to them. Different forms of leasing are permissible, including those where part of the instalment payment goes toward the final purchase. This might be used to help you buy a car or other item, or to help a business buy equipment.

Murabaha works by the bank supplying goods for resale to the customer at a price that includes a margin above the costs, and allows them to repay in installments. This might be used to provide a mortgage on a property. The property is registered to the buyer from the start.

Musharaka is a joint venture in which the customer and bank contribute funding to an investment or purchase and agree to share the returns (as well as the risks) in proportions agreed in advance.

Wakala is an agreement that the bank will work as the individual's agent. If a saver enters into this type of agreement, the bank can use their cash to invest in sharia-compliant trading activities to generate a target profit for them.

https://www.theguardian.com/money/2013/oct/29/islamic-finance-sharia-compliant-money-interest#:~:text=A%20Muslim%20is%20not%20allowed,or%20charged%20on%20Islamic%20mortgages.

This way the bank still makes the profit they want and the Muslim couple avoids paying interest making a win-win scenario for all involved.

 

[truthlovingorthodox]

@kimutaikim The problem is that no bank in italy can do this