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The mortgage market has evolved over a number of years and adapted to cater for the demanding requirements of peoples needs.According to islam, making money from money is usury and is not permitted. This includes receiving or paying interest.This creates an obvious problem for a muslim who wishes to own his own property. Buying outright with cash will not be an option open to the vast majority and a traditional interest based mortgage loan cannot be obtained with compromising his religious beliefs. Islamic mortgages were introduced to combat this problem and provide a method of obtaining finance from a lending institution without paying interest. Whilst the the main purpose of this method of borrowing is to allow muslims to maintain their beliefs while leading normal lives when living in non-Islamic countries.it has other advantages which have nothing to do with religion. |
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