رہن کافقہی تصور، اوراسلامی بینکوں میں اس کی تطبیق
Jurisprudential concept of mortgage, and its application in Islamic banks
الكلمات المفتاحية:
Key words: mortgage, creditor, debtor, loan, Islamic banks, etc.الملخص
Islamic banking system has gained good image and popularity since the last two decades and drew the attention amongst all banking and finance sector industry around the world and selected as a solution for the current economic problems, because every other system has failed in the solution of world's financial problems in the previous few decades. There are many new products being introduced as an alternative to conventional ones. For example, Murabaha, ijara, Tawarruq, Diminishing Musharka etc. These products must need safety and securitization. For this purpose, Islamic banks use mortgage.
Mortgage is basically a contract of verification. Creditor can save his loan by mortgage.Purpose of mortgage is to use one person’s property or other thing (which could be as a mortgage according to sharia) as an accountable for loan. It can be house, land and building etc.
Some people buy the home for this purpose to use as a mortgage, then they get loan.
There are some terms which use in mortgage, for example, mortgagor which is use for debtor and this is the owner of the property. While mortgagee is called creditor, and this is the owner of the loan. During the mortgage, transaction the mortgagor receives the money and assures to pay the loan. The mortgagee will receive his loan back with interest. If the loan is not paid by debtor on time, the mortgage will be sold in place of the loan.
Mortgage has some types; for example, simple mortgage, English mortgage, reverse mortgage, usufructuary mortgage.
Anyhow, this paper describes the meaning of mortgage, its background and conditions of mortgagor, conditions of mortgage and conditions of debt etc. It has been proved by the Holy Quran, Sunnah and Ijma, also discussed very clearly. Its commandments. simple mortgage or floating charge is also discussed in this paper. This paper describes the impact of mortgage on economy in the end. At the end of this paper, and application of mortgage in Islamic banking is also described.
