INSAAF
Financial Solutions That Save People From Riba
About our Company
Our shariah-compliant financing solutions are here to help you to meet your property, vehicle or commercial need. Our mission is to see our community living a peaceful shariah-compliant financial life within the next 10 years.
Shariah Compliant Islamic Home Finance
Secure Your Home with Our Shariah Compliant Mortgage
Welcome to our guide on Islamic Home Finance, designed to help you secure your dream home while adhering to Shariah principles. Our Shariah-compliant mortgage offers an ethical and Halal financing solution, ensuring your financial decisions align with your values.
We believe in partnerships that prioritize trust and mutual respect, offering you peace of mind as you make one of life’s most significant investments.
Why Choose Islamic Home Finance?
Choosing Islamic Home Finance means opting for a system that is not only compliant with your religious beliefs but also transparent and fair. Here are some key reasons to choose our Islamic Home Finance:
Ethical and Halal Financing
Avoidance of Interest (Riba)
Transparent and Fair
Flexible Payment Terms
Affordable Rates
Fast & Easy Application Process
Understanding Islamic Home Finance
Islamic Home Finance is based on Islamic law (Shariah), which prohibits the payment or receipt of interest (Riba). Instead of traditional mortgages, which involve interest, Islamic Home Finance structures use profit-sharing, cost-plus profit and rent-to-own models. These methods ensure that the financing process is ethical and compliant with Islamic principles.
Types of Islamic Home Finance Structures
There are several Islamic financing structures used to provide home finance. Here are some of the most common:
Murabaha (Cost-Plus Financing)
Ijara (Lease to Own)
Musharaka (Partnership)
Diminishing Musharaka
Home Finance
INSAAF Home Finance Policy (Ijarah Principle)
In an Ijarah agreement, the financial institution purchases the property and leases it to the buyer, who pays rent for its use. The buyer gradually makes additional payments to eventually buy the property from the institution. This approach provides flexible payment terms and a gradual transfer of ownership.
Eligibility
- Citizen or permanent residence of Australia
- Valid Australian driver license (Learner is not acceptable)
- Insaaf Membership Number
- Good Credit Score
- A guarantor (Citizen of Australia) Note that Insaaf reserves the rights to accept or reject the Guarantor
- Minimum 20% upfront (Based on finance assessment, it could be more than 20%)
- A caveatable property (Land/house/town-house/apartment/unit)
Required Documentation
Liabilities
Last statement for each credit card (if you have one)
Any account closure letters from past 3 months (if you have one)
Last 3 months statement on any other debts (Mortgage, vehicle finance, personal finance etc) (if you have one)
Assets details
Council rates
6 months mortgage finance statement (if you have one)
Proof of citizenship/residency
Australian Passport
Proof of permanent residence
Proof of your residential address
Any utility bills (e.g., gas, electricity, council tax, etc.) with your name and address on them.
Rental agreement
Application processing fee
It varies $550.00 to $1,500.00 GST excluded (non-refundable)
Facility fee
2.5% of approved finance amount before finance settlement (non-refundable)
Legal fee
Legal fee will be applicable before finance settlement (non-refundable)
Application processing time
Estimated 8-12 weeks. (Please make sure that you have provided all the required documentation, otherwise it could get delayed)
Documentation format
Please ensure that your documents are complete and high-quality scan of the original document. A high-quality
scan is one that is clear, legible, and should be free from poor contrast, shadow, obstruction, blurry and with no cropping or pixilation. Please ensure all the documents in PDF format.