Consumer Corner
What are halal mortgages?
Shariq Siddiqui, Indiana University
The growth of “halal mortgages” over the past 20 years has expanded financial access to homeownership for many Muslims. Halal mortgages provide interest-free loans in keeping with Islamic beliefs.
These mortgages are available in over 80 countries that have a significant Muslim population, such as Saudi Arabia, Iran, Malaysia, United Arab Emirates, Kuwait, Qatar, Turkey, Bahrain, Indonesia and Pakistan, where they account for the vast majority of the global US$3.9 trillion Islamic finance economy.
Access to halal mortgages has been growing in the United States. Until 1997, no financial institution was willing to offer halal mortgages, but in 2024, over 25 banks had made them available.
The Conversation asked Shariq Siddiqui, assistant professor and director of the Muslim Philanthropy Initiative at Indiana University, to explain halal mortgages.
What are halal mortgages?
Halal mortgages are a tool of Islamic finance and offer an equitable way to gain homeownership. They emphasize risk-sharing and mutual cooperation with the aim of checking unfair exploitation and wealth accumulation in the hands of a few. In such a system, money is a means of exchange rather than a commodity that generates profit.
What are the religious roots of Islamic finance?
The Muslim holy book, the Quran, and the sayings of the Prophet Muhammad, the Sunnah, prohibit riba, (interest), maisir (speculation) and gharar (uncertainty or uneven risk).
For example, the Quran says, “O you who believe, do not eat up the amounts acquired through ribā (interest), doubled and multiplied. Fear Allah, so that you may be successful.”
Over time, Muslims have sought to develop systems that adhere to these rules. These include bonds that do not receive interest but are based on profit-sharing; socially responsible mutual funds that comply with ethical rules; and insurance that provide protection through a communal fund.
Since World War II, however, monetary policies in the global financial market are largely based upon interest.
How does Islamic financing work in modern context?
In the modern context, Muslims use contract law for economic activity and offer home mortgages without interest. For example, as an attorney, I would develop mortgage contracts that would allow buyers and sellers to transact without interest. This “mortgage” contract would be recorded with the county.
Traditionally, there are three kinds of halal mortgages. In the first, known as ijara, the bank purchases the property and leases it to the homeowner; the homeowner pays rent, principal payments and bank charges; the buyer’s share in the home remains the same until the entire loan is paid off.
Diminishing musharaka is another type of joint ownership plan between the bank and the buyer. The buyer makes principal monthly payments and pays bank charges rather than interest. With each principal payment, the ownership of the buyer increases and the bank’s ownership decreases.
In the third type, murabaha, the bank purchases the home and resells it immediately to the buyer at a higher price – termed as profit. The buyer typically pays a 20% down payment. Thereafter, the buyer makes fixed interest-free payments until the loan is paid off.
What is the availability of halal mortgages in the US?
In 2001 and 2003, respectively, Freddie Mac and Fannie Mae started buying Islamic mortgage products to provide extra liquidity in the U.S. Islamic finance market. These government-backed housing giants work under the conservatorship of the Federal Housing Finance Agency and are one of the principal means of bolstering homeownership in the United States.
These mortgage buyers have grown to become the main investors in Islamic mortgages. For example, Freddie Mac has invested in Guidance Residential, one of the largest halal mortgage companies in the U.S.
What are the advantages?
These systems ensure that there is mutual risk-taking between the bank and the homebuyer. For example, should the homebuyer be unable to keep up payments, their prior principal payments are protected and not consumed by the interest. Furthermore, if the home loses value, both homebuyer and bank proportionally lose out on the principal value of the home.
They require greater transparency on costs, fees and responsibilities; both parties are required to work together and fulfill their obligations.
This reduces the risk of failures like the subprime lending crisis, when banks overvalued homes and financed mortgages that buyers could not afford, leading to a global recession in 2008.
What are the downsides?
Halal mortgages are more expensive and more difficult to enter into, as they require a down payment of at least 20%. Furthermore, they are not available in every state in the United States.
Additionally, many Muslims are unwilling to deposit their money in banks, if those banks are required to pay interest or earn part of their revenue based upon interest.
Shariq Siddiqui, Assistant Professor & Director of the Muslim Philanthropy Initiative, Indiana University
This article is republished from The Conversation under a Creative Commons license. Read the original article.
Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!
home improvement
Why ‘Waiting Until It Breaks’ Can Be an Expensive HVAC Strategy
For many homeowners, heating and cooling systems fall into the “out of sight, out of mind” category. However, even if the air is flowing and the temperature feels right, taking an “if it’s still running, it’s still fine” approach to your HVAC system today can lead to higher repair bills, rising energy costs, uncomfortable downtime and rushed replacement decisions tomorrow.
(Feature Impact) For many homeowners, heating and cooling systems fall into the “out of sight, out of mind” category. However, even if the air is flowing and the temperature feels right, taking an “if it’s still running, it’s still fine” approach to your HVAC system today can lead to higher repair bills, rising energy costs, uncomfortable downtime and rushed replacement decisions tomorrow.
While it may seem cost-effective in the short-term, the experts at Mitsubishi Electric Trane HVAC US (METUS) suggest proactive maintenance and planned upgrades as the smarter financial move in many cases.
The Hidden Costs of Waiting
HVAC systems rarely fail without warning. Instead, they decline gradually, becoming less efficient and more prone to breakdowns over time. They commonly fail during extreme summer heat or winter cold when demand is highest. A broken air conditioner during the peak of summer doesn’t just create discomfort; it often comes with longer service wait times and higher emergency repair costs, while also leaving you with less time to compare equipment options, take advantage of rebates or make a convenient installation appointment.
Small issues – like a dirty filter restricting airflow or worn components adding stress to other parts of the system – can also snowball into bigger, more expensive repairs. Similarly, inefficient systems, especially older or poorly maintained ones, can drive up monthly energy costs, using more energy and putting additional stress on the components to maintain the same comfort level.
Signs Your HVAC System Needs Attention
Even if your HVAC system hasn’t broken down, it may already be showing signs of trouble. Consider these warning signs that your HVAC system may be due for replacement:
- Rooms heating and cooling unevenly
- Rising utility bills with no clear cause
- Strange noises or unusual odors
- Weak airflow or reduced comfort
- Frequent service calls
- System age approaching 10-15 years or older
The Value of Preventive Maintenance
Routine maintenance can help catch small issues early before they become costly repairs while extending system lifespan and maintaining performance. Regularly replacing or cleaning filters helps maintain airflow and efficiency while keeping vents clear and outdoor units free of debris ensures your system can operate at its best. Professional seasonal tune-ups can also help catch small issues early and extend the lifespan of your equipment.
How Planning Ahead Can Pay Off
Replacing an aging HVAC system before it fails gives homeowners an invaluable asset: time. Instead of making a rushed decision in extreme temperatures, you can make thoughtful decisions based on comfort goals, budget and home needs. It also allows for evaluating newer technologies that can improve everyday comfort and lower operating costs. Today’s systems offer features that weren’t available a decade ago, allowing for customization of indoor environments that was once out of reach.
Benefits of Modern HVAC Upgrades
Upgrading your system isn’t just about avoiding breakdowns – it’s about enhancing your everyday comfort and improving efficiency and control. Modern HVAC solutions, like Zoned Comfort Solutions from Mitsubishi Electric, allow for personalized temperatures in different rooms or areas of the home. Using energy-efficient heat pump technology, they provide heating and cooling in one efficient system for better temperature consistency and control in every season.
Newer systems – both ducted and ductless – tend to run more quietly and offer flexible installation. They can be used with existing ductwork or installed in homes without it, making them a strong option for room additions, garages, sunrooms or spaces that are traditionally difficult to heat or cool.
Long-Term Benefits of Upgrading
When you shift to proactive HVAC maintenance, the benefits can add up and you can gain confidence your home is prepared, regardless of what the seasons have to offer. Upgrading your system ahead of a total failure reduces the risk of unexpected breakdowns, lowers energy costs and provides more consistent comfort throughout the year. There’s also the added bonus of increasing your home’s appeal and value for future buyers.
While waiting until it breaks might feel like the easy choice, it may also be the most expensive one. Visit mitsubishicomfort.com to explore your options and learn more.
SOURCE:
Mitsubishi Electric Trane HVAC US
Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!
Last Updated on May 13, 2026 by Daily News Staff
A Healthier, Greener Home: Eco-Friendly Cleaning Hacks
(Feature Impact) Keeping your home clean doesn’t have to mean filling your cabinets with harsh chemicals or single-use cleaning products. In fact, some of the most effective solutions may already be in your pantry.
By swapping a few everyday products for simple, eco-friendly solutions, you can clean effectively, save money and make your home a little greener. If you’re looking to reduce waste, cut back on toxins and simplify your cleaning routine, natural ingredients like vinegar, baking soda and lemon can deliver results while also being safer for your home – and the environment.
Make Your Own All-Purpose Cleaner
Instead of buying multiple cleaners for different surfaces, try a DIY solution that works in many areas of the home. In a spray bottle, combine 1 cup white vinegar, 1 cup water and 10 drops of the essential oil of your choice – such as lemon, lavender or tea tree – then use it on countertops, sinks, glass and other surfaces to curb grease and grime. Avoid using vinegar-based cleaners on natural stone like granite or marble, however, as its acidity can cause damage.
Let Baking Soda Do the Scrubbing
One of the most versatile eco-friendly cleaners around, baking soda acts as a gentle abrasive that helps lift stains without scratching surfaces. Simply sprinkle baking soda onto sinks, bathtubs, cookware, stovetops or tile grout then scrub with a damp sponge or cloth for a sparkling clean finish.
Freshen Carpets Naturally
Carpets and rugs can trap odors, but a DIY deodorizer made of 1 cup baking soda and 10-15 drops of the essential oil of your choice can replace chemical sprays and keep floor surfaces smelling fresh. Just sprinkle across the carpet, let sit for 15-20 minutes then vacuum.
Use Lemon to Cut Grease and Stains
Lemon juice is a powerful natural cleaner due to its acidity and antibacterial properties. It can leave behind a fresh scent when used to clean cutting boards, remove soap scum and water spots or deodorize garbage disposals. For stubborn grime, mix lemon juice with baking soda to create a paste that can tackle tough surface stains.
Naturally Deodorize Drains
If your kitchen sink smells unpleasant, skip the harsh chemical drain cleaners. Pour 1/2 cup baking soda down the drain then add 1/2 cup white vinegar. Let the mixture fizz a few minutes then flush with hot water to help loosen buildup while neutralizing odors.
Polish Stainless Steel with Pantry Staples
Remove grimy fingerprints and give stainless steel appliances a streak-free shine with a simple mixture of 1 tablespoon white vinegar and 1 tablespoon olive oil.
Find more DIY, eco-friendly cleaning tips and tricks at eLivingtoday.com.
Photo courtesy of Shutterstock
SOURCE:
Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.
Consumer Corner
Frustration at the Pump: Why Americans are Exploring Electric Vehicles
Exploring Electric Vehicles: For more than one-third of Americans, one simple number is leading them to research electric vehicles: the final tally at a recent gas station fill-up. The pump is no longer just the close of a sale; for a growing number of drivers, it’s where questions begin.
Frustration at the Pump: Why Americans are Exploring Electric Vehicles
(Feature Impact) For more than one-third of Americans, one simple number is leading them to research electric vehicles: the final tally at a recent gas station fill-up.
This, according to new research from Hyundai Motor America, isn’t a hypothetical situation. In fact, 23% of respondents reported it’s happened to them more than once. For nearly half of Americans, pulling up to the pump now brings frustration or outright dread.
Many drivers have a number in mind where the math begins shifting, and once the shift happens, it rarely goes away. The pump is no longer just the close of a sale; for a growing number of drivers, it’s where questions begin.
For 23% of those surveyed, $5 per gallon is where they would start considering alternatives to a gas-powered vehicle. While some say they wouldn’t consider alternatives based on gas costs at all, this meaningful share of Americans points toward a specific tipping point.
Some begin by comparing models or brands while others find themselves on an automaker’s website, further along in the process than they initially expected to be. Most don’t act on this impulse right away, but drivers are increasingly caught somewhere between curious and committed – and 46% of those surveyed said they’d be likely to seriously research an EV.
The desire to leave the pump behind, which an EV would allow for, is a deal nearly half of respondents said they would take. However, the transition isn’t frictionless as charging access and range anxiety remain the top concerns for 28% of potential buyers.
While the move toward electric vehicles is often framed as a long-term decision made with spreadsheets and financial planning, for many Americans, it’s beginning somewhere smaller: a routine fuel stop and an eye-opening receipt.
If you’ve found yourself dismayed at the pump, find more information on electric vehicles at HyundaiUSA.com.
Photo courtesy of Shutterstock
eSOURCE:
Hyundai
Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!
