Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah

Home is one of the basic needs and an inborn dream for everyone. Home financing practiced by banks is a critical issue in meeting the objectives Maqasid Al-Shariah. The purpose of this study is to compare Islamic home financing practices adopted by banks in selected OIC countries namely Malaysia, In...

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Main Authors:	Abdul Razak, Dzuljastri, Tazwar, Fahim
Format:	Article
Language:	English
Published:	World Academy of Islamic Management (WAIM) 2018
Subjects:	BP173.75 Islam and economics HJ1438 Public Finance In Islam HJ9011 Local finance
Online Access:	http://irep.iium.edu.my/65753/ http://irep.iium.edu.my/65753/ http://irep.iium.edu.my/65753/1/65753_Islamic%20Home%20Financing.pdf

id	iium-65753
recordtype	eprints
spelling	iium-657532018-08-15T09:16:16Z http://irep.iium.edu.my/65753/ Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah Abdul Razak, Dzuljastri Tazwar, Fahim BP173.75 Islam and economics HJ1438 Public Finance In Islam HJ9011 Local finance Home is one of the basic needs and an inborn dream for everyone. Home financing practiced by banks is a critical issue in meeting the objectives Maqasid Al-Shariah. The purpose of this study is to compare Islamic home financing practices adopted by banks in selected OIC countries namely Malaysia, Indonesia, Bangladesh and Syria and investigate the extent to which it has fulfilled these objectives and whether they are affordable. The methodology is by means of content analysis based on the literature review and library research. Although both conventional and Islamic housing schemes can provide assistance to people in acquiring their dream home, they are also subjected to high financing rates beyond the means of individuals. These practices bind the customers financially for long duration posing a burden that extends to the next generation. The result would assist Islamic banks towards improving the product features in terms of justice and fairness. It will also assist the governments and regulators to address the issue of affordability and high prices of houses especially in fulfilling the needs of the low-income household. World Academy of Islamic Management (WAIM) 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/65753/1/65753_Islamic%20Home%20Financing.pdf Abdul Razak, Dzuljastri and Tazwar, Fahim (2018) Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah. Journal of Islamic Management Studies, 1 (2). pp. 1-11. ISSN 2600-7126 http://publications.waim.my/index.php/jims/article/view/81/20
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	BP173.75 Islam and economics HJ1438 Public Finance In Islam HJ9011 Local finance
spellingShingle	BP173.75 Islam and economics HJ1438 Public Finance In Islam HJ9011 Local finance Abdul Razak, Dzuljastri Tazwar, Fahim Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah
description	Home is one of the basic needs and an inborn dream for everyone. Home financing practiced by banks is a critical issue in meeting the objectives Maqasid Al-Shariah. The purpose of this study is to compare Islamic home financing practices adopted by banks in selected OIC countries namely Malaysia, Indonesia, Bangladesh and Syria and investigate the extent to which it has fulfilled these objectives and whether they are affordable. The methodology is by means of content analysis based on the literature review and library research. Although both conventional and Islamic housing schemes can provide assistance to people in acquiring their dream home, they are also subjected to high financing rates beyond the means of individuals. These practices bind the customers financially for long duration posing a burden that extends to the next generation. The result would assist Islamic banks towards improving the product features in terms of justice and fairness. It will also assist the governments and regulators to address the issue of affordability and high prices of houses especially in fulfilling the needs of the low-income household.
format	Article
author	Abdul Razak, Dzuljastri Tazwar, Fahim
author_facet	Abdul Razak, Dzuljastri Tazwar, Fahim
author_sort	Abdul Razak, Dzuljastri
title	Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah
title_short	Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah
title_full	Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah
title_fullStr	Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah
title_full_unstemmed	Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah
title_sort	islamic home financing practices in selected oic countries: an assessment in the light of maqasid al-shariah
publisher	World Academy of Islamic Management (WAIM)
publishDate	2018
url	http://irep.iium.edu.my/65753/ http://irep.iium.edu.my/65753/ http://irep.iium.edu.my/65753/1/65753_Islamic%20Home%20Financing.pdf
first_indexed	2023-09-18T21:33:16Z
last_indexed	2023-09-18T21:33:16Z
_version_	1777412652681658368

Islamic home financing practices in selected OIC countries: an assessment in the light of Maqasid al-Shariah

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