Muslims, I know that paying interest is consider Haram (I think)....?

Answers:0   |   LastUpdateAt:2012-11-04 10:35:53  

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My friend is a Muslim and he doesn't deal in any situations where he would have to pay interest on something. He doesn't speak English too well, so I have a hard time asking him about it. The thing is, in Western countries one needs to use credit in order to build up their credit scores, to that they can get better rates on home and car loans.
I imagine Muslims would not involve themselves in any situations where they would need to pay interest, but I don't understand how they can do that. Homes and automobiles are very expensive purchases and it is very difficult to pay for them up front. I know there are some banks, like HSBC, that offer "Muslim loans", but those are not common and are a fairly recent creation in the Western world.

How do Muslims cope with buying a home for their families or buying a car if they aren't able to take out a non interest bearing loan?

I make a pretty decent salary and I have been saving now for 5 years so that I can buy my house without having to take out a loan. I am doing it for different reasons, though. When I was very young I got into a crapload of debt and I vowed that I would never owe anyone a dime for the rest of my life. And I try my best to stick to that the best I can.
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