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Islamic banking

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webcrest View Drop Down
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Joined: 07 November 2016
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Post Options Post Options   Thanks (0) Thanks(0)   Quote webcrest Quote  Post ReplyReply Direct Link To This Post Posted: 07 November 2016 at 1:46am
I am thinking to buy a house by Islamic Banking. Discussion with different Islamic school of thoughts made me more confused. Can anyone guide me in better way?
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Ceo3 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ceo3 Quote  Post ReplyReply Direct Link To This Post Posted: 07 November 2016 at 9:28pm
True that there is no agreement on home financing with Islamic Banks whether it is truly shariah compliant. What Islamic Banks offer is they purchase home along with buyer and over the lifetime of agreement the buyer pays rent and buys over the banks share to eventually become sole owner. They add a profit which is included in the loan.

While i dont believe this to be the best product they can offer, i do think it is better than pure interest based home finance. You could also rent thereby avoiding all this.

However should you proceed make sure your property in good location so value increase, try to give a bigger deposit and what the total is that you paying the bank over the loan period.

All the best Insha Allah
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Post Options Post Options   Thanks (0) Thanks(0)   Quote onlinequran5 Quote  Post ReplyReply Direct Link To This Post Posted: 09 October 2017 at 5:52am
I heard from many bankers that the Islamic banks also offer interest base loan and investment.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ZAHRA1234 Quote  Post ReplyReply Direct Link To This Post Posted: 07 December 2018 at 12:51am
http://www.forumpakistan.com.pk/islam-forum-f49.html
http://www.siyasat.pk/islamic-section-f12.html
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