An Islamic bank is preparing to launch home finance product for its customers
Fatawa Question
An Islamic bank is preparing to launch home finance product for its customers. The product is based on Ijarah Muntahiya Bittamlik (financial lease), through which the bank will purchase the property from the market and lease it to the customer. The customer will pay the amount of investment made by the bank on purchasing the property along with the return on that investment in the form of rental. In order to mitigate the risks associated with the product, Shariah guidance is sought by the bank to know what action, that is permissible in Shariah, an Islamic bank can take in case the customer stops paying rental.
Fatwa
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Publisher
Publication Date
2014-09-24
Country of Publication
Malaysia
Main Subjects
Economics & Business Administration
Islamic Studies
Data Type
Fatawa
Language
English
Record ID
BIM-783182
American Psychological Association (APA)
Hassan, Husayn Hamid. 2014-09-24. An Islamic bank is preparing to launch home finance product for its customers. . Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-783182
Modern Language Association (MLA)
Hassan, Husayn Hamid. An Islamic bank is preparing to launch home finance product for its customers. Kuala Lumpur Malaysia : Islamic Finance News. 2014-09-24.
https://search.emarefa.net/detail/BIM-783182
American Medical Association (AMA)
Hassan, Husayn Hamid. 2014-09-24. An Islamic bank is preparing to launch home finance product for its customers. Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-783182
