21.02.2011 - Profit for delayed period of project is not Shariah-compliant: Grand Mufti
From Emirates247.com: Charging of profit for the delayed period in Islamic finance property projects has been described as non-Islamic or 'haram' by the Dubai Grand Mufti, Dr Ali Mashael. Some Islamic banks and mortgage companies have asked investors to pay advance installments (the rental profit or Ijara) even though an already delayed project is not yet completed or handed over..............................................Full Article: Source
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