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Interest(Riba) in Islam

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#1 [Permalink] Posted on 25th March 2024 11:30
Here are actionable tips and insights to help us avoid interest:

  • Investing time in learning about Islamic finance principles and the concept of Riba in Islam is beneficial.
  • Understanding halal (permissible) and haram (forbidden) will guide our financial choices in accordance with our faith.
  • For investments, we should seek Halal opportunities that allow our wealth to grow without engaging in interest-based transactions.
  • Its better to plan and save for significant expenses, like homes or vehicles, rather than depending solely on loans. Islam also encourages us to manage debts sensibly.
  • Consulting scholars or financial advisors knowledgeable in Islamic finance is advisable for complex financial matters, ensuring compliance with Sharia laws
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#2 [Permalink] Posted on 25th March 2024 15:08
Good points on paper but no way a person will be able to save up for a house in the UK without resorting to a interest bearing loan.
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#3 [Permalink] Posted on 25th March 2024 16:27
Saracen1 wrote:
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Cut down on unnecessary expenditure. Pay for bills and food.

Save whatever salary remains and put it to a side. If married, and the wife is working too, then she may add to the savings - this will depend on how the couple live their life and on their mutaul agreements/understandings.

I know of people who have borrowed from family members and have paid off 150,000 to 300,000 in 10 years. All interest free, but of course, this was from borrowing from family and cutting down on many things.

Otherwise, start saving and if its absolutely essential to buy a house in the future, start saving from now. Buy a house where it would be affordable.

Not easy, but when there's a will, there's a way inshaAllah.
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#4 [Permalink] Posted on 25th March 2024 16:33
Saracen1 wrote:
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In UK how many people live without Owning a house. What difficulties do they face?
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#5 [Permalink] Posted on 25th March 2024 18:16
akbar703 wrote:
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As of July 2023:

50% of UK adults own their own home. 28% own their home outright whilst 22% have a mortgage.

20% of UK adults live in social housing such as a council house and another 20% rent privately.

5% of adults over the age of 18 live with their parents.

3% are currently living in sheltered accommodation.
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#6 [Permalink] Posted on 25th March 2024 18:18
akbar703 wrote:
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Monthly rent in the UK is more than monthly mortgage repayment to the bank. With the bank you'll own the house outright one day whereas you could rent for rest of your life and still not have a house to your name.

There's fatwa and taqwa but it's difficult to follow.
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#7 [Permalink] Posted on 25th March 2024 18:46
Rajab wrote:
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28% own a house outright. May be majority of them at the age of 65 when mortgage ends. That means My son is going to own a house. That time, for my son, that house is outdated, he likes to grow, move and live in a better community. If I have multiple children, house has to be sold and returns have to be distributed among children.

mortgagee is making money without any effort.
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#8 [Permalink] Posted on 25th March 2024 22:18
akbar703 wrote:
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So is the landlord with your rental income and you won't have anything to pass down.
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#9 [Permalink] Posted on 25th March 2024 22:36
Lot of people will end up selling their houses to fund their care in old age so they won't be anything left to pass down. Gone are the days when the son and daughter in law would take care of their parents.

I am talking about Muslims families here. Its already happening with British white non Muslim families.
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#10 [Permalink] Posted on 25th March 2024 23:48
Rajab wrote:
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We must own a house, as a necessity not as a obsession.
Saving and then buying a house is impossible.
In Uk elders recommend an own house.
Fatwah is for mazoor not for who wish to spend on fancies.
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#11 [Permalink] Posted on 26th March 2024 04:54
Rajab wrote:
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Age group - Percentage who live with family

18-24 - 19%

25-34 - 7%

35-44 - 5%

45-53 - 2%

55+ - 2%


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#12 [Permalink] Posted on 26th March 2024 06:10
Rajab wrote:
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Can the parents' own house motivates the son to stay with them in their old age. Then it is necessary to own a house.

Mufti looks for jawaz when there is absolute necessity. Mazoor has different set of rules.
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#13 [Permalink] Posted on 26th March 2024 12:27
akbar703 wrote:
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Daughter in laws are not willing to with in laws. They stipulate it before marriage.

Majority of Houses in the UK are very small compared to other parts of the world. After you have put the furniture in there's hardly any room to walk about.
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#14 [Permalink] Posted on 26th March 2024 12:49
Rajab wrote:
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That means, old age couples have tough time. Do they get pension after retirement. or do they invest in schemes where they pay monthly after 60+
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#15 [Permalink] Posted on 26th March 2024 15:46
abu mohammed wrote:
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Very few people can do this, with high cost of living today no one can save for a house, mortgage is normal.
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