Home or renters insurance, in general, is considered haram, or a sin, as it involves gambling, but there are some instances where it is permitted. Murabaha mortgages are when the bank buys the property on your behalf and sells it to you at a higher price, which you then repay in equal installments over a fixed term.When the term is over, full ownership of the property will be transferred to you. Ijarah, or “rent-only” Islamic mortgages, occur when the bank purchases the property you want to buy and leases it to you for a fixed term at an agreed monthly cost.Each time you make a repayment, you buy more of the bank’s share until eventually you own the bank’s share of the property.
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