Order Islamic Home Finance Discussion

Order Islamic Home Finance Discussion
Order Islamic Home Finance Discussion
Explain how a Sharia’a-compliant mortgage works.
Distinguish a conventional mortgage from a Sharia’a-compliant mortgage.
Describe how a Murabaha mortgage works.
Describe how an Ijara wa Iqtina mortgage works.
Describe how a Diminishing Musharaka mortgage works.
Describe how an Istisna’a mortgage works. Identify the principles underlying the Manzil Murabaha Home Purchase mortgage.
Explain the principles underlying the Devon Bank Residential Murabaha Home Purchase
mortgage.
Identify the principles underlying the Manzil Ijara Home Purchase mortgage.
Explain the principles underlying the Devon Bank Residential Ijara Home Purchase mortgage.
1. What are the key principles underlying both conventional and Islamic home financing
techniques?
Conventional home finance
Islamic home finance
For Questions 2–9, you may like to use examples from Appendices 1–5 in your
answers.
2. What is the role of profit versus interest in conventional and Islamic home financing
transactions?
Conventional home finance
Islamic home finance
3. Who retains the title to the property in each transaction?
Conventional home finance
Islamic home finance
Case Study 6: Islamic Home Finance 47
4. What are the Sharia’a rules as applied in the case of home finance?
5. Outline the key characteristics of Murabaha as a technique for home finance.
6. What are the differences between Murabaha and Ijara as techniques for home
finance?
7. Outline the key characteristics of Ijara wa Iqtina as a technique for home finance. How
do the payment arrangements differ from those of a conventional mortgage?
8. What are the advantages of Ijara wa Iqtina as compared to Murabaha as regards home
finance?
9. Summarise the key differences between conventional leasing and Islamic leasing.
48 Case Studies in Islamic Banking and Finance
10. Outline the key characteristics of Diminishing Musharaka as a technique for home
finance.
11. Summarise the key differences between Ijara wa Iqtina and Diminishing Musharaka as
techniques for home finance.
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