Home Finance

With our Islamic Banking Home Finance, your dream of owning a house becomes a reality with maximum ease that is the hallmark of The Royal Bank of Scotland (RBS) Islamic Banking. We guarantee you the fastest turnaround time and the most competitive pricing in the market. Choose the Home Finance option that best meets your needs and let our Islamic Banking take care of the rest.

Islamic Banking Home Finance uses the Islamic mode of Diminishing Musharakah.

The literal meaning of Musharakah is sharing. In financing terms it means a joint or shared enterprise formed for conducting a specific business transaction. All partners share the profit according to a specific predetermined and agreed ratio, while any losses are shared according to the ratio of the contribution.

In this type of Musharakah, specifically known as Shikat-ul-Milk, a financier and client participate in the joint ownership of an asset. The share of the financier is further divided into a number of units and it is agreed that the client will purchase the units of the financier's share one by one periodically, thus increasing his or her own share until all units of the financier are purchased. Simultaneously, the financier enters into a separate rental agreement with the client thus renting out its share to the client. Once all the units have been purchased by the client, he or she becomes the sole owner of the property and the rental agreement stands terminated. The word "diminishing" basically pertains to the decreasing ownership of the financier with time.

Our Shariah Supervisory Committee (SSC) is an independent committee of qualified scholars of international repute. They are primarily engaged in approving all Islamic products and services, and ensuring the absolute Shariah compliance of these financial solutions. Currently, the members of this Supervisory Committee are:

• Dr. Mohammed Ali Elgari
• Dr. Imran Ashraf Usmani
• Mufti Mohib Ul Haq Siddiqui

Why is Islamic Home Finance important for you?

Owning your own home is one of life's most important achievements. It represents security, stability for you and your loved ones.
However, in today's often unpredictable and costly environment, saving the required money can take a lifetime in itself. On the other hand, owning your own home and paying an easy installment, which takes you step by step towards complete ownership, is so much better than paying rent which ultimately only adds to your expenses.
Added to that is your desire to stay away from interest based financing and be totally riba-free, thus achieving that complete inner satisfaction and peace of mind.

As our Islamic Banking Home Finance customer, you are also entitled to the privileges of a complete banking relationship, such as:

• Deposit Accounts
• Lockers
• Non-Stop Banking Services

Eligibility Criteria

• You must be a Pakistani, between 25-62 years of age and residing in Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad or Multan.
• You must be in continuous employment, for two years or more, at the time of application.
• Alternatively, you must have evidence of 3 years or more of business or professional experience.

Apply now by simply calling 111-06-06-06 and our Relationship Manager will get in touch with you promptly.

For any queries on RBS Islamic Banking and Finance please feel free to schedule a meeting with our Islamic Banking team by calling your Relationship Manager at 111-11-71-72.

You may also call our Customer Interaction Centre at 111-06-06-06.