Muslims debate acceptability of mortgages -- themorningcall.com

The Muslims in North America must not take Bank Mortgages based on financial interest because it is strictly forbidden in The-Qur'an. If they do not possess money, they should rent and live safely. If they have money, they should seek only Shariah based mortgages where financial interest is not involved. Anyone who gets a mortgage from bank based on financial interest, it will be his/her decision and so the consequences from it.
Imam: Ar Rahman Islamic Center - Mississauga ON Canada

Muslims cannot pay or receive interest? No offense but you guys really gotta fast forward a couple of thousand years.

Excluding oil rich shiekdoms, this would explain why there's so much poverty stretching from Morocco to Indonesia.

I'm guessing that if Mohammed could compare the standard of living in western nations to the the abject poverty of Somalia, he'd want you to do the right thing for your children and modernize.

Poverty in the so-called Muslim world has nothing to do with accepting or receiving interest, look up the colonialism and then talk about world economics.
Back to interest; I'd beg to differ with you on the benefits of interest. How long will you pay your mortgage before you even make a dent in your principal payments? I guess all the folks who are currently holding a subprime mortgage, such as the ones with an interest only mortgage might think twice about the "modernity" of interest. When interest rates adjust up, many will be losing their home, which of course they have no stake in anyway, since all they've been paying is interest...Avoiding interest makes sense. The interest-free, vice-free mutual fund managed by Saturna Capital is A rated and been touted by the Wall Street Journal and other financial publications. We Muslims believe in working for our money and we don't think we should be extorted while investing either. We live in the 21st century and we are proud to say we are thriving here in the US as well. Howard Dean was recently quoted as saying that the medical profession would collapse if all the Muslim doctors left this country.

John wrote:

Muslims cannot pay or receive interest? No offense but you guys really gotta fast forward a couple of thousand years.
Excluding oil rich shiekdoms, this would explain why there's so much poverty stretching from Morocco to Indonesia.
I'm guessing that if Mohammed could compare the standard of living in western nations to the the abject poverty of Somalia, he'd want you to do the right thing for your children and modernize.

this is how people are deceived from other important aspects of islam. i would rather say to all of you that try to make yourself a human being then point out flaws..

If they don't want to pay interest on mortgages, good for them.

The-Qur’anic Commands Against Usury

"Those who charge usury are in the same position as those controlled by the devil's influence. This is because they claim that usury is the same as commerce. However, God permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with God. As for those who persist in usury, they incur Hell, wherein they abide forever" {The Qur’an - Surah Al Baqarah (Chapter: The Heifer) 02: 275}.

"God condemns usury, and blesses charities. God dislikes every disbeliever, guilty. Lo! those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of usury, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew" {The Qur’an - Surah Al Baqarah (Chapter: The Heifer) 02: 276 - 280}.

"Oh you who believe, you shall not take usury, compounded over and over. Observe God, that you may succeed" {The Qur’an - Surah Ale Imraan (Chapter: The Amramites) 03: 130}.

"And for practicing usury, which was forbidden and for consuming the people's money illicitly - We have prepared for the disbelievers among them painful retribution" {The Qur’an - Surah An Nisaa’a (Chapter: The Woman) 04: 161}.

"The usury that is practiced to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold" {The Qur’an - Surah Al Roomi (Chapter: The Roman) 30: 39}.

To preserve faith in this age of "Riba", and to respond appropriately to oppression in the world, the believers must ensure that they belong to the jama'at (community of Muslims) which is struggling against "Riba". The jama’at must function under the leadership of a competent Ameer (leader) who has an adequate knowledge of the subject. The believers must pledge themselves to listen to, and obey that Ameer. They must then conform to the discipline of the jama’at. There is no other way for Muslims to preserve faith in this age of Riba.