“As per the Islamic finance principles, the two parties must stick to the original agreement.
Also, the bank should not charge the customers the rent amount or profit during the property delay period. This is the risk which the bank should take alone and not pass it to the customers.”
“If they incur losses from these projects, it is not the investors fault. Then why they [investors] are being charged for it. The bank must take the full responsibility of the delay period, not the customers.”
Several investors has complained to Emirate 24|7 claiming that banks and mortgage firms were not in compliance with Shariah finance.
AA added: “This is not Islamic finance at all. I purchased this apartment from an Islamic finance company because it is safe and it protects the rights of investors and guarantees that we will not suffer due to unexpected reasons. Then how come they are doing this to us?”
The Islamic financial institution was approached for comment by Emirates 24|7, but so far has not issued any statement.