Do you dream of providing your loved ones a home of their own but don't have the funds? Don't stop dreaming, let me make your dream a reality with Muskun home financing where you can avail financing for any of the following facilities:
Home purchased
Home renovations
Home construction
Features:
1.100% riba free (interest free) as declared by banks shariah adviser.
2.Quick processing financing up to 50% to 70% of the value of the property.
3.Financing limit from 0.5 million to Rs. 50 million tenor up to 25 years.
4.No pre-payment additional price charged after one year & completion.
5.Flexible & affordable installments
6.Clubbing of family income
Residential of Rawalpindi/Islamabad feel free to contact me any time on my mobile number. 0344-5388781
Regards
Asif
Whats the current annual mark up rate that you charge on your loans? Thanks.
Very good effort, but can I pls ask what is the name of company who is offering this loan?
What is the markup and how you compare it with Meezan bank's riba free loan for home construction.
Cheers
If there is mark up then how it can be riba free ?
Its not riba free just name riba free you can imagine no one is good in this world who will give you money without earning anything from it so they come up with different ideas of folling people by saying riba free.
Rashid, they give you money based on the rental value or some thing like this, for the system they have got permission/ approval some islamic scholars (Muftis). So, Allah knows, how it works. Regards
How about they tell us which mufti told them its ribba free...or i may sound blunt but is the mufti on there payroll aswell.
According to some muftis it has been told that ribba free loans should only cover the inflation rate which was like 10% P.A 2012 so the lender is not in loss.
With these banks they will exploit any thing to make money.
@H-T. Your points are valid. The Fatwa is that its allowed to reference the "rental" rate to the benchmark "interest rate" although it is makrooh. I am not sure how good a fatwa that is, so I will not go into that. I will just stick to my original question:
What is your per annum rental/ interest rate? Thanks.
Dear Asit: everyone is waiting for your answers…
In Islmaic banking they declare profit rates according to the guideline of state bank of pakistan. Currently islamic banking industry using conventional banking bench mark i.e KIBOR PLUS. But islamic banking indusrty is also working to establich his own bench mark also. By the surface knowledge it is not too easy to diffrenciate islamic banking from conventional. But if we stduy it is totaly different practice. In nut shel the rates almost same as compared to conventional. But the mechanism behind to apply rate to calculte rental will be different.
If somebody want to study more please follow the link. Or write home musharaka in google.
He will be a banker or some investment company to earn money and one way or the other it is Sood....Our Islamic banking is also doing the same to change the name from Interest to rent.....
You must dream but careful if it not let you take to hell....
I think it is not that easy to understand by a common person. They must have some strong reasons, if they are calling it islamic.
In Islamic banking :
Bank = 1 million Loan offer
Customer = I am interested
Bank and Customer = Both will negotiate and then bank will tell the customer that you have to pay actually 1 million and 3 lakh even you borrowed just 1 million .
This is the way islamic banking works
Islamic is complete deen. No one can challange it that islamic banking is possible. Only we have to adopt it in a correct way.
So we will appreciate this step. There may me drawback in it. But with the passage of time with our efforts will be removed.
Islamic Banking is asset based financing.
Mr. DSA you should study islamic modes of financing.
Like Ijara
Musharka
Murabahah
Mudarabab
Salam
etc
Sorry to all for late replying.
Here is my answer to one by one.
SyedAmjad : Current profit rate is 13% and its not fixed. It will chang with respect to Kibor.
Dr Musi: Its BankIslami. The only difference w/t Meezan Bank and BankIslami is Meezan bank is not offering you pre payment facility without charges, on the other hand in BankIslami you can pay-off your loan without any charges at any time after the completion of construction.