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"Islamic house financing:current models and a proposal from social perspective

  • Hasan, Zubair

Shelter is one of the basic needs for human beings. Its availability for the people is an Islamic imperative. In view of the appalling living conditions of a substantial proportion of the population in most countries around the world, especially Muslim, Islamic banks have entered the field with various schemes for home financing. In this infant industry, this effort is understandably guided by the profit motive, but a social dimension has to surface in the course of time.Unfortunately, the models banks currently use for home financing remain under the juridical gaze, more so as the practice is not always found to be transparent. This paper looks at Islamic home financing models in a broader societal context. It evaluates the efficacy of the current financing structures practised and suggests a new approach.The proposed model is shown as superior to the existing ones. It meets the norms of equity, fair play and openness does not, presumably,violate any other Islamic norm. Finally, the paper makes some policy suggestions to integrate Islamic home financing into the broader social goals of an Islamic economy.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31638.

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Date of creation: 08 Dec 2010
Date of revision: 02 Apr 2011
Publication status: Published in ISRA: International Journal of Islamic Finance, Kuala Lumpur Number 1.3(2011): pp. 1-24
Handle: RePEc:pra:mprapa:31638
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  1. Richard Arnott, 2008. "Housing policy in developing countries. The importance of the informal economy," Working Papers 200801, University of California at Riverside, Department of Economics, revised Jan 2008.
  2. Hasan, Zubair, 1997. "Fulfilmen of Basic Needs: Concept, Measurement and Muslim Countries’ Performance," MPRA Paper 3123, University Library of Munich, Germany.
  3. Hasan, Zubair, 1988. "Distributional equity in Islam," MPRA Paper 2785, University Library of Munich, Germany.
  4. Malpezzi, Stephen & Mayo, Stephen K, 1987. "The Demand for Housing in Developing Countries: Empirical Estimates from Household Data," Economic Development and Cultural Change, University of Chicago Press, vol. 35(4), pages 687-721, July.
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