the cost of equity will always, ordinarily, be higher than that of debt and if we genuinely expect Islamic Banking becomes more “Islamic” and take on more risk typically associated in a partnership agreement, they will have to be rewarded for taking that additional risk through higher returns? hundreds of discussions we’ve had with professionals, Al Rayan staff and scholars over the last few years. Time passes, the Buyer continues paying rent and buying further equity in the House until eventually he owns 100%. Islamic mortgages have been in the mainstream market in the UK for some years but it can often be difficult to get to grips with sharia-compliant financial products, which can seem confusing. From what I’ve understood (which is probably very little! A genuine solution for British Muslims needs to have scale and liquidity sufficient to meet the demand for Islamic mortgages and at the same time be affordable. Islamic mortgages have been in the mainstream market in the UK for some years but it can often be difficult to get to grips with sharia-compliant financial products, which can seem confusing. Gatehouse is definitely cheaper on price, but Al Rayan has some things going for it too. Al Rayan is on the hook for this, Insurance money not being enough to cover damages and/or exceed the maximum finance-to-value ratio, The bank has got the right to not rebuild the property but to simply sell the property further to clause 6.1 of the DCA, The bank has got an indemnity from the buyer in clause 7 of the Service Agreement which means the buyer pays, Bank has to get work done to the property and damage is caused by its employees or agents to the property in the process, The bank has excluded this liability in clause 12 of the Lease Agreement, Al Rayan simply won’t sell at below market value – or to the extent you would like to, then you need to pay off the remaining amounts due with Al Rayan receiving the acquisition payment they made initially, We are strongly of the view that this is not acceptable, though we understand some scholars allow this option, ✔️ (though we have not yet reviewed in detail). Generally they are most suitable for those who are otherwise struggling to get an Islamic mortgage with a mainstream Islamic bank – because Heylo’s rates tend to be more expensive and not worth it if you can go for an Islamic bank instead. It’s not the best situation for muslims but as the article clearly mentions islamic mortgages will cost more than mainstream mortgages because of the fact that liquidity is sourced differently. Salam, If you’re not familiar with shared ownership then it’s basically a model whereby you own a certain amount (e.g. Assalamualaikum brother. Islamic Finance is a scam. The HPP is not a perfect model and an arguably more Islamic model is something like what Heylo Housing and other shared-equity schemes offer. They have to get their money from savings accounts and sukuk offerings, and this is more expensive because people with savings account or holding sukuks want to get paid. At this point the buyer will be transferred over the legal title and will hold complete legal and beneficial interest in the property. But the fact that insurance is used to hedge so much of the bank’s risk, and is also bought by the buyer seems unfair and sends the wrong message to the customer. The Arabic term ijara means “providing services and goods temporarily for a wage.” The ijara contract, as you may guess, involves providing products or services on a lease or rental basis. Good question – this is something we will analyse as well, but from past conversations I’m pretty sure AR is not hugely profitable and in fact for many years ran at a loss. Get a conventional mortgage if necessary, as Islamic finance is just like conventional finance dressed up in a religious garb. that musharakah means “partnership” and “ijarah” means rent). But the fact that insurance is used to hedge so much of the bank’s risk, and is also bought by the buyer seems unfair, and sends the wrong message to the customer. Great job guys, very well researched article! Conveyancing is just a fancy term for the legal bit of buying a house. Someone who got his home purchase succesfully completed on time and without any issue. Bottom line, apart from the onboarding paperwork hiccups, the entire process was pretty smooth and well-executed. Whilst mainstream banks can take loans from the bank of England at low interest rates, sharia compliant banks cannot. Well, these are the options currently available. To complicate matters further, an interest in a house can be a freehold or a leasehold. Looking at the article and the Q&A’s, I gather that Al Rayan at the end is more expensive than the high street banks offering the conventional Mortgage. Additionally, it requires you to insure the property so that in the case of an unforeseen disaster, you and the bank are covered for that loss. Mortgage Q&A: “What is an Islamic mortgage?” There are a variety of different types of home loans out there, some pretty conventional and some a little less so.. One you may have heard about, but might not be clear on is an “Islamic mortgage,” which as the name implies, is … It only covers the acquisition cost of the bank, i.e. Has there been any changes to the contract or terms and conditions since his approval? People like Strideup have tried and failed and have had to pivot to a HPP model. 4.74%), 3.19% (discounted fixed rate for 2 years. Typically an Islamic bank would see if your inheritors could take over the mortgage payments. Islamic mortgages tend to have less features than the mainstream mortgage market, as a result pricing can be higher due to reduced competition and availability. A sad reality is that some property deals will fall through (30% of them according to some stats). They choose a mortgage term of 30 years. JZK. (at least in particular cases): get a conventional mortgage if necessary. We do not think that Al Rayan needs to be exposed to all of these risks, and we do think that insuring away the risks is an effective and acceptable strategy, but we do make the following recommendations to improve the risk exposure split between parties: We don’t think this is ultimately a really substantive issue. It is worth expanding on a few components of this timeline. He is an Oxford graduate and ex-corporate lawyer with a specialism in private equity and venture capital. But your rent does not pay down equity in the house. But that means having to set up a proper regulated bank, raising necessary liquidity, and adhering to tight regulatory and liquidity rules. Islamic Mortgages A Viable Alternative to Interest Mortgages. But the buyer gets an equitable interest in the freehold by way of the contract (the DCA – more on that below) and also gets a leasehold for 99 years alongside Al Rayan. A leasehold could be for a few days, or many hundreds of years, but eventually it will expire. Good for: East Coast residents looking for low-down-payment mortgages, to work with state housing agencies or to get loans for building or remodeling a home. Our Islamic mortgage alternatives are called Home Purchase Plans (HPP). In our example, that means going from £815 a month to £841. Gatehouse is on the hook for this, Insurance money not being enough to cover damages and/or exceed the maximum finance-to-value ratio, The bank has got the right to not rebuild the property but to simply sell the property further to clause 6.1 of the Diminishing Musharakah Agreement, The bank has got an indemnity from the buyer in clause 7 of the Service Agreement which means the buyer pays, Bank has to get work done to the property and damage is caused by its employees or agents to the property in the process, The bank has excluded this liability in clause 10 of the Lease Agreement, Gatehouse simply won’t sell at below market value – or to the extent you would like to, then you need to pay off the remaining amounts due with Gatehoues receiving the acquisition payment they made initially, We are strongly of the view that this is not acceptable, though we understand some scholars allow this option. This is clearly much different than borrowing money and giving it back with interest, just like saying bismillah Allah Akbar, facing the qibla and slaughtering the chicken is different than electrocuting /choking the chicken and then slaughtering it. but has this been validated in terms of profit margins AR making. Is that structured exactly the same and why would you choose AR over gatehouse? HSBC and Lloyds did used to offer. Do you not think that we need to be a bit more realistic when it comes to price comparisons? In a nutshell, the £100,000 costs more to Gatehouse so they need to charge more. From the sharia side, of course there are improvements that can be made. People like Strideup have tried and failed and have had to pivot to a HPP model. We hope this article will help pave the way to making these changes. This can be due to all sorts of reasons but from our own experience and having listened to respondents to our survey, you can get the conveyancing process done in as little as 3 months if everything lines up. The problems that arise differ from property to property and we don’t know enough in this case to really dig deep. inflation). Ultimately we conclude that, given where we are, in the Islamic finance industry’s development and the. From what I understand from the comments made in your article on shared equity schemes (https://www.islamicfinanceguru.com/investment/shared-equity-schemes-alternative-islamic-mortgages/), it seems that Shaykh Haitham Al-Haddad finds Heylo acceptable, or at least more acceptable than HPPs. Learn how your comment data is processed. take fewer risks than bigger banks and that probably means greater checks. The Bank Signed Offer also contains an important checklist at the back of things that will need to be completed/sorted-out before the bank can pay the money. Actually, a really really sharia-compliant option will be more expensive than an Islamic bank because, as you said, the counterparty would be taking on proper equity risk in the asset and would want to be remunerated for that. , Gatehouse is coming out slightly cheaper. I notice that Mufti Taqi Usmani has given his approval to the Al-Rayan home purchase plan. It’s a bit like saying that you’ll go for the haram meat at Tesco because the halal butcher is too expensive. We’re going to use 3 main limbs for this in order of the size of the dataset – 1) Trustpilot, 2) IFG’s own survey, 3) Our own direct experience. Things like asking about what they wish they knew beforehand and what they’d get Al Rayan to change if they could. Like any product with any company, there are negative reviews and a few legal and shari’ quibbles. Read honest and unbiased product reviews from our users. To be fair, what is going in their favour in this section is that they don’t force the buyer to pay them their remaining finance amount in the case of a house being destroyed – but they make sure the buyer has to take out an insurance policy sufficient to cover them anyway. The reviews were good with Strong Home Mortgage though, so I went ahead and started the process. The Gatehouse Islamic mortgage is structured as a HPP. We hope that, as more people come to Al Rayan through IFG, we can together influence the overall Islamic mortgage market for the better inshAllah. that mainstream mortgages are haram, then you’re comparing apples and oranges because you shouldn’t be going for the haram product anyway. It’s a systemic issue caused by the fact that it costs Islamic banks more to get liquidity. You need to agree with the terms to proceed. Salaam Sy – we’re currently doing a deep dive of Gatehouse and will be sharing a review of them in due course iA – so watch out for that! As Muslims we must make sure that what we are doing is according to the quran and sunnah not by the words of scholars alone, we need evidence from the book of Allah the sunnah of our beloved prophet Muhammad peace be upon him. Wed, 2020-06-24 16:32 — newsdesk. If these products are deemed permissible (according to some scholars) to take out, would the converse hold true as well, i.e. The underlying issue here is that receiving an additional payment above and beyond the due amount as a result of a time delay is considered riba in Islamic law. Find helpful customer reviews and review ratings for Pious Property: Islamic Mortgages in the United States at Amazon.com. an Islamic mortgage). In addition, Heylo’s price goes up annually by 0.75% + RPI. Warning: some legal jargon coming up which we’ll explain just below. Let’s use the example of a £250,000 house in Birmingham. So for this scenario, Gatehouse comes out a little cheaper. Let’s take a look at another negative review: This complaint raises a few issues: 1) solicitor issues (remember what I said earlier about solicitor problems?) A close read of Gatehouse’s legal documentation; A wide-ranging survey of Gatehouse customers; and. (at least in particular cases): get a conventional mortgage if necessary. Subject to admin fees, you do not get. On balance, Al Rayan wins out as the cheaper product here over time. There are two types of valuation: 1) Valuation report, 2) Homebuyer report. The HPP is not a perfect model and an arguably more Islamic model is something like what Primary Fi. Check out, Another key part of the process is the survey for the house. Luckily for … That is sadly the price we pay for participating in what is a small and relatively new market. Home Purchase Plan – A Great Mortgage Alternative. This flushes out any potential issues that you might not have known about or spotted when you looked around yourself (e.g. You also pay rent on the share that you don’t own (. Does his authentication still apply to the current HPP although he has retired from the Shariah board? Important Principles Prayer Salat Prophets of Islam The Quran Ramadan and Eid Al Fitr Given the vanishingly small risk of a property being damaged by a risk that is not insured, this is not a big ask. They. Are preference shares halal? (7.4) Reselling your house – bizarrely, you need Al Rayan’s permission to sell directly (unless to family), but you can sell without their permission through an estate agent (though ultimately they will need to be paid off in this case anyway). We make sure that all our information is up to date, provided in an easy to understand language; whilst at the same time making the whole decision making process as simple and easy to manage as possible. Will check. Specialties: Guidance Residential offers unique benefits that distinguish it from other home financing providers. Alternatively, you may at the outset want to ask the solicitor if you can nominate another person who is. The issue is Islamic banks create a debt-like product and charge higher-than-debt rates. For a product to be a legal HPP structure, the bank must hold the buyer’s beneficial interest on trust to be delivered over to the buyer once he has paid off the amount necessary to buy the full interest in the property. Muslims are quite bad though too. These banks are challengers to Al Rayan and offer rates that are a bit more expensive – but that might change as the competition hots up! Islamic finance refers to how businesses and individuals raise capital in accordance with Sharia, or Islamic law.It also refers to the types of investments that are … This is to make sure that their secured asset (which they can sell in case of default) is kept up to a standard such that it maintains its value. Furthermore these mortgages have been approved by many leading scholars. INDONESIA: Bank Syariah Bukopin (BSB) is reviewing Shariah compliant mortgage products in view of its popularity among local Islamic banks, said Noor Cholis, its head of development and business su… This field is for validation purposes and should be left unchanged. They have to take fewer risks than bigger banks and that probably means greater checks. Mortgages that don’t break Islamic laws on paying interest. speak on your behalf. All this costs money, and means that such a bank needs to be able to package up its Islamic mortgage product in such a way as to effectively minimize risk for itself as much as possible and mimic the debt-like characteristics of mainstream mortgage providers. Mohsin is the co-founder of IFG and a member of the Forbes 30 under 30. I’d encourage you to leave a Trustpilot review and/or speak to AR directly about customer service issues – that’s the only way that the right people get to know about it. (Note, that we adopt the minority position that insurance is halal – see here). They have to get their money from savings accounts and, offerings, and this is more expensive because people with savings account or holding. There’s a balance here, as nobody wants Al Rayan to face regulatory pressure or be known as the Islamic bank that went wrong. But of course it’s not always about numbers! We consider each of these in turn. Islamic Mortgage A mortgage made according to the sharia, or Islamic law, which forbids the payment or receipt of interest. A leasehold interest is different from a freehold in that it is necessarily time-restricted. There you’ll be able to compare all the Islamic banks for your particular circumstances. If you are interested in applying for a loan today, get in touch with us. I do not know how this dilemma can be solved. Firstly, if a solution like Primary Finance gains traction and gets hold of the necessary liquidity sufficient to reduce its prices to be around Al Rayan’s and to meet the demand, we would prefer it to Al Rayan. You can use our Islamic mortgage comparison tool to easily compare all your options in greater detail. I’d like to know though what would be the situation of those who have taken out a mortgage with an islamic bank with the current setup and if islamic banks had access to sharia compliant loans at competitive rates, hopefully in the near future, would the buyer continue paying at the rate of original deal they had signed up for or would they be transitioned onto a new lower rate due to the new loan available to the bank? if everything lines up. If you wish to deal with these companies then please contact them to verify their mortgage systems for Shariah compliance as we cannot guarantee it 100%. To complicate matters further, an interest in a house can be a freehold or a leasehold. Ultimately, when all is said and done, this is a sharia-certified product that we are personally happy with too. It should purchase a global insurance policy and, if it really wants to, pass on the cost through a slight increase in its global profit margin. Gatehouse don’t charge you for their solicitor and they don’t force you to necessarily use a solicitor from their panel. The entire process took around 3 months from start to finish, though the large part of this delay was due to him being in a chain rather than anything to do with the bank. Alternatively, you might want to take your deposit money and invest it. Here are some key metrics: Q: If you were buying a house today, would you use Gatehouse again? Simply put, a legal owner of a property is the “formal” owner of the property, i.e. Really nice website and greatly appreciate the work you do. HPP Terms & Conditions Acknowledgement. The costs and terms are very similar or on par with Conventional loan products. So Al Rayan’s target audience is (relatively speaking) tiny, and accordingly its prices won’t benefit from the economies of scale that larger lenders benefit from and reflect in their pricing. We do not think that Gatehouse needs to be exposed to all of these risks, and we do think that insuring away the risks is an effective and acceptable strategy, but we do make the following recommendations to improve the risk exposure split between parties: Gatehouse should purchase the insurance for each of its properties. If you’re not familiar with shared ownership then it’s basically a model whereby you own a certain amount (e.g. Islamic mortgages, or house purchase plans (HPPs) can involve ijara, where you are technically leasing the property from the bank, or diminishing Musharaka, where you buy in … The following banks and brokerage institutions offer Islamic, or no riba', home mortgages which are compliant with Islamic law.This is not a trivial business practice - the Prophet Muhammad is said to have cursed the consumer of interest, the one who pays it to others, the witnesses to such a contract, and … But that’s genuinely a big “if”. The Islamic mortgage. At IFG we consider the HPP product Al Rayan is offering to be permissible and. That’s not really a bad thing – you don’t really want Gatehouse to actually be your landlord. Median answer: 8.5/10. shows that Al Rayan do have the ability to deliver great customer service. In this article we examine the legal, Islamic, commercial and practical aspects of the HPP informed by: Looking to take out an Islamic mortgage? This Islamic financial instruments and many other instruments are discussed in more details in phd Islamic finance, mba Islamic finance, diploma in Islamic finance and Islamic banking certification programs offered by AIMS. Its definitely more of a systemic issue than an intentional issue as explained in the later part of the article. We make sure that all our information is up to date, provided in an easy to understand language; whilst at the same time making the whole decision making process as simple and easy to manage as possible. In many ways, this is probably reflective of the fact that they are, relative to mainstream banks, small. However, we are very much keen to see progression and Al Rayan and others evolving their models as the Muslim community grows and as the gains in infrastructure, tech and regulation allows banks a bit more breathing space. I don’t know the answer definitively, but would strongly assume that this is straightforwardly possible. May Allah reward you for your efforts. One area we think they could improve on is their flexibility when it comes to the requirements. With all due respect, after reading the whole article it feels to me that you are trying to justify that Al Ryan mortgage is Halal. How does Ijarah Work for Islamic Mortgage? Your email address will not be published. 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