In Qatar, Islamic mortgage aims to offer a halal financing solution to Muslim Qataris and expatriates and non-Muslims who wish in the context of Islamic sharia to use Islamic financial products in Qatar.
In Qatar, Qatari Islamic banks form the third largest banking sector in the Gulf, after Saudi Arabia and the United Arab Emirates.
Islamic finance in Qatar through Islamic banks of the emirate that respect the principles of Islamic sharia by banning interests (Riba), had Islamic assets of $ 70 billion in 2016. This corresponds to annual growth 35% on average, the highest in comparison with all Islamic finance countries.
Qatari Islamic finance plans in 2019 to exceed $ 100 billion in assets.
In Qatar, expatriates can also apply for an Islamic mortgage which includes a long repayment tenure of 20 years requiring a 30% down payment.
Qatar’s Islamic banks as to any halal mortgage are putting some restrictions in relation to the monthly salary with and limit the fixed monthly instalments set to a maximum of 50% of one’s basic salary and social charges are affixed to this loan option.
ISLAMIC HOME FINANCING PRODUCTS OFFERING IN QATAR
Qatar’s halal mortgage products package includes often::
A Takaful insurance package to cover the loan.
Maturity of 15 years or 20 years.
Financing up to 70% of the assessed property's value.
QATAR'S ISLAMIC MORTGAGE LENDERS