Constructed Properties Finance FAQs
At Barwa Bank, we offer a simple solution for all your home finance needs. With us, the option of buying the right house and paying its price in conformity with Islamic law has never been easier.
Yes, there are many companies in Qatar that provide these services, and we recommend a number that we have worked with successfully.
Yes they can, but at this stage, they will not be able to obtain a mortgage on their property, so they will need to pay in full for the property.
What new development projects are presently being built?
One of the key tenets of Islamic banking is that the relationship between the bank and the customer is one based on partnership and fairness where the risks are shared. Therefore, instead of a situation where the purchaser buys the property and borrows the money from the bank and pays interest as in a conventional mortgage, in an Islamic mortgage the bank, owns the property on behalf of the customer and the customer buys it back over time from the bank by paying rent to the bank. This is the case for an Ijara Mortgage which is being offered by Barwa Bank.
When agreeing to buy the property the purchaser is required to sign a document which assigns the rights to own the property to the bank. The customer signs an Ijara Agreement with the bank which outlines the terms under which the customer rents the property from the bank. At the end of the rental term (up to 15 years) the bank sells the property to the customer for a nominal amount. The assignment document is notarized at the Ministry of Justice in Qatar to ensure all parties are suitably protected.
Yes they can buy property in specific authorised zones.
- Al Dafna & Onaiza & Al Qitar
- Al Khulaifat (North and South)
- Al Mansoura & Bin Dirham
- Al Rifa Al Hitmi
- Al Sadd
- Al Salata
- Bin Mahmoud (Area 22)
- Bin Mahmoud (Area 23)
- Doha International Airport
- Doha Jadeed
- Frij Abdul Aziz
- Ghanem Al Qadeem
- Losail, Al Kharaij & Jebel Thiya
- New Mirqab & Al Nasser
- Rawdat Al Khail
- Umm Ghuwailina