A beautiful home is a riba-free home.
Owning a home is one of life's most important achievements. It provides the all important security, safety and comfort for you and your dependents. A home is itself a great blessing and shall give you complete inner satisfaction and peace of mind if you can stay away from interest based financing.
Trust Islamic Banking (TIB) is committed to meet your needs in a truly Sharia-compliant manner coupled with the dedicated service. TIB's Ihsan Apartment Purchase Scheme and Barakat Home Construction Scheme are unique of its nature in terms of easy repayment schedule and Sharia compliancy.
- TIB's Ihsan Apartment Purchase Scheme and Barakat Home Construction Scheme are based on a higher purchase contract under Shirkatul-melk concept of Islamic Sharia. Shirka means sharing and under Sirkatul-melk the purchaser & Bank enjoys joint ownership.
- With TIB's Ihsan Apartment Purchase Scheme and Barakat Home Construction Scheme you participate with Trust Bank in a joint ownership of your property. Bank provides an agreed amount of financing (Maximum up to 80%) with proportionate ownership of the asset/property and you agree to a monthly payment to the bank. Your payment contains two components – one component is for the usage (rent) while another for your transfer of ownership (equity share buy-back). In fact, total monthly payment reduced regularly as your share in the property increases. When you have made full payment of agreed amount or in other words purchased full share of the property, you become the sole owner with a free title of the property.
- All ownership related risks lie with the owners (bank & client) as per their share holding while all usage related risks rights and liabilities lies with the user.
- High financing amount against property value.
- Flexibility to make early & partial prepayments.
- Minimal processing charge.
- Affordable & competitive installment amounts with a regular reducing monthly rental
- No early adjustment fees.
Rate of Profit for lhsan Apartment Purchase Scheme & Barakat Home Construction Scheme (without moratorium) is 10.00% and 10.50% with moratorium.
Confirmed Service Holder, established Businessmen & Professionals.
- Minimum 20% for ready apartment.
- Minimum 30% for construction.
Minimum 60% for renovation.
The amount of equity shall have to be clearly worked out with the Bank before disbursement of the Bank’s investment. The client shall have to bear all subsequent expenses related to registration & other fees and expenses.
Rates & Charges
In all conventional investments, an extra amount is charged if the rent/installment is not paid on time. This extra amount is considered as riba and is Haram under Sharia. Islamic banking does not credit such amount to its income rather to a charity fund and administered for charitable purpose by the Bank.