 Sam
Site Admin
Joined: 21 May 2005
Posts: 286
Location: CALIFORNIA
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 Posted: Thu Jun 03, 2004 12:43 am Post subject: Islamic Mortgage |
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Islamic Mortgage is an innovative financial product. It is against the Islamic law to pay or receive interest, so this type of mortgage allows the Muslims to take out a mortgage, which is compatible with their faith.
Benefits of Islamic Mortgage are as following:- Here the financial institution buys the property, and then allow the borrower to repay the capital over a fixed term, while charging only the rent from the borrower.
- Islamic Mortgage follows the simple principle of interest removal from mortgage payments.
- Here the monthly repayments thus revolve around paying capital and rent, rather than capital and interest.
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