@40:00 That's why the community aspect is so key. The investors into the savings account are not expecting capital gain which makes the model able to help people buy at initial price. May Allah bless you all
Whoever is watching... can we look at this from a different prospective..... How beautiful is Islamic way of life and 1440 odd years ago these principles were put in place and look how easy it is to buy on Islamic terms and make money and own a property for the both parties working together. Don't just appreciate that fact we have this product available in a dunya sence but this should increase our imaan knowing the way of Allah even when it comes to buying a home is beautiful guidance. alhumdulillah for Islam. May Allah bless this business and grant it success. aameen
Alhumdulillah it is so heartening to hear the founders’ mindset and vision - truly inspiring. May Allah continue to put barakah in this effort. I for one will be sharing this widely in my groups inshallah, starting with my own family. Jzk for a very informative session.
We really need to solve this problem otherwise lack of home ownership is causing even bigger fitna for the ummah. I personally think if we do not sort out home ownership we gonna cause more fitna for the ummah.
I am interested IA. Just signed up but wasn't sure of the type of investor I'd fall under, therefore ticked none apply. Would like to move my current invested savings account over to Pfida as I'm worried about % accumulation, which I need redact before investing here IA.
They need more people to provide capital through their savings account, to then use it to support people on the waiting list thus reducing it insha'Allah
Peace! When you register for a Pfida account, you are automatically added to the public waiting list for home finance. The current estimated waiting time for home finance is 5 years, with a recommended 20% initial equity contribution from you. Your wait time is dependent on a number of factors, such as how much deposit you have, how much finance you need and your affordability. You can tell us this information by completing the finance requirements form after registering your account. You can email info@pfida.com for more information tailored to your specific situation.
Peace! By registering a Pfida account, you are automatically added to our public waiting list for home finance. Your wait time is dependent on a number of factors, such as how much deposit you have, how much finance you need and your affordability. You can tell us this information by completing the finance requirements form after registering your account. You can email us at info@pfida.com for more information tailored to your specific situation.
Clear explanations but really confusing format. Shaikh asims role as a shaikh is in essence redundant here with the pfida founders just explaining their product to him. He does very little to espouse his knowledge to counter or give additional islamic nuance.
Hmm..... There are many aspects of the Financial Conduct Authority and Prudential Regulatory Legal Aspects need to be satisfied. In the UK. Many Muslims are tried to implement Islamic Finance and YET to be realised.
If you own 30% and pfida owns 70%, you will pay 70% of the rental value of the property. Whatever amount you pay on top of that will go towards owning your home overtime. ان شاء الله.
@@Saara416 if the house price is 200i gave 20.So your contribution is 180. How did you set the rent ? For owning the rest of the share do I have to pay a rant + another amount or just rent ?
If there's no riba what is it then. Because go to the pfida calculator for buying a house 400,000 Deposit 80,000 30 year payment Making payments of 2000 a month It says Best case repayment £558,769 Mid range repayment £728,900 Worst case repayment £1,207,489. By borrowing for a £400,000 property you could end up paying almost 1.2 million. Even on the lower end your returning more than what you borrowed. It's riba but they are sugar coating it, with their shares part ownership, investment portfolio. I saw their other video with all the scholars not one of the scholars talked about what they are doing on their platform. Did not call them out for exploiting Muslims because every body wants to own properties.
Why is brother Raza always looking serious and angry lol. Always bringing tension to the table whenever I see the brother (only joking) . May Allaah SWT bless him 😂
I would urge you to not undermine the work done by scholars that have signed the sharia compliant HPPs. I understand you may feel they are not perfect but that does not mean they are haram. I do feel sometimes when you compare islamic mortgages, you tend to undermine the work of the scholars that have apporved HPPs
Never put your money in that is not Fscs protected ...or companies take your money and run ..look at the ponzi schems of muslim pioneer ..yes this is different product but they all vary with final outcome devstating ..No way would you put savings into places like this witbout Fsc protection
Why are they advertising so heavily if they have a 5 year waiting list it's basically like teasing people unnecessarily? U clearly don't need or can handle so many customers at the moment so why am I keep seeing pfida information
A couple of reasons….this is the “going to market” phase so the aim is to create a buzz around the product and spread awareness. Another is a proof of concept, you go out heavily and assess feedback of knowledgeable people who may come across the videos. The final is to try and secure partnerships with other banks or those with a large amount of capital. Anyhow, it looks to be something new and innovative especially with the app potential with Raza who I’m sure recognises that Islamic banking apps are dog shit. If they can get a great app with water tight products…then this offering has potential. Raza is also well spoken from me following him so his the right person to lead and be in front of the camera.
I guess it is up to the Muslim community at large to solve the waiting list problem. If we all put our savings in to their savings account the more money pot Pfida has to help the wider Ummah in the UK. We all need to chip in and get the rewards. I’m looking to open an account soon. InshaAllah
They are also looking for investors bro, it's not just about getting new customers. The more investors are able to invest, the shorter the waiting list will be and the more people they can serve, insha'Allah.
Assalamu alaikum Jazakh Allahu khairan for this valuable discussion and the effort to live and help others to find solutions in accordance to our deen. I would like to know if you give loans on Bitcoin. So like if I have a quarter of a Bitcoin and I want to loan it for cash to buy house or something nessecery, how or what would I have to do to get it? The reason I ask is Because if I sell I would have to pay tax but if I get loan against it than I don't need to pay tax by law. It's not just about saving from tax. I don't want to pay interest on it while when paying back the loan.
Until they offer you buy a house for say 500k or dollars or whatever currency , you pay back 500k it's all the same , they just dress the interst up as 'rent' it's a load of bull.
Peace! We founded Pfida to provide a genuine and authentic Islamic alternative that is based on true risk sharing and not debt. Because there is no debt in any of our products, the rent we charge is genuine rent and not interest or Riba. If you're interested in learning more about how our products follow Islamic finance principles, you can watch our RUclips Q&A webinar: ruclips.net/video/j4hTklsABWs/видео.html - timestamp: 0:04:10
I agree Pfida has advantage of sharing the risk if the property is destroyed. But Pfida will be surely more expensive than Islamic Bank. If we only rent and want to buy at any time more shares, surely it will more expensive than initial price as property prices will increase over time. On the other hand, if we want to both acquire and rent (similar to musharakah) using Pfida, on £316000 house price of unacquired share, the monthly installment of rent+acquisition is turning out to be £100 more expensive with Pfida compared to Gatehouse. I don't understand waiting of 5 years. 5 years after, the property price will be higher, then deposit you have today is no longer enough after 5 years.
May Allah reward the righteous. Please make All aware that after a buyer buys off pfida share, pfida will still own a share of your house. Pfida should make this CLEAR from start and confirm the share %.
@@pfidafinance Share meaning remaining balance of the Loan? Does early Redemption include outstanding balance or outstanding balance and other unpaid instalments that would have been accrued had the loan matured? Since i assume contracts of shared ownership will be universal apart from sums owed, pfida would much favour itself if it made this Loan/share agreement public and thus remove all doubts.
Muslims need to rent till they retire and then go homeless as their pensions will no longer pay the bloody rent! That’s the so called halal model! In the mean time their rents have paid someone else’s mortgage! Beautiful!
Muslims need to rent till they retire and then go homeless as their pensions will no longer pay the bloody rent! That’s the so called halal model! In the mean time their rents have paid someone else’s mortgage! Beautiful!
Not everyone who wants to buy has 60 to 80k depo ready. 3 to 5 year waiting list is not that long. Many who want to buy will take 3 to 5 years just to save up the deposit. Also while they say 5 years it won't the that long. I was told I can buy within 2.5 years of investing (but I then went on to take another 18 months)
@OmarMadiwa your payment stays the same. For example this month it will be 1300 payment. From that rent will be 1000 and equity will be 300. Next month equity will be 302 and rent will be 998 (2 pound less from last month) this sliding scale carries on until you own it fully
@40:00 That's why the community aspect is so key. The investors into the savings account are not expecting capital gain which makes the model able to help people buy at initial price. May Allah bless you all
Whoever is watching... can we look at this from a different prospective..... How beautiful is Islamic way of life and 1440 odd years ago these principles were put in place and look how easy it is to buy on Islamic terms and make money and own a property for the both parties working together. Don't just appreciate that fact we have this product available in a dunya sence but this should increase our imaan knowing the way of Allah even when it comes to buying a home is beautiful guidance. alhumdulillah for Islam. May Allah bless this business and grant it success. aameen
Alhumdulillah it is so heartening to hear the founders’ mindset and vision - truly inspiring. May Allah continue to put barakah in this effort. I for one will be sharing this widely in my groups inshallah, starting with my own family. Jzk for a very informative session.
May allah grant your team success on this mission on reward you for your efforts
Can't wait for this. iv been looking into this since Ali dawah did a sit down with them.
We really need to solve this problem otherwise lack of home ownership is causing even bigger fitna for the ummah. I personally think if we do not sort out home ownership we gonna cause more fitna for the ummah.
I am interested IA. Just signed up but wasn't sure of the type of investor I'd fall under, therefore ticked none apply. Would like to move my current invested savings account over to Pfida as I'm worried about % accumulation, which I need redact before investing here IA.
Jazakumullah khayron
Please explain it simply with visuals.
Do you finance council right to buy?
Peace! Drop us a email at info@pfida.com and a member of the team will get back to you on your specific situation
When is the waiting time for getting a mortgage going to be shorter as its 5 years now?
They need more people to provide capital through their savings account, to then use it to support people on the waiting list thus reducing it insha'Allah
Do you cover Scotland as well? Some say they only cover England and wales
We do cover Scotland!
Thank you
I missed initial part but from what I heard we have to put down the deposit as a first step and then wait in the queue, is this correct?
Peace! When you register for a Pfida account, you are automatically added to the public waiting list for home finance. The current estimated waiting time for home finance is 5 years, with a recommended 20% initial equity contribution from you.
Your wait time is dependent on a number of factors, such as how much deposit you have, how much finance you need and your affordability. You can tell us this information by completing the finance requirements form after registering your account.
You can email info@pfida.com for more information tailored to your specific situation.
Peace! By registering a Pfida account, you are automatically added to our public waiting list for home finance. Your wait time is dependent on a number of factors, such as how much deposit you have, how much finance you need and your affordability. You can tell us this information by completing the finance requirements form after registering your account.
You can email us at info@pfida.com for more information tailored to your specific situation.
M'sha Allah the Muslim mindset needs to shift investment opportunity
Is it also possible to buy houses in germany or is this only for UK customers?
Peace, at the moment we operate across mainland UK, however, as we continue to scale and grow in the future, we may even reach Germany one day!
Can I move to Pfida from conventional mortgage?,
Hello! You can email us at info@pfida.com and a member of the Customer team will be able to get back to you!
Clear explanations but really confusing format. Shaikh asims role as a shaikh is in essence redundant here with the pfida founders just explaining their product to him. He does very little to espouse his knowledge to counter or give additional islamic nuance.
May Allah reward you. What would happen in the situation when the renter wants to sell and pfida does not agree? How would this be resolved.
Pfida may buy your share from you, and you would share the profit.
Hmm..... There are many aspects of the Financial Conduct Authority and Prudential Regulatory Legal Aspects need to be satisfied. In the UK. Many Muslims are tried to implement Islamic Finance and YET to be realised.
Brothers, please add time stamps to this interview.
Salam! Timestamps are in the description!
Is it required to get home insurance when buying a house using this product?
You have to take insurance out on a house in the uk, by law. Unfortunately.
Is house insurance halal?
So, I don't get the rent part. The money I pay you as a rent, it is not towards owning your share in the home?
If you own 30% and pfida owns 70%, you will pay 70% of the rental value of the property. Whatever amount you pay on top of that will go towards owning your home overtime. ان شاء الله.
@@Saara416 if the house price is 200i gave 20.So your contribution is 180. How did you set the rent ? For owning the rest of the share do I have to pay a rant + another amount or just rent ?
If there's no riba what is it then. Because go to the pfida calculator for buying a house
400,000
Deposit 80,000
30 year payment
Making payments of 2000 a month
It says
Best case repayment £558,769
Mid range repayment £728,900
Worst case repayment £1,207,489.
By borrowing for a £400,000 property you could end up paying almost 1.2 million. Even on the lower end your returning more than what you borrowed.
It's riba but they are sugar coating it, with their shares part ownership, investment portfolio.
I saw their other video with all the scholars not one of the scholars talked about what they are doing on their platform. Did not call them out for exploiting Muslims because every body wants to own properties.
Have factored the rental into your calculation?
Why is brother Raza always looking serious and angry lol. Always bringing tension to the table whenever I see the brother (only joking) . May Allaah SWT bless him 😂
Please make a shorter informative video with visuals
I would urge you to not undermine the work done by scholars that have signed the sharia compliant HPPs. I understand you may feel they are not perfect but that does not mean they are haram. I do feel sometimes when you compare islamic mortgages, you tend to undermine the work of the scholars that have apporved HPPs
Never put your money in that is not Fscs protected ...or companies take your money and run ..look at the ponzi schems of muslim pioneer ..yes this is different product but they all vary with final outcome devstating ..No way would you put savings into places like this witbout Fsc protection
Why are they advertising so heavily if they have a 5 year waiting list it's basically like teasing people unnecessarily? U clearly don't need or can handle so many customers at the moment so why am I keep seeing pfida information
They will increase in size very soon as they are about to grow. A large waiting list would attract large investors too..
A couple of reasons….this is the “going to market” phase so the aim is to create a buzz around the product and spread awareness. Another is a proof of concept, you go out heavily and assess feedback of knowledgeable people who may come across the videos. The final is to try and secure partnerships with other banks or those with a large amount of capital.
Anyhow, it looks to be something new and innovative especially with the app potential with Raza who I’m sure recognises that Islamic banking apps are dog shit. If they can get a great app with water tight products…then this offering has potential. Raza is also well spoken from me following him so his the right person to lead and be in front of the camera.
I guess it is up to the Muslim community at large to solve the waiting list problem. If we all put our savings in to their savings account the more money pot Pfida has to help the wider Ummah in the UK. We all need to chip in and get the rewards. I’m looking to open an account soon. InshaAllah
They are also looking for investors bro, it's not just about getting new customers.
The more investors are able to invest, the shorter the waiting list will be and the more people they can serve, insha'Allah.
Assalamu alaikum
Jazakh Allahu khairan for this valuable discussion and the effort to live and help others to find solutions in accordance to our deen.
I would like to know if you give loans on Bitcoin.
So like if I have a quarter of a Bitcoin and I want to loan it for cash to buy house or something nessecery, how or what would I have to do to get it?
The reason I ask is
Because if I sell I would have to pay tax but if I get loan against it than I don't need to pay tax by law.
It's not just about saving from tax.
I don't want to pay interest on it while when paying back the loan.
Until they offer you buy a house for say 500k or dollars or whatever currency , you pay back 500k it's all the same , they just dress the interst up as 'rent' it's a load of bull.
Instead of saying ‘load of bull’ why don’t you start your own Islamic finance letting people buy £500k houses and they pay only 500k 🙂
Peace! We founded Pfida to provide a genuine and authentic Islamic alternative that is based on true risk sharing and not debt. Because there is no debt in any of our products, the rent we charge is genuine rent and not interest or Riba.
If you're interested in learning more about how our products follow Islamic finance principles, you can watch our RUclips Q&A webinar: ruclips.net/video/j4hTklsABWs/видео.html - timestamp: 0:04:10
I agree Pfida has advantage of sharing the risk if the property is destroyed. But Pfida will be surely more expensive than Islamic Bank. If we only rent and want to buy at any time more shares, surely it will more expensive than initial price as property prices will increase over time. On the other hand, if we want to both acquire and rent (similar to musharakah) using Pfida, on £316000 house price of unacquired share, the monthly installment of rent+acquisition is turning out to be £100 more expensive with Pfida compared to Gatehouse. I don't understand waiting of 5 years. 5 years after, the property price will be higher, then deposit you have today is no longer enough after 5 years.
May Allah reward the righteous. Please make All aware that after a buyer buys off pfida share, pfida will still own a share of your house. Pfida should make this CLEAR from start and confirm the share %.
Peace! Once the customer buys our share out fully, the customer become the full owner and our interest in the property is completely removed.
@@pfidafinance Share meaning remaining balance of the Loan? Does early Redemption include outstanding balance or outstanding balance and other unpaid instalments that would have been accrued had the loan matured? Since i assume contracts of shared ownership will be universal apart from sums owed, pfida would much favour itself if it made this Loan/share agreement public and thus remove all doubts.
Most of you never discuss the fitna people are facing as a result of not buying homes.
Muslims need to rent till they retire and then go homeless as their pensions will no longer pay the bloody rent! That’s the so called halal model! In the mean time their rents have paid someone else’s mortgage! Beautiful!
Muslims need to rent till they retire and then go homeless as their pensions will no longer pay the bloody rent! That’s the so called halal model! In the mean time their rents have paid someone else’s mortgage! Beautiful!
Pfida is great, problem is the waiting list. How are people prepared to wait almost 2-5 years. 😮
Not everyone who wants to buy has 60 to 80k depo ready. 3 to 5 year waiting list is not that long. Many who want to buy will take 3 to 5 years just to save up the deposit. Also while they say 5 years it won't the that long. I was told I can buy within 2.5 years of investing (but I then went on to take another 18 months)
Does the rental change every year or does it remain the same over the duration?
@OmarMadiwa your payment stays the same. For example this month it will be 1300 payment. From that rent will be 1000 and equity will be 300. Next month equity will be 302 and rent will be 998 (2 pound less from last month) this sliding scale carries on until you own it fully
@@anwarmiah6948 jazakallah
@ Do you finance council right to buy?