Manzil Musharaka Mortgage is a 5-year fixed rate product where Manzil and you jointly purchase the property you wish to acquire, becoming partners. Then, Manzil gradually sells parts of its share in the property to you for an agreed price (which may vary from time to time). With every purchase you make, your share in the property increases and Manzil’s share decreases until you become the sole owner of the property.
The Musharaka structure is based on joint ownership in a property, making Manzil & the customer partners. As a partner, Manzil is sharing the risk on the property and offering to sell their shares that are owned to the other partner, gradually. This type of financing is considered to be Halal because it is based on a partnership structure, as well as the principles of risk sharing and fairness. By opposition to a loan that generates an ongoing interest that accrues only by advancement of time, that will add up to the principle in case of late payment or default, and where the lender is not taking any risk related to the asset.
Follow these 4 simple steps and you’re good to go!
Agree upon the Islamic mortgage repayment terms and submit your pre-application form online.
With our Musharaka product, you can buy a new home, transfer, or refinance your existing mortgage.
Where you and Manzil purchase the property and own a share therein according to your capital participation.
With every purchase you make, your share in the property increases while Manzil’s decreases until you become the sole owner of the property.
See for yourself how a Musharaka mortgage can save you money and time by not having to worry about renewals!
Non-Compounded Rates
Non-Recourse Mortgage
Fixed Rates For up to 25 Years
Follow Market Rates
No profiting off of Delayed Payments
No profiting off of Default Payments
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