Originally Posted by EcoShan

first of all the way u opened the thread was that u dont have any point of view and u wanted to ask questions so that u could get answer and make up ur point of view lol and i mentioned in my very first post that u know more than i do and u also know the answers to the questions and see thats wat u r doing now, arguing on ur own point of view.

Originally Posted by EcoShan

u have totally confused urself. if u read my very first post i explained that most of the guys in the market are selling u interest based mortgages just by playing with words to make u feel its islamic financing, they are using Murabaha bases in their financing which leads to Riba al nasi'aa and it is haram. if u think m using fancy words aswell then leme explain it to u in easy words , wat they do/ did was that they would buy the house for the market price and would sell u by adding extra huge margin on that, for example the house is worth 200;000, they would buy it for 200,000 and then sell it to u for 500,000 by saying "oh my dear brother in islam its not interest, its just my profit and it is the market value of the house on the time by which u would pay me back the money" it is interest doesn matter wat word they use.

Originally Posted by EcoShan

they wont rent u the money, they would do parternship for the same house which is $100,000. U put in down payment of $10,000 and Lariba puts in 90,000. now u own 10% of the house and Lariba owns 90% and u sign the contract that u will pay back 90,000 in ten years and start living in the house, but the problem is that u only own 10% and u r using the whole house and Lariba owns 90% and is not using it atoll, so wat would happen is that u have to pay the rent of that 90% which lariba owns and renting a house is halal in islam. but its not Lariba who decides the rent amount, real estate brokers do, u take qoute from 3 real estate brokers for the rent of that house and Lariba would also take from 3, so now u have 6 qoutes and the one which is most reasonable amongst all, or if more brokers agree on one amount than that is the amount u have to pay as rent. now u would be thinking its same as conventional banking, no its not, there they were renting the money deciding their interest rates and here they are renting the house and independent brokers are decideing wat should be the rent.
so the payment methode would be that suppose if u have to pay back $1000 a month as basic payment which is interest free just like conventional banking, instead of interest, or rent on money u would pay rent on the 90% of the house which Lariba owns and suppose its $600 dollars a month. so $1000 interest free payment and $600 rent would make it $1600 a month. now u would be thinking its almost the same thing, for conventional u were paying $1585 a month and for Lariba u r paying $1600 a month, but thats not the case, in conventional u have to pay 1585 for 20 years, and in lariba first month u paid 1600 hundred but next month u wont pay 1600 cuz next month Lariba doesnt own 90% of the house cuz u have paid em back 1000. so they just own 89%, so ur payment would be $1598 instead of 1600, then next month lariba would own only 88% instead of 89% cuz u paid another 1000 so ur mortgage payment would be 1596, and next month 1594 and next month 1592 and so on. ur share in parternship is increasing and Lariba's is decreasing.

Originally Posted by EcoShan

and as islam requires the partner to share the profit or loss, so Godforbid if u lose ur job and have to file bankruptcy ur all payments wont just into vain like it does in conventional banking, u will still own ur share and instead of taking the house from u Lariba would help u sell ur house and when u sell it u get to keep ur 10% or watever ur equity is and Lariba gets its share. isnt it like the best bankruptcy every