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 Wysłany: Pon 6:03, 23 Maj 2011 Temat postu: Cheap Tiffany Jewelry2Riba And Mortgages Part 2 |
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speak to bankers, both Islamic and conventional, and laymen, either genuine and cynical, and compile twenty-one of the most usually asked questions about riba and mortgages:
1. Arent Islamic home financiers simply changing labels, replacing interest with rent? Whats the difference between a conventional mortgage and an Islamic home financing?
Shariah-compliant Islamic banks, which naturally does not characterize always of them, use one of three fashions of home financing: 1) Diminishing Musharakah (too cried declining partnership alternatively declining equilibrium); 2) Ijarah; and, 3) Murabaha.
Very briefly, in a Diminishing Musharakah, the Islamic bank and the consumer buy the property jointly. The client shakes into the property and begins acquiring the banks equity in the property while disbursing rent in proportion to the banks remaining equity, with each successive rental payment diminishing to the extent of the banks reduction in its share of the property.
In an Ijarah, or Islamic lease, the bank, deeding as lessor [link widoczny dla zalogowanych], acquires a property and rents it out to the lessee client. Much after, as chapter of a detach approval, the bank attempts to sell the property to the client.
In a Murabaha, or cost-plus financing, the client selects a property and the bank acquires it. The bank adds its profit and sells the wealth to the client at an coincided upon amount above a deferred, normally installment, root. No alter from the shopkeeper who sells merchandise (not money) ashore credit. For the purposes of facilitating execution, it is permissible for the client to act as the banks agent [link widoczny dla zalogowanych], catered the hazard of ownership resulting from this agency character devolves back to the bank.
The key difference between a conventional mortgage and an Islamic home financing is that a conventional mortgage involves the loan of money on interest, whereas an Islamic home financing is strictly the exchange of an asset. Each of the above transactions involves an asset and tangible ownership by the bank. Ultimately, the bank must own some (Diminishing Musharakah) or all (Ijarah and Murabaha) of the asset for it to be Islamically attractive.
Exacting conditions narrated to timing [link widoczny dla zalogowanych], usufruct, and the appropriate allocation of potential discipline charges (to a appointed philanthropy), amid other things, govern these Islamic products. When things work bad, the truth of the Islamic bank having undertaken the liabilities related with asset ownership makes all the difference.
So meantime changing labels is, alas, true in the case of some Islamic banks, to make a blanket statement dooming the plenary Islamic banking industry as fraudulent is simply inaccurate. If only to acquire the reward for having attempted, 1 should probe a bit beyond into a banks dealings, at the very least, along asking a relied above orthodox scholar about the qualifications of the banks Shariah embark.
2. Isnt family ownership an momentous tread in establishing Muslim minorities in the West? Surely, namely ought make conventional mortgages permissible.
As a general Shariah conviction, avoiding impair takes precedence over seeking benefit.
Establishing Muslim communities is important, yet no by the class of the prerequisite of averting the enormity of dealing in interest. With Islamic home finance options readily accessible in most zones where great Muslim populations reside, there namely not absence to resort to conventional mortgaging to create communities of Muslim homeowners.
3. What about necessity (dharura)? Are there anybody locations in which accustomed mortgages are allowable?
In the words of the respected Damascene scholar Sheikh Muhammad Sa'id Ramadan al-Buti:
The necessity which allows usurious loans is the same necessity which allows eating the meat of a die beast, pig and the favor, in which case the one necessitated is exposed to perish from starve, nakedness or losing lodging. Such is the necessity, which makes such taboos allowable.11
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