SRI-LANKA ISLAMIC MORTGAGE HALAL LENDING 2024

SRI-LANKA ISLAMIC BANK MURABAHA MUDARABA

In Sri Lanka, Islamic mortgage and halal lending in 2024 are designed to comply with Sharia law, which prohibits the payment or receipt of interest (riba) and mandates that all financial transactions must be based on tangible assets or services, ensuring that these financial products are ethically aligned with Islamic principles and free from conventional interest-based practices.

In Sri Lanka, Islamic mortgage and halal lending apply structures such as Murabaha, where the lender buys the property and sells it to the borrower at a predetermined profit margin, or Ijara, where the lender leases the property to the borrower with an option to buy, both methods ensuring that the transaction remains interest-free while providing the lender with a lawful return on investment.

In Sri Lanka, Islamic banks through Murabaha and Mudaraba are designed to avoid excessive uncertainty (gharar) and speculative transactions by requiring clear, transparent contracts that outline the terms and conditions of the financing, thus ensuring a fair and equitable financial relationship between the lender and the borrower in accordance with Islamic ethical standards.

>In Sri-Lanka, islamic mortgage and halal lending in 2024 currently account for a marginal share of Sri-Lanka financial sector and recent estimates expect that Islamic financial assets in Sri-Lanka could reach more soon.

SRI-LANKA ONLINE SHARIA BANK

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