The purpose of this paper is to present an analysis of current practices of Islamic mortgages in the light of the principles of Islamic financial system, to document divergences – if any. A subsidiary goal is to develop an Islamic Mortgage Model (IMM) based on Musharakah principles.,The author documents theoretical underpinnings of risk-return sharing from the Shari’ah perspective. A comparative study of conventional and Islamic mortgages is completed; existing practice of Islamic mortgages analyzed in the light of Musharakah principles and divergences identified. IMM is developed after taking divergences and Musharakah principles into considerations. A housing case is used to highlight differences (in financial terms) under multiple methods and scenarios.,Study documents multiple divergences from Musharakah principles in the existing practice of Islamic mortgages including ignorance of market pricing in the negotiation of rentals and trading of equity units, and transfer of all ownership risks and rewards (vacancy, damage, destruction and market) to one partner (i.e. customer). Practice is divergent from principles in the area of economic substance. Modified IMM is developed by taking into account Musharakah principles; and differences highlighted by calculating financial figures – to determine financial rights and liabilities of the parties.,Divergence from the principles of risk-return sharing leads to failure in the achievement of Islamic finance objective of equitable distribution of wealth. Moreover, protection of capital for financier reduces the market abilities to achieve financial stability by matching credit expansion with the rise in the real economy. Shari’ah boards and regulators, as well as, management of Islamic banking industry are expected to incorporate proposed changes in-practice for the realization of Islamic finance objectives.,This study contributes to Islamic finance literature in the area of risk-return sharing. Based on important objectives of Islamic finance – equitable distribution of wealth and financial stability – divergences identified and a modified IMM in the light of Musharakah principles is presented. Descriptive rules are transformed into financial figures to document financial rights and liabilities of the concerned parties.

中文翻译：

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伊斯兰抵押贷款：原则和实践

本文的目的是根据伊斯兰金融体系的原则对伊斯兰抵押贷款的当前做法进行分析，以记录分歧（如果有的话）。一个次要目标是开发基于穆沙拉克原则的伊斯兰抵押贷款模型 (IMM)。作者从伊斯兰教法的角度记录了风险回报分担的理论基础。完成了对传统和伊斯兰抵押贷款的比较研究；伊斯兰抵押贷款的现有做法根据穆沙拉卡原则进行了分析，并确定了分歧。IMM 是在考虑分歧和 Musharakah 原则后开发的。住房案例用于强调多种方法和场景下的差异（在财务方面）。研究记录了伊斯兰抵押贷款现有实践中与穆沙拉卡原则的多重分歧，包括在租赁和股权交易谈判中对市场定价的无知，以及将所有所有权风险和回报（空置、损坏、破坏和市场）转移给一个合作伙伴（即客户）。实践与经济实质领域的原则不同。修改后的 IMM 是通过考虑穆沙拉卡原则而开发的；通过计算财务数字突出差异——确定各方的财务权利和负债。与风险收益分担原则的分歧导致无法实现财富公平分配的伊斯兰金融目标。而且，金融家的资本保护降低了市场通过将信贷扩张与实体经济的崛起相匹配来实现金融稳定的能力。伊斯兰教法委员会和监管机构以及伊斯兰银行业的管理人员预计将在实践中纳入提议的变革，以实现伊斯兰金融目标。本研究有助于风险回报共享领域的伊斯兰金融文献。根据伊斯兰金融的重要目标——财富的公平分配和金融稳定——确定了分歧，并根据穆沙拉喀原则提出了修改后的 IMM。描述性规则转化为财务数据，以记录有关各方的财务权利和负债。伊斯兰教法委员会和监管机构以及伊斯兰银行业的管理人员预计将在实践中纳入提议的变革，以实现伊斯兰金融目标。本研究有助于风险回报共享领域的伊斯兰金融文献。根据伊斯兰金融的重要目标——财富的公平分配和金融稳定——确定了分歧，并根据穆沙拉喀原则提出了修改后的 IMM。描述性规则转化为财务数据，以记录有关各方的财务权利和负债。伊斯兰教法委员会和监管机构以及伊斯兰银行业的管理人员预计将在实践中纳入提议的变革，以实现伊斯兰金融目标。本研究有助于风险回报共享领域的伊斯兰金融文献。根据伊斯兰金融的重要目标——财富的公平分配和金融稳定——确定了分歧，并根据穆沙拉喀原则提出了修改后的 IMM。描述性规则转化为财务数据，以记录有关各方的财务权利和负债。本研究为风险回报分担领域的伊斯兰金融文献做出了贡献。根据伊斯兰金融的重要目标——财富的公平分配和金融稳定——确定了分歧，并根据穆沙拉喀原则提出了修改后的 IMM。描述性规则转化为财务数据，以记录有关各方的财务权利和负债。本研究为风险回报分担领域的伊斯兰金融文献做出了贡献。根据伊斯兰金融的重要目标——财富的公平分配和金融稳定——确定了分歧，并根据穆沙拉喀原则提出了修改后的 IMM。描述性规则转化为财务数据，以记录有关各方的财务权利和负债。