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"O you who have believed, fear Allah and give up what remains of interest, if you should be believers. And if you do not, then be informed of a war (against you) from Allah and His Messenger."

Some lessons from study of the verse published here: https://versebyversequranstudycircle.wordpress.com/2017/03/05/riba-constitutes-war-against-allah-and-the-messenger/

This ayah reminds us to leave Riba. Sometimes, we believe that since we are already in this transaction, we will give up when this loan ends.

Allah does not say: O You who is already in a Riba transaction, give up after five or ten years. We must pay heed to this warning because the next ayah is terrifying.

Can we visualize this happening on the Day of Judgment? Do we have the courage to take arms against Allah and the Messenger ﷺ? And yet, we believe that our situation is unique. We have to buy a house. We have to take a loan on Riba. Do we think that Allah doesn’t know our state? He knows our situation, He placed us in this situation.

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[halaloptions]

I'm looking for a buy to let mortgage. The house value is between 75-90k and I have a deposit 25k. Is this something you can give a mortgage for?

At the time of writing, the minimum property value for a halal BTL Purchase Plan (we don't do mortgages) is £94,000. We can not assist on a property price/value less than this.

[halaloptions]

As Salaam Mualaikum, just wanted to ask have you any knowledge on a company called stride up? Would you recommend Jazak allahu khairan

Wa alaikum salaam.

Yes. We are a key partner of StrideUp, and every now and again, we had exclusive rates with them, too. We like StrideUp, but all customer needs are different, and we will advise on what we feel is best for you. Please book an appointment with us to discuss your specific needs.

[halaloptions]

Is there anyone other than Al-Rayan and Gatehouse the provide HPP in UK?

Yes. In fact, Al Rayan Bank no longer offers Home Purchase Plans in the UK, but we have a few other alternative options. Book an appointment with one of our advisors to discuss your needs.

[halaloptions]

Are you a HPP broker?

Yes. We are an FCA authorised broker specialising in advising on and arranging mortgage alternative Home Purchase Plans that are shariah-compliant.

[halaloptions]

I was recommended by a friend to your services.

Thank you for getting in touch. The bulk of our clients come through recommendations. In order for us to assess your case, please start with completing our eligibility form and then booking a phone appointment to speak to one of our advisors.

[halaloptions]

Do you provide islamic finance in Northern Ireland?

Unfortunately we don't have any products for Northern Ireland.

[halaloptions]

Hello, I have a question re. a BTL mortgage via a company structure. Firstly, what is the minimum amount of deposit accepted? Secondly, I noticed that the minimum amount that one can borrow is £75k, is it possible to borrow less (lets say £60k)?

Thank you for your message.

We don't offer mortgages. We only offer the halal alternatives to mortgages.

Islamic principles prohibit the profiting from any lending, therefore, you can't borrow anymoney on these plans.

Therefore, you will be entering a co-ownership agreement where the bank will buy with you and charge you rent on their share.

Assuming you are happy with the above, the answer to your questions are as follows:

The minimum deposit for a company BTL is 20%.

The minimum finance at the time of writing is £75,000.

Products and criteria change all the time. We suggest you check our BTL products page for up to date products showing minimum deposits and finance amounts.

[halaloptions]

Do you guys offer Islamic mortgages

We can you with halal alternatives to mortgages, yes.

The term "Islamic mortgage" can be considered inaccurate and misleading since Islamic finance principles prohibit the payment or receipt of interest, and therefore, no loan is offered, and no borrowing takes place. A mortgage is typically defined as a credit facility that is secured against a property.

Home purchase plans are considered an alternative to traditional mortgages that comply with Islamic finance principles. In a home purchase plan, the financing institution and the buyer enter into a partnership to purchase the property, with the ownership of the property being divided between them according to an agreed-upon ratio. The buyer will pay rent on the financial institutions share until they have purchased all the shares for themselves.

[halaloptions]

I am wanting financing for a self build. Do you guys broker commodity murabaha?

Yes we do.

Development finance is only available to companies and the development has to be for commercial purposes, in other words, we cant help you get funding for a self-build you will live in.

[halaloptions]

Most of these so called halal mortgages are more oppressive than the mortgages taken from a bank. Leave them both!

We think what you mean to say is, at the time you were comparing to a conventional mortgage, you found it more expensive.

Sadly this can be true (it definitely is true at the time of writing) for a number of reasons:

cost of funds

no easy money without risk and cost of ownership

no early redemption penalties so no guaranteed profits

no compound interest

no cross selling of insurance products (life insurance, critical illness, income protection, etc)

lack of competition

limited resources

economies of scale (smaller organisations and fewer customers)

and there will be more reasons...

Of course, if an Islamic bank was allowed to do all the above like start to cross sell insurance products, charge you compound interest when you miss payments, charge you for paying off early, "borrow" money cheap from central banks, and there was fierce competition or they had '00,000s of customers to profits from, then they would be able to offer us a a far cheaper product... but by then, it wouldn't be a halal product.

But we do agree on one thing you said: if you are not convinced that the shariah-compliant options out there are really halal, this is not an excuse to go conventional and challenge Allah. We should leave both.

[halaloptions]

Hi, do you do halal remortgage?

Yes we do.

Though you wouldn't technically be "re-mortgaging" because a home purchase plan is not considered a mortgage. But we know what you mean. We can help you pay off your existing mortgage/finance using a shariah-compliant option and we can even help you release more equity.

[halaloptions]

First time buyer looking for a 10% deposit home purchase plan.

Yes we can help.

Please complete our eligibility form and book and an appointment to speak to us.

You can view all our 10% deposit products here.

[halaloptions]

My husband and me live in Glasgow. We would like to buy a house following sharia rule. We are both PhD holder ls working in biotech companies. Can we discuss? If I have understood you can offer a mortgage with a deposit of a minimum of 15%?

We cannot currently assist on properties in Scotland.

If you wish to buy a property in England or Wales (maybe for investment purposes or you plan to move), then e can assist. Please book an appointment to speak to one of our advisors.

[halaloptions]

Do you do Islamic home insurance

We are not authorised to deal with insurance, nor are we aware of any shariah-compliant policies

[halaloptions]

Ibn Rajab (Rahimahullah) reported: Some of the righteous predecessors said,

The one who fears Allah is not one who weeps and his eyes overflow with tears. Verily, the one who fears Allah are only those who leave what they desire of the unlawful when they are able to indulge it (sin). The greatest reward are for those who obey Allah in private.

[Source: Rasa’il Ibn Rajab (Rahimahullah), 1/163]