Islamic Mortgages

Paper Summary:

In this article, the writer analyses the attitudes of the public towards Islamic mortgages. Before analysing their attitudes the writer obtained literature from various scholars as well as bank information in order to understand views towards Islamic banking in general. The writer points out that the scholars as expected disagreed with the current conventional banking methods due to the use of interest while the conventional banks simply promoted their ability to offer products of which was approved by a Shariah board. The writer also discusses the results of a survey conducted regarding Islamic mortgages. The writer concludes that if banks were to offer the same product with a different name this could have an appeal to a wider market. This paper includes questionnaires and colour charts.

Table of Contents:
Introduction
Literature Review
Research Methodology
Ethical Issues
Evaluation of Methodology
Key Research Findings
Areas for Future Research
Bibliography
Appendix 1, 2 and 3

From the Paper:

"Having compiled the feedback from the respondents it became obvious that the majority of the mortgage owners held conventional mortgages. Although the questionnaire was dominated by Muslim participates only six individuals held Islamic mortgages or were willing to obtain one. The general consensus was that many participants felt that the Islamic mortgage was unethical and expensive. The larger group of participants responded to it being unethical and therefore led me to believe that from my sample audience, the majority of the Muslim audience felt that this was not in accordance to their faith and the rules of the Shariah law. The fact that it was also seen as being expensive also makes it appear that the Muslims participates also believed that the extra cost of having the Islamic mortgage was too expensive for them even though they may have believed in it."

Sample of Sources Used:

• Qureshi Anwar Iqbal, Islam and the theory of interest. Lahore (1946).
• Siddiqi 1982, M.N., 1982. Islam approaches to money, banking and Monetary policy: a review, in M. Ariff.
• Ahmad, Sheikh Mahmud, 1952. Economics in Islam, Lahore
• http://www.fancyamortgage.co.uk/IslamicMortgages/IslamicPropertyMarket.asp
• http://news.bbc.co.uk/1/hi/business/3035292.stm

More papers on Islamic Mortgages:

• Case Study # 126890 : "The Ethics of Sub Prime Mortgages at CountryWide"
• Term Paper # 133713 : "Symmetry in Islamic Art"
• Analytical Essay # 120964 : "Islamic Art"

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