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Conventional and Islamic Mortgage Financing A Legal Comparison

Conventional and Islamic Mortgage Financing; A Legal Comparison

Project / Seminar Material
Reference ID: PS-6190-TM

DEDICATION

This research material titled “Conventional and Islamic Mortgage Financing; A Legal Comparison” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Law, Book Authors and Profound Scholars of existing or related project material on “Conventional and Islamic Mortgage Financing; A Legal Comparison” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

ABSTRACT

Home ownership has been a problem to many people in Nigeria. This is the more reason why efforts are being made from all quarters to alleviate this problem. The two most prominent of these efforts are the Home Financing Schemes, otherwise known as Mortgage Financing, which are made by the public corporations and private institution. The effort of the public corporations is known as Conventional Mortgage Financing while a part of the private institution is that of the Islamic Economic System known Islamic Mortgage Financing.

The focus of this research study is to compare the legal frameworks of these two opposite mortgage financing schemes. This is to be able to balance the regulatory issues that generate from the acceptability of these schemes in other to avail the Muslims the understanding of opting for the scheme that best aligns with the demand of their faith, without necessarily transgressing the law of the land in any way, bearing in mind the nascent status of the Islamic option, which is yet to enjoy a focused/specific municipal legal attention.


Conventional and Islamic Mortgage Financing; A Legal Comparison

CHAPTER ONE


General Introduction


Introduction

Mortgage financing otherwise known as Home Financing is a product through which people are made or become home owners. It is a practice that is widely or relatively embraced by financial institutions as well as the private individuals (group of people). It is a subtle scheme that guarantees convenient home ownership through loan agreement. But in the same vein, it is seen generally beyond this perspective; a financing scheme through which desired property is acquired via the repayment process, especially with the conventional banking system.

It should be noted that this financing scheme is conceived in many ways: It differs in operationalization with the conventional banking operator, the legal practitioner and the practitioners of the Islamic economic system cum the (Shari”Ÿah) regulator. By and large, the converging point with all these practitioners is that Mortgage Financing is a method of acquiring legal or equitable property upon installmental repayment.

The Nigerian legal framework has thrived in the construction of provisions that regulate the operation of Conventional Mortgage Financing. This regulatory

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

Summary Headlines for Conventional and Islamic Mortgage Financing; A Legal Comparison



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