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Housing Financing in Islamic Law A Study of some products for Housing Financing and applicable to Islamic Law Dr. Salah Fahd Al-Shalhoob Assistant Professor Department of Islamic and Arabic Studies King Fahd University of Petroleum and Minerals & writer in Aleqtisadia Newspaper E-mail: [email protected]

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Housing Financing in Islamic Law A Study of some products for Housing Financing and applicable to Islamic Law. - PowerPoint PPT Presentation

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Page 1: Introduction

Housing Financing in Islamic Law

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

Dr. Salah Fahd Al-ShalhoobAssistant Professor

Department of Islamic and Arabic Studies King Fahd University of Petroleum and Minerals

& writer in Aleqtisadia Newspaper E-mail: [email protected]

Page 2: Introduction

Introduction

The aim of study Importance of the study The concept of housing finance

Page 3: Introduction

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

Page 4: Introduction

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

Page 5: Introduction

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.

Page 6: Introduction

Forms of housing finance

Deferred Sales (bay’ al-mu’ajal) 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)

Page 7: Introduction

Deferred Sales (bay’ al-mu’ajal)

Sales divisions in terms of time of payment Ordinary Forward Deferred

Ruling of deferred sales Scholars views in increasing the price due

to deferment

Page 8: Introduction

Sales divisions in terms of time of payment

Ordinary sales

Forward sales

Deferred sales

Page 9: Introduction

Ordinary sales

Subject matter Price

Payment now

Delivery now

Page 10: Introduction

Forward sales

Subject matter Price

Payment now

Delivery later

Page 11: Introduction

Deferred sales

Subject matter Price

Payment later

Delivery now

Page 12: Introduction

Ruling of deferred sales

The general permission of sales

The prophet practiced it

Page 13: Introduction

Scholars views in increasing the price due to deferment

The majority say it is permissible

The minority say it is prohibited

Page 14: Introduction

Mark-up (al-murabaha)

Definition of mark-up

Simple form of mark-up

Mark-up the orderer of the purchase

Page 15: Introduction

Diminution partnership (al-musharaka al-mutanaqisa)

Bank + Client

Bank %90 Client %10

Bank %0 Client %100

Page 16: Introduction

Commission to manufacturing (al-istisna’)

The concept of commission to manufacturing (al-istisna’)

al-istisna‘ wa al-istisna‘ al-muwazi

Page 17: Introduction

The concept of commission to manufacturing (al-istisna’)

client

Pay by delivery

Deliver latermanufacturer

Page 18: Introduction

al-istisna‘ wa al-istisna‘ al-muwazi

Bank

pays by delivery

Del. when finishcontractor Client

Del. When rec.

Deferred payment

Page 19: Introduction

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)

Page 20: Introduction

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

Page 21: Introduction

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-wa’d bi- al-tamlik.

Scholars view in leasing ending with ownership.

Page 22: Introduction

Thanks for you & for Al-eqtisadia Newspaper

for the sponsorship

وبركاته الله ورحمة عليكم والسالمDr. Salah Al-Shalhoob

[email protected]


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