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03 Dec 2024
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Home-buying

A Deep Dive into Pfida’s Shariah-Compliant Home Finance with Sheikh Asim Khan

In our newest podcast episode, we take an in-depth journey into the world of shariah-compliant home finance with a conversation led by Sheikh Asim Khan. Known for his expertise in Islamic studies, and his roles as a respected community leader, ...
Clock icon 4 min read
By Kaynat C.
Wooden house being gifted between two people | A Deep Dive into Pfida's Shariah-Compliant Home Finance with Sheikh Asim Khan

In our newest podcast episode, we take an in-depth journey into the world of shariah-compliant home finance with a conversation led by Sheikh Asim Khan. Known for his expertise in Islamic studies, and his roles as a respected community leader, former Imam at Redbridge Islamic Centre, instructor at the Sabeel Institute, and presenter on Eman Channel, Sheikh Asim brings a wealth of knowledge to this important discussion.

He sits down with Pfida founders Raza Ullah, CEO, and Sheikh Salman Hasan, Head of Shariah and Chief Legal Officer, to explore how Pfida was built from the ground up to serve the community’s need for halal homeownership. Raza and Salman explain how their vision for Pfida revolves around creating a finance system that’s not just an adaptation of traditional mortgage models but rather one that is fundamentally designed with Islamic values at its core.

Founders’ vision and values

The episode delves into the journey of Pfida, highlighting the personal drive and passion behind its creation. Raza and Sheikh Salman discuss the obstacles they faced and the dedication required to create a finance product that is genuinely in line with Islamic principles – avoiding debt, interest, and ensuring equity and fairness at every step.

Sheikh Salman explains the detailed considerations taken to align Pfida’s offerings with shariah law, and how they worked tirelessly to develop an ethical home finance model that ensures there is no element of riba (interest). This kind of rigorous commitment is what sets Pfida apart, offering customers an alternative that’s rooted in trust and shared value.

A young Muslim couple and their child dressed in white on the beach | A Deep Dive into Pfida's Shariah-Compliant Home Finance with Sheikh Asim Khan

Exploring Pfida’s unique approach

Throughout the conversation, the team breaks down the specific aspects of Pfida’s home finance product that make it so unique:

  • Debt-free structure: Unlike conventional mortgages, Pfida’s model ensures that customers are not burdened with interest-bearing loans. Instead, it’s a collaborative partnership where the ownership grows over time, without incurring debt.
  • Risk sharing and community focus: One of the core tenets of Pfida’s approach is risk-sharing, which aligns with Islamic financial principles. This method not only makes homeownership more accessible but also reinforces a community-focused financial ecosystem where each party’s interests are aligned.
  • Transparency and ethical finance: Both Raza and Sheikh Salman emphasise the importance of transparency, not only in the contractual agreements but also in the communication of terms, making sure that customers understand the process clearly and feel confident in their journey to owning a home.

Why this discussion is vital for Muslim homebuyers

For Muslim families in the UK, the path to owning a home that aligns with their values can be fraught with difficulties. Traditional mortgage options often come with riba (interest) and other aspects that go against shariah law. This podcast provides a valuable resource for those who are seeking an alternative; a financial product that respects Islamic beliefs and offers a clear route to homeownership without compromising on ethics.

Pfida’s innovative approach to shariah-compliant home finance is reshaping the landscape and offering a genuinely halal option for Muslim families. In this video, listeners will gain insights not only into the financial product but also into the passion and commitment behind Pfida’s mission to bring fairness, transparency, and accessibility to the home buying process.

Three female friends laughing and having fun whilst laying on the ground | A Deep Dive into Pfida's Shariah-Compliant Home Finance with Sheikh Asim Khan

Tune in to gain invaluable insights

We encourage you to watch the full discussion to understand how Pfida is making a difference. Sheikh Asim Khan’s thoughtful questions and the candid responses from Raza and Sheikh Salman create a narrative that’s both informative and inspiring. Whether you are actively seeking halal home finance or simply want to understand how Islamic finance principles are being practically applied in today’s market, this session is not to be missed.

🎥 Watch the full podcast below to explore how Pfida is paving the way for ethical homeownership solutions: