Abstract
The Islamic response to the ever present need of home financing manifests itself predominantly in ‘Bai-Bithaman Ajil’ (BBA) and ‘Musharakah Mutanaqisah’ (MM) inter alia. They are both essentially structured concepts consisting of Murabahah in the case of BBA, and musharakah and Ijarah in the case of MM. Yet the viability and use of these mediums have been in contention across the Islamic financing world. The contention pivots itself on the Shariah non-conformity of the BBA, with many Middle Eastern Scholars contending that the BBA is antithetical to the Shariah, while there is general consensus with regards to the Shariah conformity of MM. The paper explores the modus operandi of both these models and assesses their ethical dimensions from a Shariah conformity standpoint.
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