Interest on buying house

Assalam-o-Alaikum!

We have recently moved to Australia .. and we are in very initial thoughts of buying the apartment.

Question is .. we don't have a huge sum of money to make a full payment and neither do we want to get it from bank and involved in interest.

Anyone any ideas around this. May be some way around or some knowledge of any bank that doesn't charge interest on payments.

Thanks.

NatashaA wrote: Assalam-o-Alaikum! We have recently moved to Australia .. and we are in very initial thoughts of buying the apartment. Question is .. we don't have a huge sum of money to make a full payment and neither do we want to get it from bank and involved in interest. Anyone any ideas around this. May be some way around or some knowledge of any bank that doesn't charge interest on payments. Thanks.

Wa Alaikum Asalaam

Millions of Muslims are living a lie. They have mortgages and they convince themselves that it is ok as there are no alternatives for a Muslim to buy a house.

Any giving or receiving of interest is a sin in Islam.

There are Sharia compliant banks that give mortgages without interest (but they take the money other ways but you have to look into this).

Or alternatively you can keep on renting as the mortgage on the property is not your responsibility.

check out these two sites http://www.mcca.com.au/  and      http://www.alrayanbank.co.uk/  and let me know if it helps, I've tried myself many times bit never really follow through here in the states. Maybe I can learn how it actually work this time around.