- Diminishing musharaka. This is the most common model. You and the bank jointly purchase the property, then you pay rent to the bank and gradually increase your ownership share until you own the property outright.
- Murahaba. This is where the bank purchases the property and sells it on to you at a higher, predetermined price.
- Ijara. This is a ‘lease-to-own’ agreement, where the lender purchases the property outright and you make monthly payments that cover the purchase price of the property, rent and any other charges.
Islamic Conveyancing Solicitors
If you’re looking for an Islamic conveyancing solicitor, contact Fan Harrhy Law today . Based in Penarth, we are experts in conducting property transactions for clients who require a Shariah-compliant home purchase plans instead of a conventional mortgage.
Fan Harrhy Law will ensure that your entire property transaction – including the financing structure, title searches and contract – adhere to Islamic law, particularly the prohibition of riba (interest).
Islamic Mortgage Advice from Expert Solicitors
Hiring a solicitor with experience in Islamic finance is essential if you want to ensure that the entire home buying transaction is compliant with both Islamic law and UK property law.
Our Islamic mortgage solicitors will be able to explain the specific terms and conditions of Islamic home purchase plans (HPPs) in addition to handling the standard legal tasks like conducting property searches, investigating the title and registering the transfer of ownership at the Land Registry. We can ensure a smooth, delay-free and faith-compliant process.
Enquire NowOur Islamic mortgage solicitors will be able to explain the specific terms and conditions of Islamic home purchase plans (HPPs) in addition to handling the standard legal tasks like conducting property searches, investigating the title and registering the transfer of ownership at the Land Registry. We can ensure a smooth, delay-free and faith-compliant process.
Frequently Asked Questions
Islamic Mortgage FAQ
- How do Islamic mortgages work?
- Do you have to be a Muslim to get an Islamic mortgage?
- How can I apply for an Islamic mortgage?
Islamic Mortgage Specialists
Get in touch with Fan Harrhy Law today to discuss your Shariah-compliant home purchase options with one of our Islamic mortgage specialists. We are based in Penarth, South Wales, but our services are available throughout Wales and England.
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