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Consumer Property Financing

It is a financial facility offered by MBSB Bank to individuals planning to buy a residential or a commercial property. MBSB Bank offers the following types of property financing: My First Home Scheme-i, Standard Home Financing-i, and Ultimate-i.

Tawarruq is the Shariah instrument used in all property financing facilities. Sales under the Tawarruq arrangement are conducted according to Murabahah, which means that the cost and the profit margin are known and agreed upon in advance by both parties.

Through Wakalah (Power of Attorney), you appoint MBSB Bank as your sale and purchase agent in all sale transactions of the Tawarruq arrangement.


In Contrast

Islamic Home Financing
Interest-based Loans
Sale contract in Tawarruq, or Partnership contract in Musharakah Mutanaqisah (diminishing partnership)
Lender-borrower relationship between the bank and the customer
Underlying asset is the subject matter of the transaction, and money is a medium of exchange
Money is the subject matter of the transaction
Profit is proportional to outstanding balance, with a maximum profit rate
Interest is compounded as time passes without an upper limit
No charge for early settlement. Moreover, a rebate is given for that
Exit penalty for early settlement


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