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How to buy a House in the West without Interest (Riba)? – Dr Zakir Naik



How to buy a House in the West without Interest (Riba)? – Dr Zakir Naik

Live Q&A by DrZakir Naik
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33 Comments

  1. I dont get it, all those loans Islamic or not will be making a profit it seems? or do the halal one lend 100 dollars and in 10 years time will receive the same 100 dollars? or will they just pay inflation? if only pay inflation, how can one calculate that?

  2. Cost-plus (murabaha) is what islamic banks offer which is a contract based on simple interest. Its practically same or even expensive (in some countries) than conventional lending

  3. Islamic banks buy the house based in inflation rates against the bank of England and disguise it.. its the same as conventional bank with a different name…. People are saying there are penalty charges for late payments too… so literally the same thing

  4. The so-called sharia compliant banking in the west is actually worse than conventional banking, where you end up paying more. Some of them sell your loan to conventional banks after a few years. There is NO real halal way as of now to get a loan.

  5. People say Islamic banks are also giving house with triple cost, and it’s a back door riba :(
    I want to buy house in UK and my husband is against it due to mortgage, he says Islamic banks are also doing same. What’s the solution

  6. Let me explain to everyone something simple. I have a loan with guidance residential. I recently found out that the same loan is under us bank. Its accruing the same interest as a typical conventional loan. Stay far away from this deception

  7. even in Malaysia, the so called Islamic loans has either same or costs more than conventional loans. In essence, the bank is buying the property & sell it to you for a jacked up price, while giving an Arabic name to it & having a "Shariah" comittee etc etc.

    1. In Islam, if you borrow 1 dollar, you shd pay back 1 dollar. and permissable to pay more as a sign of gratefulness (voluntary Sunnah)

    2. If I could afford the original property value, why would I want to pay a higher price by buying it from the bank? This is a Zalimuun practice & just another form of oppression hiding behind Islamic labels.

    its a system to keep everyone in debt forever n ever.

  8. I always have been impressed by Zakir Naik (may Allah reward him Jannah Al Firdouws), but here I disagree with his opinion in particular after doing a really long and deep research. The problem with Riba is way more deeper and complicated. The reason why Riba is such a big sin, because it is technically a cancer of society. It causes housing prices going up. Historically US houses prices went up because of the mortgage. If nobody takes a mortgage and buy only for what they have money, this insane expensive housing system will never ever happen. That is how Shaytan plays with the economy. Eventually a slave system has been created, where home prices went up and hardworking people cannot afford buying a house in cash! And a Muslim has to go and take a mortgage and kind of support this haram slaving system. But for what? Just to have a house in this life? What about Akhirat? Where would you prefer to have a house, here or in Jannah??? As a Muslim we must not be a part of this haram system!!! And if you love Allah and follow all his rules you will never ever end up in the dead end. If you cannot afford a house in cash, then you need to think how to save money, how to make more money. Probably not buying iPhone every 2-3 years, buying only used car, not going to restaurant every week, educate yourself and more money! Check how much time you spend every day on YouTube or Facebook? How much time we waste spending on our phone or watching movies? If you wake up every day for Fajr, and study nonstop from Fajr to 9 am, or if you don't have a job till 3pm, after 6-9 months you will notice the difference. You will be able to find a really good job! Don't think that I am rich. I am in your shoes, live in America and want to buy a house and also wanted to go with Islamic Banking. But I changed my money and decided to buy only in cash. I buy only used cars, buy only used mobile phones, don't waste my money for unnecessary things and Alhamdulillah, after 12 years I am very close to buy a house in cash. Of course, not luxury big house, an average house, that needs to be remodeled, may be small backyard but it will be my house with no Riba!!! And I am not going to support this haram slavery system and not going to be a slave of this system. Imagine you take mortgage for 30 years. For 30 years you will be a slave of this system, being afraid to lose your job and will be supporting this haram slavery system, because of which many people cannot afford the house! May Allah guide and bless you!

  9. Arbiyon najdiyon ne unchi unchi amarat vanai hen saat saat aorten rakhi he eyaashi ke liye unko bolo tomare loye asaam he harram harram kehna kiounje muselmano ka sara pesa lootmaar karke yahodiyon ke liye pore ke poore shehar abaad karte ho aour eik greeb muselman tomare farouno ke zulmo sittam se nikal kar europ mulkon main reh raha he unke bache sari zindagi karaye ke gharon main rehe ge yehi tum log chahte ho ke wo sari zindagi gulami karte rehe aor arbon ke eyaash chor aur un ki nasle sari zindagi bagair halal kaam kiye fakhsha aorton ke liye spain mayorka minorka mai taaj mahal banate rehe agaar ye halali hote to apne baiyon ke liye islamic bank tameer karte europ main amerca bijae club discos .aour aap jese molvi ino ne chore huwe he gair muqalladin jo muselmano ka nahee sochte to mere gair muqalladin disco molvi jis gari pe saffar karte ho us ki insurance bi harram he.

  10. Salams!

    Isn’t the Quran condemns the person taking Riba, not the person giving? The ruling with alcohol is clearly mentioned that anyone involved anything with alcohol is haram. Is there such ruling for Riba like for alcohol? Please explain.

    While living in a rented property, if any misfortune happens to the person who earns and can’t pay the rent, they will be left with no place to live. Isn’t the house a necessity? Islam has allowed to eat haram when there is a necessity.

    Ofcourse there are halal banks in Europe. But buying a house in halal banks is more difficult than conventional banks.

  11. Salam alaikum, yes sheikh, those called Islamic banks are NOT actual banks, they are just companies that help Muslims to apply for what they called halal mortgage, and if you can can see their margins are higher than normal banks, then they sell these mortgage to other banks and keep the difference, and the proof is the monthly bill will come from bank of America, not "Islamic banks".

  12. I tried to buy house in usa 🇺🇸 using the Islamic bank and they asked me first to have a credit score history’s. Based on that then they need to charge me service same as = interest rate higher than the regular Banks.
    In order to get the credit score you need to open credit cards based on interest payments and after few years they gave you credit score then the Banks used that to determine how good payer you are. Now what makes the Islamic bank difference??

    Please fear Allah and day the truths. Thanks

  13. I’m In the USA 🇺🇸 and here you have three options Buy from a non halal banks, Buy from a Islamic Banks ( there’s almost no option ) or throw all your money into high rents.

    From those three options you may say well go with the Islamic Banks but there’s a problem… those Islamic Banks they want to sell you a house where it’s value is $230,000 dollars for almost $600,000 dollars . So they take a lot of advantages from Muslims because they know we can’t go to another places. When you make your maths I’m 32 years old Alhamdoli’llaah probably I will die even before paying off my debt on that house so it’s not worth it. The only option at least for me is to rent an apartment for $2,000 + a month . In shaa Allāh.

  14. Sheikh Ibn Uthaimeen said taking loan from Islamic bank is Haram.
    Check it by your self. Maybe you wonder why? From my humble knowledge, Islam does not want any Muslim to be slave to anyone except Allah, taking loan from Bank any pay it through 20 years is ridiculous even if it's Islamic Bank, also Islam encourages people to trade rather than being lazy and depends on "easy money".
    So both both banks ends you to have you own them a money, just imagine if you paid through 19 years to the Islamic bank and in the last year you couldn't pay it for a reason, the Bank will take your house and maybe ended you in a jail.

  15. Assalamualaikum. Greetings from the U.S. I've dealt with the Islamic banks (very disappointed ☹️). The "deal" was worse than the conventional banks. There are some very nice tents which can be purchased. Set them under a bridge to keep dry. I wouldn't suggest tent encampments as there are some people with drug and severe mental health conditions that act violently. Also, ALWAYS keep your ID with you. You may be able to get a PO box for your address.

  16. Australia no one has a spare 700k-1million dollars and to go to an islamic bank here forget it.. its so difficult and the policies they have is soo difficult.. so dr zakir naik i respect you but on this issue i say use that big computer brain of yours to help change the situation for millions of muslims

  17. Can you please give me some or all daleels with accurate translation without tafseer which indicates that giving sood is haram thanks waiting for your reply I want all rewayates ans quani ayats which relates to this matter thanks

  18. And if there aren't any islamic alternatives? Should we continue to rent houses from people who most likely are benifitting from muslims who rent, while part of the rent is used to pay of their the owners mortgages and interests.

    This is the core method and definition on how the rich gets richer and poor gets poorer.

    If I was to buy the house myself i would eventually own it. The installment would upon selling be returned to me, while if the house was rented. I would never be able to have any gain.

  19. The answer is you can't. That's it, conventional or Islamic loan the outcome it still u need to pay more than u take. What funny is the syariah compliance loan charge more than the conventional loan.

  20. There’s no such thing as “Islamic bank” these banks are backed by western banks. They charge more than what the house is worth and you still take interest through the back door. They take interest on your behalf that’s it !! Don’t think you can fool your creator, if you can afford out right Alhamduli’Allah if not have patience and trust in Allah. Better to rent than go to war with Allah by taking Riba (interest).

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