Why Islamic mortgage loan is important?
There is nothing special taking loan services from a
bank in UAE because it’s a routine based tasks for baking staff and also for
the borrowers. The point to understand here is a type of loan being provided by
Islamic banks which is completely different at 180 angles with the services
provided by commercial banks in Dubai. Now you have two open options – Dubai Islamic loan from any Islamic
bank according to the rules and regulations set by Sharia and second, you can
go for a traditional bank/conventional bank for any loan service.
Let me clear you’re the difference one by one. First
of all Islamic loan is basically held as an interest-free account for all kinds
of account holders including locals as well as foreigners as we can see through
the sharia’s low window that profiting via interest on one’s money is strictly
prohibited in Islam. For all Muslims, it is obligatory to make sure their money
comes from dealings of free interest rate systems. Besides the interesting part,
there is another important point is to explore the areas where your money is
invested like if you are using a bank account which is only used for a business
purpose, your money shouldn’t be used in any deals which are working on
interest rate system.
In the UAE, the popularity of Islamic banks is quite
high among the majority of the population and an Islamic account is best suited
for people who don’t what to take interest in their savings. The
ideal situation for an expatriate is to get loan offers and pay back the exact
amount of loan in easy installments without any interest rate. Now we will
explain some important points which are in favor of the Islamic loan system and
other services.
- Mortgage loan – Islamic bank vs commercial bank
- Interest rate – you want to work through an interest-free loan package or you want to go with interest rate system.
- Easy option – while dealing with the paperwork and written agreement, which option would be the best choice?
UAE banks with a mortgage loan offer
If you are looking for a UAE mortgage loan, it can be availed in an easy way especially
expatriates can take this option with simple requirements. If you are an
expatriate in the UAE and working in a company, you may think about your own
property like a home. This is what you can call as this is my home sweet home.
Is it possible to buy a home within a fixed salary package? I don’t think so
but you may disagree with me.
Well, I have a choice for you either you can take a
mortgage loan from a commercial bank or an Islamic bank. The working of this is
amazingly smooth because there is no fixed interest rate that would need to pay
back in a specified time period while dealing through an Islamic account. But
the amount of profit gained from the money invested from your account will be
shared between the borrower and the lender on an equal basis.
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