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Mr Z is the owner of 80 % of a real estate property, along with Mr Y who owns 20 % of the same property. Mr Z is willing to acquire the full share of Mr Y and become the 100 % owner of the property
Fatawa Question
Mr Z is the owner of 80 % of a real estate property, along with Mr Y who owns 20 % of the same property. Mr Z is willing to acquire the full share of Mr Y and become the 100% owner of the property. Mr. Y is willing to sell his part of the ownership to Mr Z at the current market price. Mr Z requires finance from an Islamic bank to be able to achieve his objective. Can the Islamic bank provide Shariah compliant financing to Mr Z for this purpose ? If so, what could be the mode of such financing ? It is important to note that the property is already mortgaged to the bank against a financing facility earlier extended by the bank to Mr Z who paid a 25 % down payment at the time of acquiring his 80% share of the property three years ago when he acquired the bank’s finance for the balance amount . He has so far been regular in his payment of the Murabahah installments in the five-year Murabahah tenor and shall settle the additional finance in the remaining two years along with the current Murabahah.
Fatwa
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Publisher
Publication Date
2013-04-17
Country of Publication
Malaysia
Main Subjects
Economics & Business Administration
Islamic Studies
Data Type
Fatawa
Language
English
Record ID
BIM-784624
American Psychological Association (APA)
Hassan, Husayn Hamid. 2013-04-17. Mr Z is the owner of 80 % of a real estate property, along with Mr Y who owns 20 % of the same property. Mr Z is willing to acquire the full share of Mr Y and become the 100 % owner of the property. . Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-784624
Modern Language Association (MLA)
Hassan, Husayn Hamid. Mr Z is the owner of 80 % of a real estate property, along with Mr Y who owns 20 % of the same property. Mr Z is willing to acquire the full share of Mr Y and become the 100 % owner of the property. Kuala Lumpur Malaysia : Islamic Finance News. 2013-04-17.
https://search.emarefa.net/detail/BIM-784624
American Medical Association (AMA)
Hassan, Husayn Hamid. 2013-04-17. Mr Z is the owner of 80 % of a real estate property, along with Mr Y who owns 20 % of the same property. Mr Z is willing to acquire the full share of Mr Y and become the 100 % owner of the property. Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-784624