What is sharia?
Sharia is a religious law which is followed in Islam and its meaning is “The clear, well-trodden path to water” it is derived from Quran and hadiths. Sharia is like a book of law which acts as a living code which all Muslims need to follow strictly.
These rules includes from prayer to fasting to even donation. A Muslim can understand lead every aspect of their lives according to God’s wishes with sharia.
What are some primary sources of sharia loan?
- The Quran – The Holy Book conveys Allah’s messages relayed by the Prophet which are universal and eternal in nature.
- The Hadith – The Hadith or narrative of the Sunnah of the Prophet constitutes the rules of faith of the Muslim community.
- Ijma – Ijma contains the opinions of Islam’s learned scholars on matters of law.
- Qiyas – Qiyas is the process of comparing difficult questions of doctrine with similar cases settled by the authority of the Holy Book and Sunnah.
Main Categories within Islamic Finance
Risk sharing is the basic principle of Sharia Loans Australia. The sharia loan firm will share risk of the investment by the customer and also will take share from the profit of your business. All the terms will be pre decided. Some of the main products of Sharia Bank Loans are:
- Ijara – A leasing agreement where the bank leases an item to a customer for a specific period.
- Ijara-wa-Iqtina – Similar to Ijara, except that the customer is able to purchase the leased item at the end of the period.
- Mudaraba – Investment products offered by financial experts in which the bank and the customer share all profits.
- Murabaha – A form of credit devoid of interest, which allows the customer to make a purchase.
- Musharaka – An investment partnership between the bank and the customer with profit-sharing according to a pre-decided contract.
Can non-residents invest in Australian real-estate?
Yes, non-residents who wish to invest in Australian real-estate must have approval from the Foreign Investment Review Board. There are conditions governing the approval for the following foreign investment property types:
- Residential Real Estate
- New Dwellings and Vacant Land
- Established Dwellings
- Commercial Real Estate
Ijarah Finance is ready to consider your loan request you just need to contact us and we will do our own audit and analysis to whether consider your request or not.