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Minggu, 22 Agustus 2010

Mortgage and loan alternative for British Muslims under the Islmaic Financial System

January 25, 2010

Two million Muslims in Britain face a moral dilemma if they want one or a mortgage loan. In traditional mortgage loans and all payments of interest and “interest as riba” required under Islamic law is called, the Quran is forbidden. British financial institutions rapidly “Muslims are masters of a number of alternative arrangements for financial needs through the teachings of the Koran that respect. There are only two of them:

Musharaka and Ijara. Musharaka and lease Ijara – mortgage alternative.

Musharaka and Ijara Leass one traditional British mortgage Musharaka an Islamic Ijara is optional and is adopted by several British banks and building societies.

Musharaka

In essence, Musharaka means partnership.The Islamic financial concept under the bank buys the house and legally becomes its owner. The period agreed, says 25 years, is a monthly payment. Payment is charged a monthly rent and buys the house for only a small proportion includes fees. Buyer owns the house with the ratio of variable form of shared equity scheme, is being paid is rapidly growing as is.Once final payment has been made, the house is owned outright.

Ijara

Here you say you want a bank or financial institution, for example a car, and they buy it. A monthly payment to cover the cost of capital of the bank in return, the bank, you use the property for an agreed period allows. In fact, it is a form of leasing

Islamic finance is not widely available in Britain – where it can get. Here are three suggestions:

The last few years Loyds TSB has introduced Islamic products through f their branches 33. Its spokesman said, it is necessary for our customers that we are following the right process”. We have a panel of four Islamic scholars who want to see more products. They give guidance to Islamic law and audit the products”.

Another high street bank, HSBC Amanah – Islamic products under the brand name is developing a special series. The Division home finance plan, home insurance, commercial finance, and includes various current accounts and pensions. , Amanah, Amanah product manager says Hussam Sultan, as a bank, “We’re not here to tell our customers that Amanah Finance moralise or our way, please. We are just here to provide them with an option are have. “

Islamic Bank of Britain, three branches in London, Birmingham and Leicester and Manchester, each of the two is. They only exclusively British Muslim bank claims are provided to customers and their mission is complete Halal. All financial products approved by their Sharia’a Supervisory Committee – all Muslim scholars are experts in all aspects of Islamic finance.

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