Have you found the perfect home, but tired and frustrated wasting time looking for a housing finance tool that suits your requirements and matches your capabilities? Are you seeking a Sharia compliant instrument to purchase your dream house?
At the Lebanese Islamic Bank S.A.L., the first licensed Islamic Bank in Lebanon, we offer a simple formula for all your home finance needs. With LIB, buying the right house and paying its price in conformity with Islamic law (Sharia) is now at your disposal.
LIB provides various Islamic schemes to finance the purchase of the property and to repay its price at your convenience. Based on the Islamic finance concept of Murabaha, and instead of lending you money and charging you with interest; LIB purchases the desired house from the seller, and then re-sells it to you; at a predetermined and competitive price, which includes bank's profit. In return, you reimburse the total amount over agreed upon monthly installments.
Housing finance could be executed using another formula: Ijara Muntahia Bitamalok or Lease ending in ownership. LIB purchases the desired house from the seller and then leases it to you for a certain monthly fee and for an agreed upon period. By the end of that period, ownership of the house will be transferred to you for a pre-negotiated price.
Interest Rate: No Interest
Maximum Loan Amount: Up to USD 250,000
Minimum Monthly Income: USD 1,000
Career Status: Employed for at least 2 years, or self employed for at least 3 years