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Islamic Home Ownership Programme launched

Islamic Home Ownership Programme launched

Islamic Home Ownership Programme has been launched in Auckland by Islamic Ijarah Homes Ltd to cater for needs of muslims who do not intend to pay interest or Ribah.

One of the directors of the company is Farouk Shah who has vast experience in Sharaiah based Islamic Finance having worked for Habib Bank of Pakistan who are the pioneers of Islamic Finance.
The product has been modelled around Lease ending into ownership or Islamic Finance

called Ijarah Wa Aliqtina as recommended by scholars such as Mufti Taqi Uthmani
and Dr Daud Bakar of University of Malaysia.

Mr Shah is confident that the product has a market and meets the minimum requirements for Muslims to own houses withought having to pay ribah or interest

Islamic Ijarah Homes Ltd has taken the initiative of introducing Halal or permissible methods of creating wealth for muslims of New Zealand


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