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A comparative study of Islamic housing finance models and issues

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  • Hasnan Baber

Abstract

Purpose - This paper aims to provide comprehensive review of Islamic housing finance models. The paper provides detailed mechanism and solution to contemporary issues of these models.. Design/methodology/approach - This paper is conceptual in nature. Based on an extensive study of literature, this paper explains working of two Islamic modelsal-Bay’Bithaman Ajil (BBA) and the Musharakah Mutanaqisah (MM) with hypothetical examples. Findings - It was revealed in the study that BBA is just convergence of conventional housing finance and does not fall in line withshariahregulations. MM approach is a relative new concept and strictly followingshariahguidelines. MM approach is based on welfare for all rather than profit for few. There were some issues spotted with MM model when implemented on the ground, and hence this study came up with solution to such issues. Research limitations/implications - This paper cannot be tested until the models are practically applied. This MM contract is new and will take some time to be accepted by customers, but its reliability promises it.. Originality/value - This study is original and new, as it finds BBA not permissible which no other study has concluded so far. Also issues in these models, and their solutions were studied first time.

Suggested Citation

  • Hasnan Baber, 2017. "A comparative study of Islamic housing finance models and issues," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 9(2), pages 168-180, May.
    • Handle: RePEc:eme:qrfmpp:qrfm-12-2016-0053
    DOI: 10.1108/QRFM-12-2016-0053
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    Cited by:

    1. Mery Maulin & Mohamad Anton Athoillah & Deden Effendi & Cosvi Hardinata, 2021. "Civil law notaries according to Sharia compliance in property financing contracts," Technium Social Sciences Journal, Technium Science, vol. 20(1), pages 441-451, June.

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