Bhai trust me, now we are talking about point of views not islam.
Let me tell u something bhai.
Lariba is one the very few islamic banks who are not playing with words, nor hiding some thing. most of the islamic banks are charging u interest by using those fancy arabic words that i mentioned in my previous post. and they are telling u their exact model which is 100% islamic, they are not charging u even a penny on money rental, nor they are giving even a penny in interest to fennie freddie. here is the quote from lariba site "LARIBA DOES NOT BORROW MONEY FROM FREDDIE MAC / FANNIE MAE NOR SELL LOANS" its an ideal islamic economic system mirch bhai. Islam wants the lender to be a partner in profit and loss and thats wat lariba is doing, in conventional banking they dont give a damn, u declare bankrupcy they take the house and get their investment back.
Lariba system is trillion times better than the conventional banking system.
From an islamic prospective Lariba mortgage is trillion times better than urs and my home mortgage.
i dont get onething, y we have to disagree with every single thing.
i assume u live in a house and u pay mortgage every month, so wats the case here?? the case is u pay interest to ur bank which is haram, and bank is renting u money which is haram, and then bank is also paying interest to fennie freddie which is haram, and fennie freddie is also renting money which haram, and they are also paying interest to federal reserve which is haram again.
now count the number of times i wrote the word haram in there.
now consider Lariba , u dont pay any interest cuz u r paying rent on ur house which is decreasing every month which is absolutly halal, lariba is not renting u any money but is renting u the house which is also halal, lariba is not paying any interest to freddie and fennie which is halal, and fennie and freddie are also not renting u any money which is again halal, the only haram thing here is that fennie freddie is paying interest to fed reserve.
now cound the number of times i wrote haram in the mortgage i assume u have and the mortgage the islamic system is offering.
and i really got sader after reading ur this post
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No we are not not on same page , If I have to pay interest then as a rational buyer and a rational Muslim I will pay 6 percent to a conventional bank as compared to 8 percent of Lariba. Financing by Lariba is always a little or more than a little higher than the conventional mortgage although they want you to belive contrary to that.
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i might not be as knowledgeable as u r but still i m a student of islam for last 12 years and alhumdulila with my lil bit no how of economy i can tell u there is not eve a single penny interest involved Lariba. Lariba might charge u more but charging more means they are charging u interest, they are charging more because u r paying monthly interest free payment and on top of that the rent on the portion lariba owns on the house.
U would prefer conventional banking over lariba just cuz it charges more?? or cuz at the end only one party is paying interest out of 5 in lariba and in ur conventional financing all 5 are paying usury. or u would just hate lariba cuz fennie and freddie give interest to fed reserve.
then i would repeat the same thing again. u work in a company, 95% of the corporates in USA have invested their revenues in interest and then the re invest that interest in their company and u get paid with that, now y dont u leave ur job and go to a muslim country where there is no interest involved, the 95% figure i qouted is not just made up, search bloomberg and u would know, and if u think ur employers is out of 5% then u will also be surprised to know that all the medium and big corporates in USA pay their employees by taking money off from their business line of credit and then they clear it off quarterly matching their revenues and profits, so most prolly ur pay is also coming out of interest, and if thats not the case either then u r living in USA which is the only biggest pure capitalistic and interest based economy in the world and u r part of that, and u chose to live in their but u wont prefer lariba on conventional banking cuz in lariba out of five only one dude is paying interest and in the conventional all 5 are paying interest.
u know wat y u r not leaving USA cuz in ur subconscious u know that u r not involved in Riba u r just doing your job giving halal money to ur kids and leading a simple life, its only ur boss who is indulging in interest for ur pay and its his problem not urs and its govts problem, well use the same approach for LAriba.
option is urs, u think all five dudes paying interest is better or only at the back is better.