A mortgage without Riba is defined as the financing of the acquisition of an interest-free real estate property granted by an Islamic bank to a Muslim who wishes to become a homeowner without Riba (usury).
Mortgage without Riba applies the principles of Islamic Sharia which refuses the use of interest rates that are in contradiction with Islam and the fact of charging interest to a borrower but applying a profit for the lender (Islamic bank) who is known in advance by the future owner.
Home loan without Riba is an ethical mortgage alternative and works similarly to an interest-free home purchase plan, so the monthly payments work more like rent, with a portion earmarked for the buyout of the owner's stake.
A mortgage without Riba will still require a capital between 20 and 25% leaving the balance to be financed in a halal way by choosing three mortgage solutions without Riba: Ijara (lease), the Musharaka (partnership) or the Murabaha (benefit).
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