Islamic mortgages are Sharia compliant alternatives to a conventional mortgage. The finance is provided complying with principles that encourage fairness and ensure financial affairs are conducted responsibly and ethically.
With a Sharia compliant Islamic mortgage, you purchase the property with the bank/lender through a Home Purchase Plan. These plans encourage the sharing of risk and reward, entailing a partnership between the bank and the customer, who purchase the property together. The customer will then pay the bank rent on the share of the property they do not yet own, as well as a monthly acquisition payment. With every monthly repayment the customer acquires an increasing portion of the home until they ultimately become the owner of 100% of the property.
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