You want to buy a house that will need to be financed. Look at different options and decide which will be the best choice for your situation. Determine financing options, and understand contracts involves. 1. Determine what kind of house is best for you. Why you choose that kind of house? (5 Marks) You may use online resources to find info about house you want to buy. Please attach all the information about the house e.g. price, location, type etc. 2. (a) Determine a financing product for the house and why you choose that institution and its product? Plan how you want to finance the house. (10 Marks) Choose a real home financing product from any Islamic financial institution/ bank. Type of rate use, borrowing period etc. Use table below to help you. Products Profit Rate (%) Borrowing Amount Borrowing Period Monthly Repayment Bank XXX Islamic Home Financing (b) Explain details about the contracts? (Use diagram to illustrate all the contracts). (10 Marks) Explain in detail all the Islamic contracts involve in the financing (c) What are the documents needed for the financing? (5 Marks) You may use online resources to find info about house you want to buy. Please attach all the information about the house e.g. price, location, type etc. 2. (a) Determine a financing product for the house and why you choose that institution and its product? Plan how you want to finance the house. (10 Marks) Choose a real home financing product from any Islamic financial institution/ bank. Type of rate use, borrowing period etc. Use table below to help you. Products Profit Rate (%) Borrowing Amount Borrowing Period Monthly Repayment Bank XXX Islamic Home Financing (b) Explain details about the contracts? (Use diagram to illustrate all the contracts). (10 Marks) Explain in detail all the Islamic contracts involve in the financing (c) What are the documents needed for the financing? (5 Marks) (d) What are the differences between fixed rate and profit rate financing in Islamic finance? (5 Marks) You want to buy a house that will need to be financed. Look at different options and decide which will be the best choice for your situation. Determine financing options, and understand contracts involves. 1. Determine what kind of house is best for you. Why you choose that kind of house? (5 Marks) You may use online resources to find info about house you want to buy. Please attach all the information about the house e.g. price, location, type etc. 2. (a) Determine a financing product for the house and why you choose that institution and its product? Plan how you want to finance the house. (10 Marks) Choose a real home financing product from any Islamic financial institution/ bank. Type of rate use, borrowing period etc. Use table below to help you. Products Profit Rate (%) Borrowing Amount Borrowing Period Monthly Repayment Bank XXX Islamic Home Financing (b) Explain details about the contracts? (Use diagram to illustrate all the contracts). (10 Marks) Explain in detail all the Islamic contracts involve in the financing (c) What are the documents needed for the financing? (5 Marks) You may use online resources to find info about house you want to buy. Please attach all the information about the house e.g. price, location, type etc. 2. (a) Determine a financing product for the house and why you choose that institution and its product? Plan how you want to finance the house. (10 Marks) Choose a real home financing product from any Islamic financial institution/ bank. Type of rate use, borrowing period etc. Use table below to help you. Products Profit Rate (%) Borrowing Amount Borrowing Period Monthly Repayment Bank XXX Islamic Home Financing (b) Explain details about the contracts? (Use diagram to illustrate all the contracts). (10 Marks) Explain in detail all the Islamic contracts involve in the financing (c) What are the documents needed for the financing? (5 Marks) (d) What are the differences between fixed rate and profit rate financing in Islamic finance