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Ahli United Bank Sharia - what are the Sharia mortgage criteria?

1. Murabaha (available through Ahli United Bank Ltd.)
In the case of home finance this is a contract of sale which is based on the sale of a property for a deferred price, which includes an agreed profit, added to the actual cost. Murabaha is the most common form of financing by Islamic banks in the Middle East. Although many ordinary Muslims see the murabaha transaction akin to interest-based loans; the murabaha is lawful by consensus of Muslim scholars. However certain conditions have to be met to make this transaction to be Islamically lawful. The murabaha sale of the property by the bank to the client must take place after the bank has purchased and is in possession of the property. Murabaha involves two separate transactions; the bank must first own a property then sell it to the client. The client (prospective buyer) selects the property he wishes to be financed by the bank. The bank purchases the property and sells it to the buyer with a profit mark-up. The buyer pays this amount to the bank in form of monthly payments over a fixed period of time. The ownership of the property is transferred after all the capital borrowed has been paid off. Such a scheme is currently being offered by the Ahli United Bank Ltd. (UK), Manzil Home Purchase Plans, For its murabaha scheme Ahli United Bank requires a deposit of 17- 25% depending on the value of the property and residential status of the applicant. Currently the payment term is a minimum of 5 years and a maximum of 15 years

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Sharia Mortgages Frequently Asked Questions

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