What is Halal Mortgage? How Does Islamic Mortgage Work? AIMS Education

A halal mortgage, also known as an Islamic mortgage, adheres to the principles of Sharia law, which prohibits the payment or receipt of interest (riba). Instead of traditional interest-bearing loans, a halal mortgage involves an arrangement where the bank and the buyer share ownership of the property. The most common types of halal mortgages include Murabaha and Ijara. In a Murabaha mortgage, the bank buys the property and sells it to the buyer at a higher price, which can be paid in installments. In an Ijara mortgage, the bank purchases the property and leases it to the buyer; the buyer then pays rent and gradually purchases the bank's share until they own the property entirely. These structures ensure compliance with Islamic financial laws while enabling individuals to purchase homes.

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