Islamic Finance in Australia

[rdhopkins2]

I see one of the major banks are launching an Islamic finance product. Quite exciting to see how this works.

Does anyone know much about Islamic finance, especially in Australia?

 

[74561347]

I see one of the major banks are launching an Islamic finance product. Quite exciting to see how this works.

Does anyone know much about Islamic finance, especially in Australia?

i know they consider all forms of interest, including paying or charging interest to be prohibited.

if thats the case im saying im muslim when i get a home loan so i dont pay interest. as long as i dont have to do a terrorism in return.

 

[Off The Couch]

I see one of the major banks are launching an Islamic finance product. Quite exciting to see how this works.

Does anyone know much about Islamic finance, especially in Australia?

I read the article on it - was a really interesting read.

Redirect Notice

www.google.com.au

 

[Geoffa32]

Quality banner ad when I logged into this thread Chief

View attachment 1197422

Can't use risque' pics as avatars BUT this is suitable on an Islamic thread?? [emoji14]

PS: Would

You been buying some lingerie?

Sent from my SM-G965F using Tapatalk

 

[Syd]

You been buying some lingerie?

Sent from my SM-G965F using Tapatalk

Not much available in my size

I get random ads, not just stuff linked to my search history

 

[Engimal v3]

If thats the case im saying im muslim when i get a home loan so i dont pay interest. as long as i dont have to do a terrorism in return.

What's with that last part?

 

[74561347]

What's with that last part?

No such thing as a free lunch, I assume there's a catch somewhere

 

[Scotland]

Kind of sounds like a fixed rate mortgage.

What happens after 2, 5, 10 years if you sell?

Islamic finance does home loans differently, Asad explains.

One of the more prevalent models used in Australia is called Ijarah Muntahia Bittamleek. This is where the Islamic financier buys the house for the client and then rents it to them over a fixed term, generally decades.

Over time, the client pays off the house through rental payments, which include a profit to the financier and reflect market interest rates. Eventually, the asset is wholly paid off by the client and they own the house outright.

This structure is what some may already know as "rent to buy".

Melike and Ibrahim don't pay interest on their home loans anymore. Here's how and why

Australia's finance sector is tapping into the Islamic market, with one of the country's biggest lenders today launching a Sharia compliant loan and smaller institutions vying to become the first bank for the nation's Muslim population.

www.abc.net.au

 

[Syd]

You been buying some lingerie?

Sent from my SM-G965F using Tapatalk

LOL

Post was removed

 

[GeelongFTW]

No such thing as a free lunch, I assume there's a catch somewhere

Higher deposit + fixed fees. Still a better option than compounding interest.

 

[Caesar]

I see one of the major banks are launching an Islamic finance product. Quite exciting to see how this works.

Does anyone know much about Islamic finance, especially in Australia?

It’s the same maths implemented in a different form - you still pay for capital access today at an indexed rate tomorrow, they just implement it via a legal format that means the difference technically isn’t interest (e.g. rent-to-own)

This is a good primer