here is the basic difference. a conventional mortgage would be for a property that is 400K today, they will say that on a 30 year mortgage at X% would be $700K , the total amount paid will be $XX for 360 installments, you can pay off sooner if you wish by increasing your payment amount each month.
in this islamic financing, they too give a final alue of the property, and a miracle happens, they also calculate that the property value in 30 years would be $700K, then they say oka u pay monthly installments and how much each installment would be for the 360 installments. (this whole topi drama of getting future value from agents..well teh gaents are running those numbers based on interest rates and giving the numbers to these islamic finance guys, you can get a few estimates and they may vary slightly based on interest rates and maybe some estimate of market growth rate..but interest rate calculates a big part in it. and if interest is haram, how can that be used as a basis of a supposedly halaal transaction.
naak ko samnay say pakro, ya sarr kay peechay say haath ghuma lar pakro...baat aik hi hay.
Pir e muhtaram, thats totally haram, but did u check the islamic mortgage system i explained?