Religion had nothing to do with Armin Sorabji’s decision to finance the purchase of his Dubai home with a Shariah-compliant mortgage. Instead, it was all about getting the best deal.

In 2006, Mr Sorabji, a 51-year-old accountant from India, who is a Hindu, was interested in buying an off-plan property from Nakheel in Jumeirah Park. He knew that if he went to a conventional bank for financing he would have to start paying monthly interest, known as pre-EMI – equated monthly installments – before the property was complete. After his home was constructed, he would have to pay EMI and a portion of the principal he had borrowed.    »»» The National Newspaper (Abu Dhabi)

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