What is Islamic Mortgage or Halal Mortgage? Meaning, Definition, and Example

An Islamic mortgage, also known as a halal mortgage, is a home financing solution that complies with Sharia law principles, avoiding interest (riba) and unethical investments.

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Unlike conventional mortgages, which charge interest, halal mortgages are structured around ethical contracts, such as murabaha or ijara, where the bank either purchases the property and sells it to the customer at a marked-up price or leases it to the customer with an option to buy. Halal mortgages ensure that the financial transactions align with Islamic values, promoting fairness and transparency,

while also meeting the needs of Muslims who wish to avoid interest-based loans.

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