n the complex world of home financing, Sharia compliant mortgages offer a distinct option that aligns with Islamic legal principles, primarily avoiding interest, which is considered usury under Sharia law. Unlike traditional mortgages that are based on paying interest over the loan amount, Sharia compliant mortgages work on different financial models such as profit-sharing, leasing, and joint ownership. While these models provide a morally and legally permissible way to finance a home for observ...
Introduction to Halal Mortgages
As families seek alternative financial solutions that align with their ethical and religious beliefs, halal mortgages have gained prominence as a viable option. Distinguished by their adherence to Islamic law, which prohibits interest, halal mortgages promise a form of financing that avoids 'riba' (usury). Instead of traditional interest payments, these mortgages typically involve the bank buying the property and selling it back to the buyer at a profit, structure...
