Mortgages????????????

Ok what do you think, are 'Islamic Mortgages' really ok? And where can i get more info???Mortgages????????????
The Sharia law of Islam prohibits the payment or receipt of interest, which means that practising Muslims cannot use conventional mortgages. However, real estate is far too expensive for most people to buy outright using cash: Islamic mortgages solve this problem by having the property change hands twice. In one variation, the bank will buy the house outright and then act as a landlord. The homebuyer, in addition to paying rent, will pay a contribution towards the purchase of the property. When the last payment is made, the property changes hands.[citation needed]





Typically, this may lead to a higher final price for the buyers. This is because in some countries (such as the United Kingdom and India) there is a Stamp Duty which is a tax charged by the government on a change of ownership. Because ownership changes twice in an Islamic mortgage, a stamp tax may be charged twice. Many other jurisdictions have similar transaction taxes on change of ownership which may be levied. In the United Kingdom, the dual application of Stamp Duty in such transactions was removed in the Finance Act 2003 in order to facilitate Islamic mortgages.





An alternative scheme involves the bank reselling the property according to an installment plan, at a price higher than the original price.





Both of these methods compensate the lender as if they were charging interest, but the loans are structured in a way that in name they are not, and the lender shares the financial risks involved in the transaction with the homebuyerMortgages????????????
The meaning of riba can include interest when it is used to enslave people.





There are 2 or 3 organizations that claim to make Islamic finance. What they do is make the paperwork reflect a partnerdhip, but the payments are made according to an amortization schedule which is designed to pay a conventional mortgage to a bank which is the only way the secondary market will buy the product. SO the company selling you the product will change the word ';interest'; into ';rent'; but the rest is the same.
Assalaamu alaykum





Depends what are the terms and conditions and how the particular system you may be referring to works.





Just because something claims to be islamic does not mean they are.





If they are really based upon islam, then obviously, they are proper.





So you would need to provide more details.
This really can't be answered on yahoo answers. You have to go to a scholar. There are many different ';Islaamic Mortgage'; groups and I do not know which ones are Islaamic (if any?) vs which ones are not (but claim to be).





This is a very serious issue.
Makes no difference. They pay exhobitant interest in advance instead of during. They are in business to make money - not charity.