Career and Money

Announcing the New Debt Free Muslims Podcast – First Episode is on Islamic Home Financing

Published

February 24, 2014

Omar Usman

Please join us in welcoming the new Debt Free Muslims podcast. This podcast will be releasing a new episode every week talking about finance and other issues related to finance (family, spiritual, and so on). The first episode covers some tough questions on Islamic home financing with Mufti Ikram-ul-Haq.

The episode and show-notes are below. You can help support the podcast by subscribing to it in iTunes (the link also works for Android), and leave a rating as well.

[audio:http://traffic.libsyn.com/debtfreemuslims/Fiqh_of_Home_Financing_with_Mufti_Ikram-ul-Haq.mp3]

Direct Download Link (mp3)

Episode 001

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This episode is sponsored by MuslimMatters.org – because Muslims matter.

Mufti Ikram ul Haq is a well-known scholar who specialized in Islamic jurisprudence. He currently serves as the resident Imam of Masjid Al-Islam (Rhobe Island, USA) and as Mufti at Darul-Ifta of Rhode Island, where he delivers weekly lectures, holds classes, provides Shari`ah counseling, responds to request for fatwas, etc.

Mufti Ikram ul Haq also completed an intensive course on Islamic Banking and Finance from the Center for Islamic Economics (Karachi, Pakistan). He has licenses (ijazah) in Prophetic traditions (hadith) from multiple world-renowned Hadith scholars.

In this episode we discuss:

Why the debate over Islamic mortgages is actually a cause for optimism.
The difference between conventional financing and Islamic financing.
Understanding the basic models of finance – ijarah, murabahah, musharakah.
Are some Islamic companies violating the Islamic prohibition of having “2 sales in 1” with a lease to own contract?
Can a bank sell a house at markup before they actually take ownership of the house? This is in reference to a prohibition against selling something you do not own.
Learn why Islamic banks favor the musharakah model over the other models.
Should Islamic banks who finance through co-ownership share in the costs of home maintenance, property taxes, insurance and other expenses?
If you sell your home at a profit, should the Islamic bank get an increased profit?
Should the Islamic bank share in the loss of a house if the value goes down, or forecloses on you?
What should you look for when picking an Islamic finance company? How do you weed out the deceptive companies from the legitimate ones?

Links from this episode:

Mufti Ikram’s Website: http://askamufti.com
Mufti Ikram on Twitter: https://twitter.com/AskaMufti
AAOIFI (Auditing organization for Islamic financial institutions)- http://www.aaoifi.com/
Straightway Ethical Advisory: http://www.straightwayethical.com/
Mufti Ikram’s Book: Companion of Hajj

Please support the podcast by sharing it with a friend who might find the information useful.

Don’t forget to subscribe in iTunes and rate the podcast!

Visit http://debtfreemuslims.com to get your free ebook on Practical Personal Finance for Muslims.

Check out this episode!

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Omar Usman

Omar Usman is a founding member of MuslimMatters and Qalam Institute. He teaches Islamic seminars across the US including Khateeb Workshop and Fiqh of Social Media. He has served in varying administrative capacities for multiple national and local Islamic organizations. You can follow his work at ibnabeeomar.com.

4 Comments

amatullah

February 26, 2014 at 1:28 AM

assalamualaykum
May Allah swt reward you for the efforts you are putting in.
I am a born muslim but have started practising only recently , add to that that i am a doctor and a female :- i have no knowledge at all of economics. As a result most of the islamic finance articles are greek to me.I have a request , can you please start a column like an idiot’s guide to islamic finance, wherein you teach the basic economics which is prevalent, what is haram of it and the halal alternatives. It will be a lot of people for people like me in sha Allah. Or please guide to a website if you are aware of one.

Reply
- adamtaufique
  
  February 26, 2014 at 2:54 PM
  
  That’s a great suggestion. We’ll work on doing that and post it on our website insha Allah.
  
  Reply
- M Ali
  
  February 26, 2014 at 5:57 PM
  
  I agree, I once attended an Islamic conference seminar. Couldn’t make head or tail of it, Mufti Ikram was one of the speakers too. I ended up leaving more confused, definitely need a Idiot’s Guide to Islamic Finance.
  
  Reply
- Saeed
  
  March 31, 2014 at 8:29 PM
  
  You should take a course covering Islamic financial obligations, prohibitions and Islamic Finance
  Shaykh Faraz Rabbani Will be teaching a free online course on the subject for the next three months. http://seekersguidance.org/courses/GEN130
  
  Reply