Please see the links below for Islamic Banking offered where i live. Does these meet the guidelines to be true islamic finance?
https://www.devonbank.com/asp/general_10.asp
http://www.guidanceresidential.com/the-difference/how-it-works/
http://www.myuif.com/financing/shariah-compliant-home-financing/murabaha-home-financing/
In the Name of Allah, the Most Gracious, the Most Merciful.
Assalāmu ‘alaykum wa rahmatullāhi wa barakātuh
While the concept of “Murābahah” is in principle an Islāmically viable model for home-financing, the ruling of any particular Murābahah transaction will depend on the clauses in the contract and how it is implemented. Hence, we can only comment on a specific Murābahah transaction once the complete contract is forwarded to us. In its absence, we cannot issue a general answer on its permissibility or impermissibility.
And Allah Ta‘ālā Knows Best
Zameelur Rahman
Student Darul Iftaa
UK
Checked and Approved by,
Mufti Ebrahim Desai.