Sharia banks operate very differently than regular banks, especially when it comes to loans and interest.
Sharia finance refers to banking activity which is consistent with Islamic Law. There are many ways that Sharia financial practices are different from regular lending, such as the way Islamic banking regulates loans. Just as first time buyer mortgages are aimed at a particular demographic, Islamic finance is aimed at a particular niche, however it is one that is attracting attention from outside of that.
In many ways, Islamic banking operates on the same principles as conventional banking: the banks make money by lending out their capital. One of the major differences is that Sharia banking rules forbid the payment of interest on loans of money. Since the bank cannot make money by charging interest on its loans, there are other rules which avoid this problem. In Sharia banking various other principles are used to share the profit and loss.
How Does a Sharia Loan Work?
To explain how a loan would work in accordance to Islamic law, we will use the example of a mortgage. If you were to apply for a Sharia mortgage, rather than loaning you the money to purchase your home the bank would instead buy the home from the seller and re-sell it to you at a profit. You would be allowed to buy the home from the bank in installments. There would be no penalties for late payment, because the bank’s profit would not be allowed to be made explicit. However, so that the bank can protect itself in the event that you decide not to pay, they can ask you to give them collateral. This is also the way that a Sharia bank would handle a car loan, by purchasing the vehicle first and then selling it to you.
Another interesting approach offered by some banks is known as Musharaka al-Mutanaqisa. This type of loan allows for you and the bank to purchase a property together at an agreed upon percentage. You then rent this property from the “partnership”. You and the bank share the proceeds from your rent according to the equity share in the property. Over time, you pay for the bank’s share of the property by paying periodic installments until eventually the full equity of the home is transferred over to you. If you default on this type of loan, both you and the bank will receive a proportion of the proceeds based on your current equity share.
Another aspect of Sharia banking is the practice of “wadiah”. There is no interest paid in the same way that regular banks do on savings accounts. However, it is acceptable for the bank to give its customers a “gift” known as a “hibah” after keeping their funds in the bank for a certain amount of time.
Each “Sharia” bank is governed by an official Sharia Advisory Board, which is made up of Islamic scholars, experts and clerics who will ensure that all of the bank’s practices are in compliance with Islamic law.
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Ireland features many lively festivals throughout the year, and here are a few of the most popular.
If you are planning on travelling to Ireland, why not plan your visit so that you can attend an exciting festival? There are literally hundreds of festivals happening in Ireland all throughout the year. From small local county fairs to huge celebrations in Dublin, you will have lots of choice when it comes to partying the night away. Here are a few of the most popular events throughout the country:
The Galway Arts Festival
This annual arts festival happens every July in Galway and is the leading arts festival in Ireland. Performers from all over Ireland as well as international performers from all over the world come to showcase their creative talent to more than 150,000 guests each year. Artists, Writers, Poets, Musicians, Comedians, and Buskers come together to fill the city with art and song.
Past musical performers at this festival have included Joni Mitchell, Blondie, David Gray, and Philip Glass, and theatre companies such as The Royal Court Theatre, Chicago’s Steppenwolf Theatre, and The Stephen Petronio Dance Company have showcased their productions here. If you are looking to gorge on art and culture, this festival offers up a gourmet all-you-can-eat buffet of fine artistic performances.
Saint Patrick’s Day: Sky Fest
Of course, when talking about Festivals in Ireland we cannot forget Saint Patrick’s Day! This famous Irish national holiday is celebrated on March 17th, and commemorates the patron saint of Ireland. Skyfest is an enormous fireworks display that forms the centrepiece of St. Patrick’s Day celebrations in Ireland, and is usually held on the Saturday before or after the holiday. Thousands of people flock to watch these fireworks, and enjoy the live Irish folk music.
No matter where you are in Ireland during St. Patrick’s Day you are sure to find carnivals, live music, dance performances, and all sorts of other celebrations to enjoy.
Cork Jazz Festival
If you are a fan of the groovy sounds of jazz music, this festival will have you snapping your fingers in appreciation. In the city of Cork, Ireland the annual Jazz Festival is held every year in late October. This event is considered one of the top three Jazz Festivals around the world, and features more than 1,000 different jazz musicians. You can choose from many performances in clubs, pubs and concert halls all over the city.
The Festival of World Cultures
Held at the end of July in Dun Laoghaire Town, this three day celebration includes enormous banquets of food and live music from all over the world. Enjoy the Feast Americana which recreates the atmosphere of an American country fair, and the Global Village featuring food and displays from many different countries. Watch the traditional performances at the World Dance Plaza and enjoy the displays of South Asian Arts. This family friendly festival is a great way to feel like you have travelled around the world in one night!
These days flights to Ireland are available form a wide variety of places, and tend to include flights to Dublin as an option. There are just are many excellent festivals held throughout the year in Ireland. What are you waiting for? Join in the fun!
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This looks amazingburgers doesn’t it? Bane is a pretty hardcore Batman villain, and if the previous two episodes of this incarnation of Batman are anything to go by this will be one of the standout films of 2012.
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Converyancing can be a lengthy process so before you go into it, it is best to be aware of the situation and what is involved.
Conveyance is the movement of property deeds or legal title from one person to another, or granting the encumbrance of a mortgage or loan to another person.
The first thing you should do if you decide to undergo buying a house and therefore conveyancing is to find a place to purchase or to move to.
You should then look for an estate agent to sell your property. When looking for an estate agent you should consider the reputation of the estate agent in question. This will ensure you get the best value for money and can sell your house a quickly as possible.
Look and see the length of the contract on offer, whether there is an extension, whether you enter a no sale, no fee arrangement and whether the cost of advertisement is included in the price. Also make sure you can use your own solicitor as a referral from them will make your legal costs higher more than likely.
You will then have to go and find a solicitor for conveyancing. There are many solicitors that offer this service out there, however finding a good one will mean you have to take a lot of different things into account.
Get a full detailed quote from the solicitor you intend on using, though find out if they will charge you if the sale falls through first. Yu should also keep an eye out for additional charges or extras that are placed on top of the initial charge. Your solicitor will then make a legal contract. This means you have to furnish them with deeds, information for the land registry, details of your mortgage and a number of other things.
When the contract papers are made up you will need to wait when a number of other searches are performed on the property – this can take between 1-2 weeks. There may also be questions as the buyer will want to know certain things, these can add a length to the proceedings.
The buyer will also be sorting out finance at this stage and will instruct a surveyor to examine your property and ensure it is up to their standards.
Once this is all okay, the solicitors will ask you to sign a contact and these will be exchanged with the contact of the buyer when signed. This contract is the formal terms of commitment and at this stage a date for completion will be arranged and you will know when you have to leave the property by.
Completion then comes about when the seller’s solicitor receives the proceeds of the money. Then the title deeds are handed over and the property and any monies repaid out of the money received to the mortgage or the solicitor will be paid. The balance is then sent to you for purchase of another property.
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