An Islamic loan comparison is defined by comparing the profit rate as well as certain fees and charges relating to a halal loan including the one of Islamic mortgages with the aim of the comparison rate to identify the true cost of a halal loan.
The Islamic loan comparator is used by the borrower who only uses Islamic finance as a financing option, to compare between the different halal credit offers to find to cheapest one and most costs efficient Islamic financing.
An Islamic mortgage loan comparison is important to any Muslim borrower a future halal property owner given the amount to be borrowed in order to purchase a home, it is therefore essential when comparing halal mortgages to compare loans and services offered by Islamic financial institutions and mortgage providers.
Any halal loan comparison to be effective must rely on a large number of Islamic financing proposals to be able to claim an effective choice between Islamic loans, including the several types of Sharia compliant credit facilities such as the Murabaha or the Mudaraba, hence the complexity in the comparison.
The halal loan comparator will of course not compare an Islamic loan to a conventional loan since Islamic finance is more characterized by ethics and morals that follow the principles of Islam than about being cheap or expensive.
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