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Tag: SHARIA
SHARIA
Sharia law mortgages: Ijara method explained
The Ijara method is a Sharia-compliant way to finance home purchases for Muslims who wish to adhere to Islamic law, which prohibits paying or receiving interest (riba). Here’s an overview of how the Ijara method works in the context of Sharia law mortgages in the UK: Ijara Method Explained: Steps in the Ijara Process: Key… Read more
Sharia mortgages: the Murabaha method
The Murabaha method is a common structure used in Sharia-compliant mortgages, which adhere to Islamic law (Sharia). Sharia prohibits the payment or receipt of interest (riba), so conventional mortgages are not permissible. Instead, Islamic financing uses structures like Murabaha to facilitate home ownership while complying with religious principles. Here’s how the Murabaha method works in… Read more
Sharia-compliant home purchase plans explained
Sharia-compliant home purchase plans, also known as Islamic mortgages or Halal mortgages, are financial products designed for Muslims who wish to purchase property in accordance with Islamic law (Sharia). These plans differ from conventional mortgages in terms of structure and principles, aligning with Islamic finance principles that prohibit interest (riba) and encourage risk-sharing and ethical… Read more