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if you're a Muslim and you're looking for an Islamic mortgage that meets your religious regulations or requirements that this video is for you watch till the end to understand how you could get one in Dubai look if you want an advisor or a team of advisors to help you purchase a property in Dubai there is a link below here to click it let's talk see if we both qualify to work with each other don't forget to hit the like subscribe and Bell icon and show some love in the comment section show real fast [Applause] [Music] all right guys we'll come back look if you're looking for an Islamic mortgage then the first thing you need to do is decide that you want to go to the Islamic route of getting your home financed in Dubai so the first part is for you to decide now for the uninitiated or the non-muslims who might be watching this for Muslims interest rates are forbidden okay and generally speaking when a home is mortgaged okay it's money lent out from the bank actually money is Lent out like this money is Lent out to an individual from a bank who can then go and buy a house okay the bank charges interest rate interest or profit you might call it on top of the money that it's lent out this is not acceptable in Islam I'm not a scholar so I can be corrected by anybody who knows better than me but this is the very basic Layman's dummy's guide to understanding how Banks pay and what's not allowed in Islam okay so the first thing you need to do is decide that you want to get an Islamic mortgage if you're a Muslim this might apply to you but there are some non-muslims also who opt for using an Islamic mortgage for reasons that I can't answer because I'm a Muslim myself right number two you've got to understand that in the Dubai Market there is availability from two types of banks okay so there are the fully Islamic Banks okay so fully Islamic banks in fact Dubai Islamic Bank so let's just say here Dubai Islamic Bank is the first fully Islamic Bank in the world okay now Dubai might not be at the Forefront of Islamic banking I think Malaysia or Indonesia is at the Forefront from the Layman's knowledge that I have but in 1975 Dubai Islamic Bank was established as the first fully Islamic Bank in the world okay so Dubai has that title okay but there is also conventional Banks like Standard Charter HSBC other banks that have an Islamic window okay so they do also offer mortgages from their Islamic window okay so now it's going to depend on you whether you want a fully Islamic Bank to get your mortgage or you want a conventional bank with an Islamic window and how this generally works now here's the knowledge part for the uninitiated okay so in the conventional sense okay in the conventional sense so this is the conventional banking model what happens is the banks going to so this is the bank it lends money okay it lends money to an individual as I did over there explain that to you who can then go and buy a house a car get married or whatever he wants and then on this he pays a set interest rate as per the intern International markets okay so Banks lending money and they're making money on the money that they've lent out okay the Islamic model doesn't work like this okay it's not money that's lent out Islamic model okay instead in the Islamic model what ends up happening is that the bank buys the house okay and you become a tenant of that house with an agreement with the bank so let's say the bank paid a hundred on top of it and they want a profit of let's say five what's gonna happen is you're going to pay rent so rent is going to get paid and let's say you're paying rent as 10 eight is going to go towards the original amount and two might go to the extra money that is being paid okay so essentially speaking once this is paid up you while you're attendant in the beginning towards the end of your mortgage period your status changes because that's a prerequisite that the bank's going to sell the property to you once it's been paid it's profit okay so it's profit here instead of interest and then you become from tenant you will then become the owner off this house okay whereas here your owner from day one okay so you're you're the owner from day one whereas here in the Islamic model you're attended in the beginning and then you become a model or Islamic which is easily available in the Dubai Market yes as long as you meet the central bank requirements they are available to almost anybody who wishes to take advantage of them this is the basic difference if you're looking to actually mortgage a house this way or that way not an Islamic expert so if I've made any mistakes please note that the mistakes are mine I can be corrected in the comment section I'd happily take any criticism or correction from you okay but just want to let you know that they are available they are available from Islamic Banks and from conventional Banks if you want to buy property hit the link below don't forget to hit the like subscribe and Bell icon and show some love in the comments section ciao for now hey guys thank you for watching the video I hope you liked it my name is Fahd Dawood I've been doing this for 15 plus years I started in Toronto Canada in 2006 and since 2007 I've been based in Dubai and doing real estate in Dubai look if you're looking to work with me there's a form below and my mobile number I do paid Consulting you can also get help for from my team for services if you like the video press the like button press the Subscribe and the bell icon and share it with your friends who you feel will be able to benefit from the content of this video last but not least I'll repeat me and my team's role is always going to be to help and select the best property for you your role will be to invest in that property and we will in turn invest in your life and your future bye for now