We speak to bankers, both Islamic and conventional, and laymen, both sincere and cynical, and compile twenty-one of the most commonly asked questions about riba and mortgages:1. Arent Islamic home financiers simply changing labels, replacing interest with rent? Whats the difference between a conventional mortgage and an Islamic home financing?Shariah-compliant Islamic banks, which certainly does not represent all of them, use one of three forms...more
Maybe you have tried to work with your mortgage company to stop bank foreclosure or maybe you just do not want to stop it. Either way, there are some things that you need to be aware of.If you intend to surrender your home to the bank, do yourself a favor and tell them that. This may help prevent them from calling you and contacting you in other ways. You may also want to write them a letter telling them that you intend to give up...more
Mortgage protection is an optional policy which ensures your mortgage payments are fulfilled if you cannot pay for certain reasons. Depending on your personal financial circumstances, gaining mortgage protection may be a good idea for safeguarding your home should difficult times occur unexpectedly.Why is mortgage protection necessary?In 2009, as the UK economy struggled to recover from the recession, 46,000 homes were repossessed, according to the Council of Mortgage Lenders. Falling into arrears with your mortgage can mean that you are in real danger of losing your home, and protection can provide you with a safety net to prevent that happening.If you do fail to pay your mortgage for a number of months, it is quite possible that your mortgage provider will start repossession proceedings. This is many people's worst nightmare and worth the extra monthly cost of mortgage protection payments. For others, though, there is less risk of financial difficulties and repossession, and for them the extra cost may not add up.How does mortgage protection work?If you choose to take on a protection policy, it will mean paying out a monthly sum on top of your usual mortgage payments. By doing so...more
Perhaps you want to buy a house for the first time. Or maybe you want to upgrade to a bigger house.No matter what your reason is for taking up a mortgage bond, it's wonderful if you have the right tool available that can tell you within seconds whether you can afford to buy your dream home or not.If this sounds like you, you're in luck: there are...more
The close of Summer is at hand.It has been a very pleasant spell of weather that was long overdue after one of the coldest dampest and snowiest Winters and Springs ever recordedAs such after such a long period of bad weather which reflected the austere mood of the economy, many peiple really looked forward to Summer with all the joys that it can...more
Earlier this year, the bankers of Europe submitted information into a stress test about their capital reserves to capture what kinds of securities their reserve funds were made of and how much they were fuelled by money based in volatile countries like Greece, Spain and Portugal. Despite the results of the stress test being reassuring initially, or so they appeared, it was found after a while that the information which the banking houses filled into the original CEBS templates was misrepresented. In the end, it seems that the EU banks' reserve structure is more exposed to contingent risk than we believed earlier.A few weeks ago in July, a stress check was imposed on all E.U. banking houses by a regulatory body called the Committee of European Banking Supervisors to determine how ready they were to live through a future financial crisis. This test was mainly prepared as a way of measuring the EU banks' reserve ratios. In other words, the test was supposed to have provided an answer whether there is enough capital of a sufficient quality for the banks to fall back to. Several other non-EU countries undertook a similar test too – LSM Insurance informed its readers...more
Many students are required to foot the bill for their own tuition, rent and academic reading materials while at college. However, if you have a bad credit history or even no credit history at all, it can prove difficult to secure a loan without...more
Cotton paper with a weight of around 80 to 90 grams per square meter is mostly used in the making of world banknotes. The final decision though, is based on the directives issued by the central bank of the specific country. Here the decision is taken...more
Understanding how payday loans work can help you handle urgent financial problems with ease. There is no way to plan for entirely unexpected situations, such as car accidents or serious medical issues. Either of these can bring with them expensive...more
For senior homeowners there is an important financial vehicle available to them that they should take the time to research and understand. This vehicle is the reverse mortgage loan, which allows seniors to take advantage of the equity they have built...more
Getting a personal loan is very important if you need money fast to solve basic needs that arises every single day in our life pursuits. Turning to credit cards or our savings account in order for us to get the cash we need may not be...more
Sudden demand of extra cash can leave you stressful and anxious. When your payday is exhausted and you are looking for some additional funds to overcome it, you can apply with payday loans no faxing to get better financial aid....more