I live in new hampshire and intend to buy a condo for 150k. According to AMJA there are three islamic models they accept as islamic. Only one of those banks finance in new hampshire. The nature of this transaction means two transactions from seller to the bank and from the bank to me. There are other unusual things as prepaid mortgage insurance for the entire loan. This really baloons the closing cost. Obviously the islamic financing is more expensive then traditional interest based loans from big banks.
I have been in the usa for 5 years and have never paid or earned a single cent in interest. I drive used cars, all my investments are in stocks and rented till now and was smart with my finances to avoid interest. I can't decide what to do in this scenario. Do i go thousands in loss to stick to my islamic principles? Wasn't the whole concept of making interest unlawful to relieve financial burden? Is it really islamic if it provides more financial hardship than interest?
Would love it if fellow muslims/jews can share their experience and what they did? Saving up for home while renting is obviously the worst decision financially.
FYI I think 🤔 Islamic loan is a scam. It’s the same thing wrapped in religious bullshit.