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What is the purpose of a sharia mortgage?

Muslim Mortgages are made specifically for those of you who practice the rules of Islam in the UK. Under Muslim law, a person should not earn or pay interest. In the UK all mortgages are based on the borrower receiving a lump sum to purchase the property, then paying back to the lender the capital with interest. This is not possible within the rules of Islam. To cater for this issue, the Muslim Scholars and the Banking world has got together to create products are in line with Islam. The solution which came back from these discussions was that a mortgage was acceptable where it involved the bank purchasing the property, the property would be rented to the Muslim buyer over an agreed length of time at an increased price.
The profit generated from the rent would be sufficient for the bank to make this commercially viable. Muslim mortgages must ensure that the money the banks use to buy the property comes from permissible clean sources, e.g. all money must be invested in purely ethical industries i.e. the company does not invest in businesses dealing with interest, tobacco, alcohol, pornography etc. Earning money is not contrary in Muslim principles, but it must be based on a model where gains and losses are shared equally with all parties. Payment of mortgage interest is seen as an uneven transaction where benefits are not shared equally and thus is not permissible. As religious interpretation is not an exact science, it is advised that each person should satisfy themselves that the products they select are inline with all the rules as they understand them.

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Sharia Mortgages Frequently Asked Questions

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