ISLAMIC FINANCE TO PURCHASE HOUSES IN CANADA: APPLIED JURISPRUDENTIAL STUDY

Abstract

This thesis is a jurisprudential study on the subject: Islamic finance to purchase houses in Canada: Applied jurisprudential study. This research raises the question of the lack of clarity of the legitimacy of the contracts and forms of financing by some small Islamic institutions for the purchase of housing in Canada, either because of the type of contracts and defects of terms and conditions, or because of suspicions about the sources of their funding.  Also this research came to answer Questions about the types of Islamic financing contracts and their legal specifications, about the adaptations of the jurisprudence of the financing formulas to make contracts work to purchase houses, and about the means of financing and the types of Islamic financing contracts offered to Muslims in Canada by the institutions we selected for the study, and examine the closest to the spirit of the Islamic Law (shari'ah) and its purposes and objectives and furthest from the suspicion and hardship. This study aims to clarifying the purposes of shari’ah in financial transactions and the specifications of the legal contract adopted by the jurists, in addition to presenting and discussing the statements of contemporary jurists about the contracts for buying housing and highlighting the compliance to shari’ah of alternative contracts used in Canada. The research was based on extrapolating the types of financial transactions that are compatible with Islamic finance to purchase housing, with the presentation of jurisprudential views regarding. The student also described the selected financing companies in the context of the applied jurisprudence study and highlighted the alternative contracts and the formulas that they deal with to consider their appropriateness and legitimacy, after reviewing the various data and documents related to the form of contracts and transactions obtained through visits and interviews Personality with a customer or a contracting party. Finally, the researcher has presented the findings of this research regarding the legitimacy of dealing with these financial institutions and made some suggestions to correct their contracts and presented some recommendations to adapt their dealings with Islamic law. Praise to Allah, Lord of the Worlds