At alburaq, we are only too aware of the difficulties Muslims face in the UK when trying to buy their home in a way in keeping with their faith. We are committed to providing viable alternatives so that Muslims may purchase their homes with the peace of mind that they are respecting their religion and the Shariah.
Shariah
Islam teaches Muslims how to conduct every aspect of their lives including financial and economic affairs. The Holy Qur'an makes it clear that entering into transactions that involve riba (or interest) is Haraam (or forbidden). The Qur'an states:
"O you who believe! Fear Allah (God) and give up what remains of your demand for interest, if you are indeed a believer."(Qur'an 2:278)
One Hadith states:
From Jabir (peace be upon him) - the Prophet (peace and blessings of Allah be upon him) cursed the receiver and payer of interest, the one who records it and the two witnesses to the transaction and said: "They are all alike in guilt". (reported in Muslim,Tirmidhi and Ahmad)
At the time of the Prophet (peace be upon him) many alternative ways existed for the purchase of assets such as property. One of the contracts used at the time was known as "Ijara", which means a "lease". Another way is "Musharaka", often translated as "partnership". At alburaq, we have considered ways to help Muslims finance the purchase of property employing the two financing methods of Ijara and Diminishing Musharaka. This booklet describes how this works,explains many of the most important features and provides some background to alburaq.
See our Fatwa and our legal contracts >>
