Question
A customer is planning to build a house and he cannot afford the total amount of fund required for the finishing. He would like to
A customer is planning to build a house and he cannot afford the total amount of fund required for the finishing. He would like to use some shariah compliant financial services provided by Islamic banks for this project and for other financial problems, recommend the most convenient contract.
1) If the customer needs to finance the purchase of building materials (steel, Cement ), what is the most appropriate contract to use?
2) If the customer would like to apply certain design for the interior of the house and he already purchased the material through the past contract, and he wants to hire workers to finish the job, what is the nature of the contract between him and the workers?
3) If the customer would like to apply certain design for the garden, and he cannot afford the cost neither for the material nor for workers wages, what is the most appropriate contract to use if ask the bank's help?
4) I he decided to change his mind and to purchase a ready apartment, he found the suitable choice but he cannot pay the price in cash, what is the most appropriate contract to use if ask the bank's help?
- If the man is expecting some goods that are still in transit, and due to corona lock down the date of arrival will be late, which will cause huge financial problems, what is the most appropriate contract to use if ask the bank's help?
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