Under Islamic law, or sharia, Muslims are forbidden to pay or receive interest. The majority of mortgage products on the market have been shown to borrowers with a Muslim majority as these loans are based on interest.
As a result of the increasing demand from Muslim borrowers, lenders have in recent years has expanded its line of products compatible with Sharia mortgages. According to sharia law, two types of loans are available for potential homeowners: Ijara (lease to the owner) andMurabaha (deferred sale finance) loans.
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The Ijara loan
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With this method, the mortgage company would buy the home from the party, always the owner. The lender then leases the property in excess of 20 and 25 years with a monthly rent. The lease payments would be to consider all the costs of the provider.
Now the borrower would pay a Muslim now, instead of renting as "interest" to be treated. And the payments would vary with changes in interest rates.
TheLease also specify that the occupants are owned by the provider for a very small amount, usually £ 1 to buy, at the end of the lease.
The murabaha Loan
With the method murabaha, acquires ownership of the bank and sells mortgages to borrowers once a Muslim at a higher price.
The profit the lender makes from this transaction is essentially the equivalent of any interest in a fixed rate loan and all costsarose. The borrower purchased the property from the creditor before, which are then repaid to the lender in equal installments for a period, generally 15 to 20 years.
Islamic Mortgages
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