Islamic Finance has emerged in recent decades as one of the most important trends in the financial world. With the development of viable Islamic alternatives to conventional finance, Muslims around the world are seeking Shariah based solutions to their financial needs. Given the rapidly growing Muslim population in Canada, the demand for Islamic financial products and services will continue to increase considerably into the future.
UM Financial recognizes this demand, and its Islamic finance initiative is a direct response to the financial needs of the Muslim community in Canada.
Re: Home financing in Canada: An alternate for ISNA?
You can put lipstick on a pig but it will still be a pig. Islamic finance is a pig of a diffferent feather all together. Riba is Riba, no matter how you cut it.
Re: Home financing in Canada: An alternate for ISNA?
and who made you the scholar of Islam?
keep your thothni closed in strictly islamic discussions. This is none of your concern where you have no idea what you are saying and what exactly the point of talk is.
Re: Home financing in Canada: An alternate for ISNA?
^ Something tells me, I have a much better idea of what I am talking about than you do. Particularly around Islamic finance and sharia funds. Don’t make a fool of your self out in public in the business and economic forum by labeling it an islamic discussion. Eitherway you are wrong. Peace be upon you brother…
Re: Home financing in Canada: An alternate for ISNA?
yeah you certainly have better idea about what you are talking about namely BS …
Islamic Finance is an Islamic discussion. You can not have a slightest idea about it’s importance and it’s position when the string of islam is attached to it. There is a whole system given to us in this regard.
Re: Home financing in Canada: An alternate for ISNA?
^ hold it there prok fried rice, I actually know quite a bit about Islamic finance. It is neither islamic nor finance. It is actually the achilles heel of islamic political economy, God needs to stay out of people's bank account and worry about who he can punish next.
Re: Home financing in Canada: An alternate for ISNA?
errrrr.. Your this very statement tells a lot about how much of little (rather NO) knowledge you have:) and that’s quite acceptable for you are not a muslim to begin with hence your education (the Islamic education) in that regard is nill.
Re: Home financing in Canada: An alternate for ISNA?
Finance is not an Islamic phenomenon, mere laddoo...anyone who tells you that is wrong. Go and slap your maulvi for wasting your youth with idiotic concepts like this.
Re: Home financing in Canada: An alternate for ISNA?
so anyone here with the knowledge of what's going on with UMFinancial .. who can give me an overview of the whole system.. pros and cons?? plz thnx.. matsui you are welcome to give me your opinion too after all knowledge is always good. :)
Re: Home financing in Canada: An alternate for ISNA?
Its same as ISNA's model.
Example:
Home price $200,000
You purchase UM funds for investment and security deposit etc etc.
1.They lend you 150,000 (75% of the house value)
2.Your down payment 50,000 (25% of the house value)
Now you and UM own the house with the above ratio.
3.Determine the Rental value of the property as per location/size/etc etc.
Let say the rental value of the house is $1000
Since there is a occupant or tenant living in that house (thats you) so you have to pay the rent ofcourse.
But since you own 25% of the house yourself, so you will pay only the rest of the amount. $750 that is.
Plus an amount towards your principal balance ($150,000).
So let say you have to pay $750 for the rent and you pay $1250 on first month. The second month you will have less principal balance towards you since you paid $500 towards principal (150,000-500=149,500). Now you own 25.25% of the house and UM owns 74.75% of the house.
Now the second month you paid $1250 again. $747.5 ($2.5 less than first installment) will go towards your rent and more money, $502.5 will go towards your principal balance. So on and so forth.
In the whole time your home rental will remain same or might be renewed based on the contract. And the same rental rule will apply then.
Re: Home financing in Canada: An alternate for ISNA?
its seems only the terminology has been changed to promote this. The 'rent' is obviuosly the 'interest payment element' being made, in that it goes down as one keep paying back the principal amount (just like interest payment in other non-islamic mortgages). no ?
but i guess as long as the applicant is happy in their beliefs that this is right for them then good on them.
.