Home property financing system based on Islamic or Shariah according to different contracts used. Contracts have different characteristics.
Rights and responsibilities as a buyer and banks as financiers / investors are also different.
In Malaysia, Islamic financing products are divided into three types: --
1) Murabaha / Bai 'Bithaman Ajil (BBA) (Deferred Financing deferred-payment sales)
First applied the concept of Islamic finance in Malaysia when first introduced. Highly favored by Islamic banks because the profit rate (profit rate) agreed with the customer directly.
It involves the sale and purchase contract TWO:
1) developer sell houses to banks
and 2) the bank sell to you
Total financing is you (do not look surprised ni numbers):
= (cost price home - your deposits) + bank profits
If you are selling and home prices fall, you will be willing to pay the amount agreed upon because the deed with your bank
Examples in the market now:
Bank Rakyat Manzili Home Financing-i (Flexi)
BIMB Baiti Home Financing-i
HSBC Amanah Home Financing-i
BSN BBA-I Home
KFH Murabaha Home Financing-i (Completed Property)
MBSB EZ-i
CIMB Bank Fixed Home Financing-i
2) Musharaka (Partnership Held @ Diminishing Musharaka)
You share the house with a bank holding based on the total equity holdings or houses owned.
Monthly Rental = home (the bank) + bank capital re-payment
You will pay rent until all holdings owned by you (all capital Sudh paid). Usually this happens when funding expired (100% owner of your house!).
Examples in the market now:
Citibank Home Partner-i
KFH Musyarakah Mutanaqisah Home Financing-i
Maybank HomeEquity-i
3) Istisna (@ Progressive stages Financing FINANCING)
Contract transaction in which the developer pays the bank gradually until your home will be completed. This scheme is only for homes that are still in construction. Not many banks that offer these concepts.
Examples in the market now:
KFH Istisna'a Home Financing-i (Property under construction)
Tuesday, November 10, 2009
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