Two million Muslims in Britain an ethical dilemma when they want a mortgage or a loan. Mortgages and all loans require payments of interest and "riba" as interest is called by Islamic law prohibited by the Koran.
British financial institutions catering to the growing needs of Muslim scholars through a series of alternatives, in accordance with the teachings of the Koran. Here are just two of them:
Ijara withReduce Musharaka - the alternative loans.
Ijara with a reduction of the Islamic Musharaka is an alternative to a traditional mortgage in the United Kingdom and has been adopted by several British banks and building societies.
In essence, Musharaka means partnership. This term Islamic finance, the bank buys the house and is the rightful owner. Then done in the pre-agreement period, say 25 years, the monthly payment was. Each payment includes a monthly rental fee andto a small part of the house itself earns. This form of exchange of program variables for using the equity part of the house was by the buyer, which are always the same proportion as property payments. After the last payment was made, the house has taken possession. Ijara
Here you can the bank or financial institution that you can say, for example, a car, and they buy it. In return for a monthly fee to cover the cost of capital of the bank, the bank can then use the advantage foragreed period. In fact, this is a form of leasing
Islamic finance is not generally available in the UK - yes, where are they? Here are three suggestions:
In recent years, Lloyds TSB Islamic products to 33 of its branches established. Their spokesman said: "It is important that our customers see that we are following the procedures of the law. We have a group of four Islamic scholars who over-see the products. They offer guidance on Islamic law and auditProducts.
Another bank in the High Street, HSBC, is to develop a range of specialty products under the brand Amanah Islamic. This area includes the financing plans for the house, insurance, trade finance, and various current accounts and pensions. Hussam Sultan, the Amanah product manager says: "As a bank, are not here to moralize or tell our customers that Amanah Finance is the way to please God. We are only here to give them a choice."
Islamic BankBritain has three branches in London, two in Birmingham and one each in Leicester and Manchester. They are the only British bank specifically for Muslim customers and claim to be halal in all its activities. All financial products are distinguished by their Sharia Supervisory Board approved - all Muslim scholars who are experts in all areas of Islamic finance.
For your interest, we will show below, definitions of terms commonly used in the IslamicFinance.
A glossary of selected terms used in Islamic finance.
Amanah: Means of reliability, with the attendant issues of fidelity and honesty. Since the addition of a central role Amanah also describes a case where a party considers another fund or trust property. Thus, understanding the most common and the application of the term, with a long history of use in Islamic commercial law. It can also be used to describe the various financial assets such asDeposit taking, custody or outbound shipments.
Refers to Arbun a deposit. This is a non-refundable deposit to the seller paid by the buyer after agreeing a sale contract with a company that the contract be carried out over an agreed period.
Gharar: It means uncertainty. This is one of three fundamental prohibitions of Islamic finance (the others are Riba and Mays). Gharar is a complex concept that some types of uncertainty orEmergency contract. The ban gharar is often used as a basis for the criticism of traditional practices such as speculation in financial derivatives and contracts of sale.
Islamic financial services / banking Islam / Islamic finance: The benefits of financial resources that meet the specific needs of Islamic law of Sharia. Although, with those of certain non-Muslim religious meeting issues, Islamic finance is not limited to Muslims. Both customers and service --Suppliers can non-Muslims and Muslims.
Ijara, a leasing contract for Islam. Ijarah permits the financial institution a profit by collecting rents, rather than borrow money and interest is preserved. Ijarah concept to the rental and purchase agreements iqtinah through expanded Ijarah wa.
Mays: The funds of the Games. This is another of the three fundamental prohibitions in Islamic finance (the others being riba and Ghar). Mays prohibition is often used asBasis for criticism of standard financial practices such as conventional insurance, speculation and derivatives.
Mudarabah: A Mudarabah is a form of investment companies. Here is the capital for the investor, Rab (-ul Mal planned) to another (Mudarib), a company or perform investment activities. The profits are then determined accordingly distributed, but the loss of the principal invested is lost only for the investor in mudaribShares were in the income statement.
Mudarib: The mudarib is the investment manager or entrepreneur in a Mudarabah (see above). And: "The responsibility of managers to invest the money of the investors in a project or portfolio in exchange for a share in the profits. A Mudarabah is essentially similar to a pool of different assets in a traditional place Discretionary Managed Investment Portfolio.
Murabaha means purchase and resale. Rather than borrow money, purchase of capital goods suppliersnecessary to asset or product (a loan, for which otherwise have been withdrawn) by third parties. The activity will then be resold at a higher price for the user of capital. Paying the highest price in installments, shall be paid by the users of capital credit, without interest. (See also tawarruq the opposite of Murabaha.)
Musharaka: This means that the distribution of gains and losses. This is a partnership where the profits in the pre-shared-arranged proportions and losses are divided intoProportion to the capital of each partner or investment. In contributing Musharakah, all partners in the economy, have the means and the right but not the obligation, to exercise the executive powers of this company. This is a concept, as a partnership and the holding of voting shares in a company. Musharakah is considered the purest form of Islamic finance.
Riba: This means that interest. The legal notion extends to more than interest, butIn simple terms, riba covers a return of money on money. Whether you are floating or floating interest, or simply aggravated, or what is the rate. Riba is strictly prohibited under Islamic law ..
Shariah: This is the Islamic law, how) they declared in the Qur'an and by the example of Prophet Muhammad (peace be upon him. A product of the Sharia have all the requirements of Islamic law. To facilitate this, a Shariah board appointed rule. This council or committee is usuallyconsisting of Islamic scholars that correspond to the organization for the management and oversight for the development of products with the Sharia.
Sharia Advisor, an independent professional, usually an Islamic scholar of classical training, legal Islamic Finance organization for compliance with their products and services with Islamic law, sharia. While some organizations some Sharia advisors to see most a committee of Shariah advisers (oftenknown as a Shariah committee or Shariah board).
Sharia-compliant: the activity that the requirements of Sharia, or Islamic law to guarantee compliance. The term is often used in Islamic banking "as a synonym for" Islamic "- for example, with the Sharia or Sharia-compliant finance investment.
Sukuk: This has similar characteristics to a conventional loan. The difference is that they backed assets and a sukuk represents proportionatethe beneficial ownership in the underlying. The activity is then given to the customer making profit on the sukuk.
Takaful: This is an Islamic insurance market. Takaful plans are designed to ensure that the properties (the traditional insurance ie interest and gambling) that are so problematical for Muslims. ComCept structure of the transaction as a charitable collective pool of funds on the basis of mutual support.
Tawarruq: When using the personal finances, a customer with aCash needed to buy something on credit on a deferred payment. That customer then immediately resells the issue of money to third parties. The customer obtains cash without an interest-based loans. Tawarruq is the opposite of murabahah.
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