Shariah Compliant Home Financing
EXPERT SHARIA COMPLIANT BUSINESS AND HOME FINANCING IN DUBAI
Islamic banking, also known as Shari’ah-compliant banking, is governed by the Higher Shari’ah Authority (HSA) of the Central Bank of UAE (CBUAE). This philosophy follows the precepts found in the teachings of Prophet Muhammad (Peace Be Upon Him) and the divine revelations found in the Holy Quran. These rules, which prioritize fairness, openness, and avoiding interest-based transactions, control financial transactions.
Shariah-Approved House Financing with ICB
Our shariah compliant home financing Dubai options at ICB are founded on the idea of Ijara, a notion of lease-based financing. In this agreement, you lease the property to ICB for your own use after ICB buys it. In return for rental payments made over a predetermined term, ICB, the lessor, gives you, the lessee, access to the property.
Advantages of Shariah-Compliant Home Financing
Professional Advice from ICB
In Dubai, ICB is dedicated to providing clear-cut, Shariah-compliant home finance options. Understanding your particular requirements and preferences is a top priority for our team of knowledgeable mortgage experts, who make sure that the suggested investment solutions satisfy both your financial objectives and Islamic principles.
Principal Advantages of ICB's Shariah-Compliant Home Financing
- Generous loan amounts that are customized to your needs.
- Adaptable tenure options with a maximum of 25 years provide reasonable payback schemes.
- Competitive profit rates that offer certainty and stability, with the option of a fixed rate for up to five years.
- Financing is offered for finished real estate in Dubai and Abu Dhabi, suitable for both personal use and investment.
- Accessibility, guaranteeing inclusivity, for both clients who are self-employed and those who are salaried.
Comparison: Conventional Banking vs. Islamic Banking
Conventional Banking
Money is treated as a commodity and can be sold or rented.
Interest is charged on capital based on time value.
No agreement for the exchange of goods & services is made when disbursing funds.
All economic sectors can be financed.
Savings accounts operate on a pure interest model with fixed rates.
Islamic Banking
Money is not considered a commodity and cannot be sold or rented.
Profit is earned through trade/sale of goods, leasing of assets, or service fees.
Agreements for the exchange of goods & services are mandatory, particularly under Murabaha (commodity/metal trading).
Islamic finance prohibits financing or engagement in certain sectors like liquor, tobacco, or gambling.
Savings accounts operate on a Mudaraba model where profits are shared between the bank and customers based on a pre-agreed ratio, with rates dependent on bank returns.
Choose Home Financing That Complies with Shariah Today
By using ICB’s Shariah-compliant home financing options, you can follow Islamic law and fulfill your dream of becoming a property owner. Savor the advantages of a responsible investment, customized solutions, and knowledgeable advice as you progress toward becoming a homeowner in Dubai.