Dr Ali Mashael
'Profit for delayed period not Shariah-compliant'
Mon, 2011-02-21 14:15 — newsdeskDubai Grand Mufti, Dr Ali Mashael has described charging of profit for the delayed period in Islamic finance property projects as non-Islamic or 'haram' .
Some Islamic banks and mortgage companies have asked investors to pay advance installments (the rental profit or Ijara) even though an already delayed project is not yet completed or handed over.
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