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It depends as there are at least five varieties of Islamic home financing: Murabahah, Bay Bithaman Ajil, Musharakah Mutanaqisah, Ijarah Muntahiya Bit Tamlik, and Istisna (new constructions only). Most common (in US anyway) is probably Murabahah. Assuming we're talking about Murabahah, what's happening is the bank acquires the property (directly or though a ...

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