Abstract
Purpose - The Objective of this study is to provide a comprehensive scenario of the Acquisition of House Financing transaction taken place between Bank Islami and Citi Bank during 2010 in the light of Sharī’ah guidelines. The purpose of this whole complex transaction was to acquire Citi Banks house financing portfolio. The successful completion of such a transaction is an important milestone for Islamic Banking. The complete understanding of such transactions is of prime importance for Islamic banking academia. 
 Findings - The study concludes that the transaction based on Hawalah (assignment of debt) and Wakalah Lil Qabz (recovery agency) is very complex and intelligently designed to conduct these transactions. 
 Policy Implications - This study will enable the policymakers, Sharī’ah Advisors, and bankers to explore new avenues for investment in Islamic Banking Institutions. This study will also enable academicians and research students to conduct research for product development in related areas with conventional banks. The complete understanding of such transactions is of prime importance for the product development department of Islamic Banks.
Highlights
Islamic Banking is a Sharī’ah compliant alternative of conventional Banking system available to all irrespective of their faith and religion
The Islamic House financing facility offered by Islamic Bank Institutions (IBI) in Pakistan is generally based on Diminishing Musharaka (Musharaka Mutanaqisa) (Shahzad, 2012)
The reason for giving a loan to the Citi bank by Bank Islami at first and executed the process of Hawalah is mentioned above. Consider this the case, there arises another problem or question mark to the process of Bank Islami and Citi Bank transaction and that is; the total value of the house financing portfolio was declared Rs. 953 million and the same amount of loan was given by the Bank Islami but the amount which was transferred to Bank Islami by Citi Bank via Hawalah transaction was Rs. 722.590 million and rest of the amount Rs. 231.130 million was supposed to be transferred to Bank Islami through Wakalah-lil-Qabz
Summary
Lecturer Department of Trainings, Sharī’ah Academy, International Islamic University, Islamabad, Pakistan. Ph.D. Scholar (Islamic Banking & Finance), International Islamic University, Islamabad, Pakistan. Keywords Acquisition of House Financing portfolio, Bank Islami, Citi Bank Pakistan, How to cite? Sharī‘ah Analysis of Acquisition of House Financing Portfolio: A Case Study of Bank Islami and Citi Bank Pakistan.
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