Our Home Finance is based on the Shari'a principle of 'Ijarah'. In this contract, the customer is given the right to use or lease the property for a period of time; the owner retains the ownership of the assets. Under Ijarah home financing, Alizz Islamic Bank buys the property from the developer/seller and leases it out to the customer with a promise to sell at the end of the lease term.
Our Home Finance is also based on the Shari'a principle of Diminisging Musharaka”. Under the concept of Musharaka, the customer can avail financing for ready property. The Bank and the customers will jointly purchase and own the property. The Bank gives the customer the flexibility to register the property in its name as well.