Mortgages

[ammena]

Assalamalikum,

well insha'allah in the future we will be looking to get over to Algeria... however, I am worried about how buying places over there works... i dont want to get involved with riba for a mortgage and I suppose being a 'muslim' country i am sort of expecting the mortgages to be halal. Am I being naive?? can anyone give me any information about buying houses over there??
Shukran.
Ammena

[AlgerianZorro]

Assalamalikum,

well insha'allah in the future we will be looking to get over to Algeria... however, I am worried about how buying places over there works... i dont want to get involved with riba for a mortgage and I suppose being a 'muslim' country i am sort of expecting the mortgages to be halal. Am I being naive?? can anyone give me any information about buying houses over there??
Shukran.
Ammena

Salam Sister,

Welcome to Islam and to your second country among your sisters and brothers.

To answer your question, I am afraid to tell you that Algeria is no exception, like many countries where mortgage with interest is very common. You may want to check about Al-Baraka Bank, established in Algeria for which I don't have information. I hope that my reply was a little help. Good luck

Assalam Alaikoum

[k_s]

A French bank in algeria is also starting work with mortgages very soon.

[ammena]

Salam.. yeh i have the website for Baraka, i just dont have the patience in my french knowledge to sit down with it just yeh... what is this french bank k_s although, I dont see why a french bank would have halal mortgages.. Allahu alim.

Fi amenallah

[phylay]

I dont see why a french bank would have halal mortgages.. Allahu alim.

Fi amenallah

It doesn't!!

[k_s]

Salam.. yeh i have the website for Baraka, i just dont have the patience in my french knowledge to sit down with it just yeh... what is this french bank k_s although, I dont see why a french bank would have halal mortgages.. Allahu alim.

Fi amenallah

Ameena I think it might be Societé Generale, I read that in the news some time ago.

I am not sure what`s the difference between islamic/non islamic mortgage.

If you mean by islamic mortgage no interest payment, then I don`t think that`s reasonable because the bank will loose, think about it instead of giving you that money they would just invest it in shares.

Add to that intrest rates and inflation right? I mean you know that 1 £ now buys you more than what 1 £ in 25 years does, so the interest you pay them is somehow killed off by this factor.

Wallaho a3lam i am just saying random ideas.