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
ends