Quote from @Adam Bartling:
@Rasheed-mass Ali Now I am going to hurt your feelings and that is ok, you have to Open your Mind one day. I have tons of Desi clients for both my companies and my wife is Muslim born in Pakistan.
Here is the low down. All lenders charge interest, it is the opportunity cost of the money.
Let's run your Sharia scenario...
You get a house for $260,000 and you put down 20% APR ( annual percentage rate) 7.47% if you pay it off in 30 years you pay 142% of the Purchase Price.
Now lets Sharia it! You want to pay the house off Early, you pay the house off in 20 years, do you pay the entire amortized amount over 30 years? No. all the institutions will calculate that you paid off the home early and will pay less interest. If the lender was to hold you accountable for the 30 year payment price you would be a little more than angry.
Calling Interest something else does not change that it is Interest. Class dismissed!
Pleasure to meet you Adam. Good to see people with experience of different culture, I think that's vital these days. In reflection of the Desi's you work with, I'll say what Salahuddin said in "Kingdon of Heaven" .. simply put "I am not those men.."
Having exposure to the Desi culture, perhaps you came across some islamic concepts. Many of which are Christian Concepts. Such as God is the only true provider, that all fortune and prosperity comes from Him. That If something is meant for you, then you can't avoid it and if it wasn't for you then it will never be for you; and lastly Strive Hard and even when you are releaved still Strive Hard. Speaking of this have you come across the punishment for paying interest? This is only relevant to those who are feverant and anxious to please Him.
The point of this post isn't relgion it's, to find a subcategory of finacial instruments.
As I've been on BP I've learned the culture here is to conquer limiting beliefs, don't wait to buy buy and wait ( also can be read as go out and get it and don't take the easy path). Most importantly, seek the counsel of multiple knowledgable parties and not take the first opinon. These all resound strongly with me. I greatly appreciate those reminders. These apply here as well. I won't limit myself with the belief that this path is too hard, or that it can't work. Just takes perserverance and research. Maybe some creativity. There are already 4 lenders which Ive listed.
Neither hve I hurt you nor you my feelings, we are men seeking to grow and find success; perhaps even in the next life. I'm sure a coffee and a BP book conversation and we would be able to laugh and talk for hours.
I present you another example. I noticed math is big in communication here.
Purchase Price is $260K, APR is 8% 30 years term $52K down. 20K Renovation, $2.6 residual rental; forced equity of 50K to $310K. My point is money made.
Now lets Sharia it! You partner for same price, same term, same down, same renovations, same rental, same forced equity. Point, money made.
I think this is the point that's more important.
So my next steps, find lenders that will partner with me in the terms I'm looking for. Beyond the ones I've already found.
The argument on if it's really interest or not, is not something I'll explain in detail. There are enough web articles, youtubes, and scholars to explain that. If anyone is interested I'll share those links. But again that's not the point here to explain or rationalize the religious institutions.
I'm just looking for leads.
Thanks Brother
Cheers!
