In Lebanon, Islamic mortgage aims to offer a halal financing solution to Lebanese Muslim and non-Muslims living in Lebanon who wish in the context of Islamic sharia to use Islamic financial products in Lebanon.
In Lebanon, a law on Islamic banks was passed to regulate the Lebanese Islamic Finance sector and allow Islamic banks to operate under the same conditions as other commercial banks.
Lebanon’s weight of assets of Islamic banks is for the moment almost negligible, since it is around 0.5% of total banking asset with only five sharia-compatible banks in in the country.
More than a decade after the introduction of Islamic banks to Lebanon, Shariah-compliant banks are still challenged by the competitive conventional banking sector.
LEBANON'S ISLAMIC MORTGAGE LENDERS