Concept of Ar-Rahn in Islamic finance : another alternatives
In today's world more people rely on getting money by mortgaging their properties. It is done because of many reasons such as maintaining daily life or funding the expensive tertiary studies. In today's conventional mortgage has prove that by pledging their properties it could be risky an...
| Main Authors: | , , , |
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| Format: | Book Chapter |
| Language: | English |
| Published: |
IIUM Press
2011
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/20533/ http://irep.iium.edu.my/20533/ http://irep.iium.edu.my/20533/1/Concept_of_Ar-Rahn_in_Islamic_Finance.pdf |
| Summary: | In today's world more people rely on getting money by
mortgaging their properties. It is done because of many reasons such as maintaining daily life or funding the expensive tertiary studies. In today's conventional mortgage has prove that by pledging their properties it could be risky and may end up leaves them at worst homeless. It is because the interest in today's conventional mortgage seems to be a burden to some
people.Base on this situation, many people especially Muslim
are becoming aw'are and change their choice from conventional mortgage to more Islamic way which is Ar-Ralm. It is mention in Al-quran is that as a Muslim he/she should take Ar-Rahn. Plus the cons in conventional mortgage is that it is heavily rely on riba which is vel)' clearly stated it is Haram for a muslim to be involved with them |
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