The Islamic Mortgages
During recent years there has been an unprecedented expansion in the range of commercial banking products labelled as “Shari`ah compliant” in many countries of the world.
Popular interest among Muslims in the Shari`ah of financial transactions has increased likewise, and in the United Kingdom the permissibility of so-called “Islamic mortgages” is among the most frequent topics of enquiry. We therefore thought it
appropriate to record here what we see as the main problems associated with this product class from the perspective of Shari`ah, knowing that many of our criticisms can be equally well applied to other types of product that are currently available from the Islamic banking sector. Scholars who have approved the main forms of Islamic mortgage will no doubt
disagree with some elements of our criticism. We mean them no harm, and remind the
reader that Allah has decreed the existence of differences among people, including
Muslims, as one of the tests by which Paradise may be attained.
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Source : Islamic-finance.com
