Simply Explained: How is Islamic Home Finance Better Than Conventional Mortgages? 
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Simply Explained: How is Islamic Home Finance Better Than Conventional Mortgages?


What advantages do Islamic home financings offer over traditional mortgages?

Foremost, an Islamic home financing does not contain interest, so the repayment to the bank does not keep increasing as it does with a conventional mortgage. Also, the Islamic bank cannot repossess the home unless the borrower decides to sell it to the bank.


As people experience economic turmoil more often, does an Islamic mortgage offer more stability for homebuyers?

Knowing that one is not going to get kicked out of one’s home just because they have lost a job or an earning member of the family is a major source of peace of mind for the homeowner and economic stability for the community.


What are the rules and laws around foreclosing on an Islamic mortgage and are they more lenient than a traditional mortgage?

If the homeowner is unable to meet payments, some respite is given. But eventually, depending on the Islamic financing agreement, he may have to sell the home on the market and take his share of the ownership. There are several kinds of Islamic financings: a diminishing shared partnership; a lease to own; and a deferred sale. Depending on the type of financing, the homeowner is granted some leniency.


What advantages do Islamic financial loan products have over more traditional ways of lending?

Islamic finance has numerous advantages, but the most obvious is that transactions are based on real assets and services, not just numbers in computers and thin air. When an economy is tied to a real asset or service, economies are robust, communities flourish, and people are at peace.




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