General introduction

Mortgage finance, also known as home equity finance, is a product that helps people become or become homeowners. This is a widely or relatively adopted practice by both financial institutions and individuals (groups of people). This is a subtle scheme that guarantees comfortable home ownership through a loan agreement. But just as it is generally seen beyond this point of view. A financing model that acquires the desired property through a repayment process, especially using the traditional banking system.

Please note that this funding model has been designed in a number of ways.
Operationalization differs from traditional bank managers, legal practitioners, and practitioners of the Islamic economic order

(Sharia) regulatory authority. Broadly speaking, the point of convergence among all of these practitioners is that mortgage financing is a way to legally or equitably acquire property through installments.

Nigeria’s legal framework has a track record of building regulations governing the operation of traditional mortgage lending. this provision


The framework thus enables traditional mortgage financing carried out by many financial institutions.
Cooperatives; Commercial Banks; Mortgage Banks; Private Home Builders 1 etc. to ensure client endorsements.

The practice of Islamic mortgage finance in Nigeria is still at a relatively new stage, but like Islamic banking, it does not have explicit government approval, much less a legal framework to regulate its operation. Even if it works, it is still an informal process with the intention of aligning its work with the relevant Shariah provisions. However, there is one thing we don’t know yet. In the event of any dispute, it is expected that jurisdiction will be deferred in good faith to the Shariah courts. Notwithstanding the above, some

This refers to those who deal with the construction of real estate for the public.
Her 1999 Nigerian Constitution of the Federal Republic of Nigeria provides that Sharia courts hear and adjudicate matters related to Islamic law. this
Shari’ah2 This refers to those involved in the construction of real estate for members of the Shari’ah


2 Sharia courts are subject to this particular clause because they issued ah-oriented trade disputes under her 1999 Nigerian Constitution of the Federal Republic of Nigeria. 16

A specific area of ​​the legal framework that deals with transactions deemed appropriate and operable for Islamic mortgage financing within the overall law governing all types of lawful commercial transactions. Therefore, in order to identify the areas of similarities and differences between these two lending schemes within the legal framework, this research paper will, through a comparative analysis, examine whether these two mortgage lending schemes are subject to appropriate legal and regulatory frameworks. It’s meant to explore how it works under the framework.

Therefore, the book is divided into his five chapters:
The first chapter provides general background for this lengthy essay, including research background, literature review, and definitions of terms. Chapter 2 examines the conceptual background of what is meant by traditional and Islamic mortgage finance. Chapter 3 examines the legal

The quest to research into this topic was appropriate by my interest to look into the Islamic Financial System. I have being opportune to have a critical


experience of how Nigerians and most importantly muslims live in their various habitat and likewise attended some few seminars and talk shows even though they are not reported and have concluded to help the Ummah in my little way. However, in proffering a solution to the low standard of living among the Muslims I have also decided to look into the legal means of getting a meaningful life at the same time a life that is not against the doctrines of Islam. Islamic Financing System which I know has helped a lot of Muslims outside Nigeria should also be introduced to bring an end to the low standard of living of most Muslims in this part of the world.

Subject to my interest in eradicating the problems of home ownership among the muslims this work was researched into so as to bring to the notice of those in need of home where and how they can go about the funding of their homes and the measures put down by the government to assist home ownership and to realize the dream of everybody to become an owner

The major purpose of this research work is to do a legal comparism of Islamic and conventional mortgage financing and ways by which the lives of Muslims can be upgraded and how they can be landlords without transgressing the


bounds of Allah. The work also provides Muslims with a solution to the problems faced by the Ummah, namely the difficulties faced by Muslims in Nigeria in accessing housing based on their distinct circumstances. or modern].

Research priorities
The focus of this research is to address the issues that arise among Muslims and the legitimacy of possible approaches to solving them. There is a clear housing problem throughout the country and it is prevalent among Muslims. This is primarily due to the process of obtaining a mortgage, i.e. calculating interest. Also about the difference between Islamic mortgage financing and traditional mortgage financing. Also, repositioning the market for Muslim individuals and Muslim corporations, which could help achieve the goal of providing Muslim housing at affordable prices and/or convenient repayment plans. is also intended. I also intend to add a few new ideas to the topic of Islamic mortgage financing, knowing that this is a relatively new area of ​​research.


A challenge to meet both religious principles and governmental rules and regulations.

scope of research
This work aims to ensure that Muslims not only in Nigeria but around the world are adopting the concept of household management to live a decent and stress-free life. The main problem is that a decent Islamic mortgage lending system in Nigeria is decently run and can affect the lives of the individuals it covers.

In this work, a systemic conceptual framework for the mortgage financial system is considered. It is intended to study the functionality of the system. Examine the scheme’s legal framework to determine the extent to which housing finance operations have taken place.

When conducting research, we gather information from published and unpublished materials, journals, textbooks, articles, field studies, etc.


Especially Holy Quran and Hadith. This project naturally requires very careful research. This is because many people have just been introduced to this type of Islamic financial institution.In the past, people’s attention was diverted from the traditional banking system. For this reason, some Muslims have found it difficult to dissuade some Western paid writers that there is no difference between the traditional banking system and the Islamic banking system. was employed and used to present or achieve work objectives. literature review
work of Dr. Abikan A.I. conducted a study entitled The Constitution of Islamic Banking published in Contemporary Issues of Islamic Jurisprudence, a book published in honor of Nigerian Chief Justice Idriss Legbo Kutigi 3 Islamic Mortgage Financing Schemes were not discussed. This work details the history of Islamic banking in Nigeria and the laws governing the establishment of Islamic banks.

3 Rawell Fortune Resources, Benin. 2009 Chapter 7, pages 94-12

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Taikra Khan’s book An Introduction to Islamic Finance is one of his related materials used in this study. He limited his discussion to the concept of Islamic finance. But he did not discuss the legality of Islamic mortgages, which I am trying to focus on in this study.

I also referred to an article titled Contemporary Islamic Finance Theory and Practice. S.M. Solaiman. The authors focused their discussion on the practice of the Islamic financial system in Australia without comparing the Islamic mortgage lending system to conventional lending. However, this study compares the two systems. Another source he relied on in the course of this research was that of Sheikh Hysman Al-Hadad, who in his book entitled Mortgages in Islam said:
Paradigm shift or Trojan horse? The teachings of Islamic mortgage lending and the fact that Islamic practices were introduced even where they were not accepted, and the fact that Islamic principles and teachings should not be twisted to fit preconceived solutions. has elaborated on. But he made sure that his arguments did not go beyond the marginal level and made us Muslims aware of our role in protecting the teachings of Islam from external changes.

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Definition of terms
A mortgage is defined as a mortgage that is not backed by government insurance and the borrower assigns a lien/title to the lending bank or other financial institution. These mortgages contain regular payments of principal and interest throughout the life of the mortgage and are typically used for mortgages.4
Money needed to do something, especially money needed to fund a project.5
law-abiding state.
Prospects arising from taking action.
Black’s Law Dic, (8th ed. Thomas West B.A. Garner ed. 2004.)
Microsoft Encarta 2009. (1993-2008 Microsoft Corporation)
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The above is an explanation of the theme background of this survey research. The abstract briefly describes the content of the research and briefly mentions the researcher’s interest in the direction of the research behind it. We examine the primary purpose of this research, and then reconsider the direction of the research. This is followed by the intended focus of the study, as well as the methodology used in retrieving facts and figures to lend credibility to the study. A brief review of previous work in the same direction is provided for better end-user understanding. This ends with defining salient terms in order to understand exactly what the researcher intends with some of these keywords.

Suffice it to say that the foregoing provided a clear path for conducting this study.


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