التمويل العقاري في المصارف الإسلامية : دراسة تطبيقية في بنك البركة الإسلامي السوري

Abstract

This study aims to examine the application of Islamic home financing in Islamic banking system focusing more on its concept, essential elements and subject matter from Shari’ah, legal and banking perspectives. The paradox in this research is the possibility of the existence of some Shari’ah irregularity issues facing in the application of Al-Musharakah Al-Mutanaqisah contract as a mode of Islamic home financing in Al-Baraka Islamic Bank in Syria. It also examines Al-Musharakah Al-Muntahiyah bi al-Tamlik - Al-Mutanaqisah and financial Al-Ijarah Al-Muntahiyah bi al-Tamlik that have been used as Shari’ah compliant modes of financing and legal perspectives in Syria. The researcher conducted a case study on Al-Baraka Islamic Bank in Syria by examining the operation of its Islamic home financing products for individuals. Al-Musharakah Al-Muntahiyah bi al-Tamlik - Al-Mutanaqisah contract has been critically analysed stressing more on the contractual relationship between transacting parties, subject matter, effects of the contract and potential risks from both Shari’ah and legal perspectives. This study employs comparative and critical analysis approaches between Shari’ah and common law to realise its objectives. It finds that there are inconsistencies with regard to the nature and method of home financing between Shari’ah requirements and regulatory framework in Syria. Thus, it demonstrates that the correct application of Musharakah contract in Islamic home financing product will assist the operation of Islamic banks conform to the Shari’ah requirements. Meanwhile, keeping away from malpractices will assist the bank to achieve the core objectives of Shari’ah with emphasis to ensure the response to necessities of needy and destitute. The emphasis is put on the need for comprehensive application of Islamic home financing in conformity with Shari’ah requirements and the dire need for Shari’ah governance coupled with legal and regulatory supports to accommodate Islamic banking operations.