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Housing Financing in Islamic Law A Study of some products for Housing Financing and applicable to Islamic Law

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Introduction The aim of study Importance of the study The concept of housing finance The aim of study To overview the forms of housing finance which are offered ... – PowerPoint PPT presentation

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Title: Housing Financing in Islamic Law A Study of some products for Housing Financing and applicable to Islamic Law


1
Housing Financing in Islamic LawA Study of some
products for Housing Financing and applicable to
Islamic Law
  • Dr. Salah Fahd Al-ShalhoobAssistant
    ProfessorDepartment of Islamic and Arabic
    Studies King Fahd University of Petroleum and
    Minerals writer in Aleqtisadia Newspaper
    E-mail sshalhoob_at_hotmail.com

2
Introduction
  • The aim of study
  • Importance of the study
  • The concept of housing finance

3
The aim of study
  • To overview the forms of housing finance which
    are offered the financial institutions as forms
    which applicable to the principles of Islamic law

4
Importance of the study
  • The Muslims needs of a place to live
  • Many people today can not afford buying houses by
    cash
  • Find out a way to finance Muslims without being
    involved in a conventional mortgage

5
The concept of housing finance
  • Housing finance is considered as contracts
    provided by the financial institutions for the
    purpose of personal finance to buy properties.
    There are many contracts have been discussed
    under the concepts of Islamic finance, such as
    mark up (al-murabaha), partnership
    (al-musharaka), al-istisna and leasing
    (al-ijara). And we can derive from the contracts
    some products to finance people to get properties
    under the concept of Islamic law.

6
Forms of housing finance
  • Deferred Sales (bay al-muajal)
  • Mark-up (al-murabaha)
  • Diminution partnership (al-musharaka
    al-mutanaqisa)
  • Commission to manufacturing (al-istisna)
  • Leasing ending with ownership (al-ijar al-muntahi
    bi al-tamlik)

7
Deferred Sales (bay al-muajal)
  • Sales divisions in terms of time of payment
  • Ordinary
  • Forward
  • Deferred
  • Ruling of deferred sales
  • Scholars views in increasing the price due to
    deferment

8
Sales divisions in terms of time of payment
  • Ordinary sales
  • Forward sales
  • Deferred sales

9
Ordinary sales
10
Forward sales
11
Deferred sales
12
Ruling of deferred sales
  • The general permission of sales
  • The prophet practiced it

13
Scholars views in increasing the price due to
deferment
  • The majority say it is permissible
  • The minority say it is prohibited

14
Mark-up (al-murabaha)
  • Definition of mark-up
  • Simple form of mark-up
  • Mark-up the orderer of the purchase

15
Diminution partnership (al-musharaka
al-mutanaqisa)
16
Commission to manufacturing (al-istisna)
  • The concept of commission to manufacturing
    (al-istisna)
  • al-istisna wa al-istisna al-muwazi

17
The concept of commission to manufacturing
(al-istisna)
18
al-istisna wa al-istisna al-muwazi
19
Leasing ending with ownership (al-ijar al-muntahi
bi al-tamlik)
  • Concept of Leasing ending with ownership (al-ijar
    al-muntahi bi al-tamlik)
  • Categories of Leasing ending with ownership
    (al-ijar al-muntahi bi al-tamlik)
  • Ruling leasing ending with ownership (al-ijar
    al-muntahi bi al-tamlik)

20
Categories of Leasing ending with ownership
  • leasing ending with ownership by way of gift
    (hiba)
  • leasing ending with ownership through transfer of
    title at the end of the lease for a token
    consideration or at a nominal price
  • leasing ending with the ownership through sale
    prior the end of the lease term for a price that
    is equivalent to the remaining leasing (al-ijara)
    instalment

21
Ruling leasing ending with ownership
  • The contract under the concept of two
    transactions combined in one.
  • The difference between al-muntahi bi al-tamlik
    and al-wad bi- al-tamlik.
  • Scholars view in leasing ending with ownership.

22
Thanks for you for Al-eqtisadia Newspaper for
the sponsorship
  • ??????? ????? ????? ???? ???????
  • Dr. Salah Al-Shalhoob
  • sshalhoob_at_hotmail.com
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