Zakir Naik – How to buy a House in the West without Interest (Riba)
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A caller named Kenneth Kelley asks about buying a home without interest trauma. He asks how people can go to a traditional bank without the need for a loan. The representative explains that many Western countries have Islamic nationalists, but the Sharia system is used to cover up fraud. The representative also mentions that many Muslim organizations use the system to acquire loans and pay installments, but it is not a deceptive way to buy a home.
AI: Summary ©
Ismail Hamad Knucks from Somalia. My question is how does a person go out buy a home in the West without interest trauma.
As far as if you don't have the money to buy the house completely
then but natural, you should not take loan from the conventional bank, which is about best that is, is haram. But many of the Western countries have Islamic alternatives. You can go to an Islamic Bank, whether it be in UK, whether it be in America, the Islamic Bank, which work on the Sharia principles, you can take a loan from the Islamic bank which is not based on riba it is based on a particular system called a jar and various options are there
or it can be cost plus in this system very well you can take from Islamic bank and pay an installment This is not dealing with rubber. This is one of the ways that you can do or or there are many Muslim organization which have a pool of money, where they internally help members among themselves, where they give a loan to the member of the organization who pays in installments. So as long as it is not riba based it is as per the Sharia, it is Sharia compliant very well you can use this system in purchasing the house, but taking from a conventional bank, which is robot based, is totally haram.