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Can the Bank change the monthly rent payments I make?

Banks will charge rent based on the value of the property and the risk involved in the overall venture, however the rent will ultimately have to be competitive as otherwise the product becomes uncompetitive. Banks tend to offer rent of a similar amount, compared with payments which would have been recived under a conventional mortgage interest related product. The bank will review rent payments usually every six months or yearly, and take into account such factors as the interest rate prevailing at that point in time. It is usual for the tenant of the property to have the facility to make flexible payments, this is useful as payments can be made just prior to a rent review, thus allowing a lower rent payment proportion. It is important to understand that the process of benchmarking, which involves referring to a product that might use an interest rate (such as LIBOR plus a further profit margin) when determining the level of Rent charged, is not the same as charging interest under a loan. Scholars have permitted Muslim finance providers to refer to an interest rate benchmark for determining Rent provided that the benchmark is well known to everyone so that no dispute over the amount of Rent can arise in the future. If the characteristics of Ijara are present (e.g. the Bank owns the property and leases it to the customer) it does not matter that the Rent is calculated in this way.

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Sharia Mortgages Frequently Asked Questions

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