THE HOUSE BUILDING FINANCE CORPORATION LIMITED PAKISTAN: A
SHARIA’H APPRAISAL OF GHAR AASAN FLEXI SCHEME
Abstract:
The main purpose of this paper is to examine
the Sharia’h appraisal of House Building Finance Corporation Limited. The House Building Finance Corporation was established in 1952
under an act of the parliament to finance construction of house in the urban
areas of Pakistan. In this research Ghar Aasan (Flexi) product of HBFCL
will be examined in Sharia’h perspective and a comparison will be made with
Islamic Banking (Meezan Bank Limited) and Conventional Bank UBL. This study
also comprises the opinion of Shariah experts for the shariah compliance of
Ghar Aasan (Flexi).
Key Words: Islamic House
Financing, Sharia’h
Appraisal of Ghar Aasan (Flexi), House Building Finance Corporation Limited
Pakistan.
Introduction:
The House Building Finance
Corporation was established in 1952 under an act of the parliament[1]
to finance construction of house in the urban areas of Pakistan. Its
operations started from the city of Karachi and were later on
extended to other cities and towns. The Objective of the House Building Finance
Corporation was to facilitate the low income people of Pakistan. The House
Building Finance Corporation Limited is the oldest housing finance institution
in Pakistan. HBFCL is a Government designated financial institution and
provides financing facilities for construction, reconstruction, renovation and
purchase of house.[2]
The House Building Finance
Corporation was incorporated on July 25, 2007; the House Building Finance
Corporation Limited is an unlisted public company. The Government of Pakistan
(GOP) and the State Bank of Pakistan (SBP) jointly hold the capital of HBFCL
with 62.50% and 37.50%, shares respectively. As of February 18, 2011 and
pursuant to the provisions of section 39 of the Companies Ordinance, 1984, the
name of House Building Finance Corporation has been changed to House Building
Finance Company Limited.[3]
Role of HBFCL in Economic Development:
As a matter of their mandate, HBFCL
has focused on providing house financing for the housing needs of the lower and
middle income socio-economic sectors. To date, HBFCL has financed over 450,000
Houses. Over the years they have developed and offered housing finance products
based on the needs of the customers.
Presently, nearly 51% of HBFCL's
customers are of the lower income demographic with loan amounts of less than
Rs. 100,000. Nearly 93% of customers have loans below Rs. 500,000, and maintain
a monthly income between Rs. 3,500 and Rs. 5,000. Understanding that a large
portion of customer base can only afford to pay installments of Rs. 1,000 to
Rs. 1,200 per month, HBFCL has actively developed products to accommodate this
market to include repayment plans over a 15 to 20 year period.
To date, HBFCL has financed around 456,256 units for Rs.47.82 billion,
successful recoveries of Rs.64 billion (inclusive of markup) and has a housing
portfolio of Rs.14.6 billion. At present the HBFCL is handling over 77,666
operative accounts with a work force comprising of 951 officers and support
staff. The Company operates throughout Pakistan including Azad Kashmir and
Northern areas.[4]
Islamization of HBFCL:
Prior to 1977 the House Building
Finance Corporation used to run its business on interest based means and
methods. Later on the Government of Pakistan ordered to the Council of Islamic
Ideology (CII) for preparing detailed scheme for establishing a Sharia’h
compliant financial system in the country. The Council of Islamic Ideology
submitted two reports on elimination of Riba. The first report recommended
changes in the operations of non-bank financial intermediaries including House
Building Finance Corporation Ltd. In compliance with recommendation of report,
the House Building Finance Corporation started providing Islamic house
financing on the basis of diminishing musharakah from 1st
July, 1979.[5]
Models of House Building Finance Corporation Limited:
The House Building Finance
Corporation Limited developed its Islamic House Finance products during
1979-1987. The first model of Islamic house financing was introduced and
notified by the HBFCL was on PLS or income sharing basis. Later-on in 1988-1990
the next product of HBFCL for Islamic house financing i.e. “Simplified Scheme”
introduced. This scheme was launched on the basis of income sharing. “New
Simplified Scheme” was third product of HBFCL, which was introduced in
1990-2001. After the Supreme Court’s Judgment on Riba the HBFCL introduced in
2002-2008 a new product named Ghar Aasan
on the basis of Diminishing Musharakah.[6]
HBFCL introduced a product for financing contractors/builders in 2003 with the
name Shandar Ghar. This product was on the basis of Murabahah lil-amiri
bi-al-shira i.e. murabaha to the purchase orderer. The current product of the
House Building finance corporation is Ghar
Aasan (FLEXI). This product was introduced by HBFCL in late 2007.
Ghar Aasan Flexi Scheme:
The House building Finance
Corporation introduced a comprehensive scheme after Ghar Aasan in late 2007. This facility is based on diminishing Musharakah and is only being practiced for providing house
financing in House Building Finance Corporation. Other schemes like Ghar Aasan, Shandar Ghar etc. have been
closed by HBFCL.
This
scheme offers the following categories to meet different needs of the
customers, however here we will focus only on construction case:
- Construction of residential property
- Renovation of an existing residential property
- Purchase of a residential property
Primary Conditions of Ghar
Aasan Flexi Scheme:
In this scheme the HBFCL facilitates
customer to construct a residential property on previously owned land by
customer, or to add on current domestic property. HBFCL assists up to 60%
of total estimated cost of construction (Land cost + Cost of construction)[7].
HBFCL only facilitates for construction and the land must be bought from
customer’s side.
Main Conditions/Characteristics of Ghar Aasan Flexi Scheme:
1. Rental
Rate KIBOR + Spread[8].
2.
Rental
Fix for one year.
3.
Re
pricing after every year.
4.
3%
penalty on outstanding principal (In case of default)
5.
Pre-payment
charges 3% (In case a customer wants to purchase units in advance.)
Documentation of this Scheme:
Islamic House Finance Agreement:
This Agreement sets out the terms and
conditions upon and subject to which the HBFCL and the customer agree to enter
into a Musharakah. It is understood between the parties that regardless
of the proportion of each party in the Musharakah, the entire Musharakahproperty
will be occupied and used by the customer against payment of the monthly
payment. Through this agreement the customer buys out the company’s share in
the Musharakahfrom time to time.
Monthly Payment Agreement:
This Agreement sets out the terms and
conditions upon and subject to which the customer agrees to pay monthly rental
of HBFCL’s share.
Understanding to Purchase Musharakah Units:
In this agreement the customer
applies for purchasing HBFCL’s shares. This agreement set out the terms and
condition for purchasing of Musharakahunits.
Letter of Undertaking to Sell MusharakahUnits:
The letter of undertaking to sell Musharakah
units is generally taken by HBFCL from its customers by this undertaking
the customer agree to purchase Musharakah units.
Penalty:
The House Building Finance Corporation
charges penalty for an initial period of two months on following rate on
account of dishonoring of postdated cheque of debit advice.
1.
Per dishonored
postdated cheque, a penalty of Rs. 500 will be imposed and charge for a maximum
period of two months.
2.
In case of Non
Materialization of debit advice, a penalty of Rs. 500 will be charged for an
initial 2 months period.
3.
If the post
dated cheques /debit advice are cleared within the same month, no penalty will
be charged.
4.
If the customer
remains in default even after two months, then penalty will be imposed
according to investment slab as under.
Investment
up to 500000
|
Rs.
500 P.M
|
500000-1500000
|
Rs.1000
P.M
|
1500000-2500000
|
Rs.1500
P.M
|
Above
2500000
|
Rs.
3000 P.M
|
Insurance:
In the interest of the company and
the customer, the HBFCL arranges life insurance[9], while is equivalent to
the amount of the investment. The HBFCL resorts to practice due to
unavailability of Takaful. The life of the customer is insured with the
reputable insurance company on whose income the investment application is
accepted by the company. The sum assured of the insurance policy is equal to
the original amount of the investment disbursed by the company. The claim if
any, received against the policy from the insurance company in excess of the
outstanding balance of total dues shall be refunded to the legal heirs of the
customers. The customer shall pay the insurance premium along with the monthly
payment of rent and purchase price of Musharakah unit. The company shall also arranges property
Takaful for a reputable Takaful company, against all relevant insurable risks
such as loss, damage or destruction of Musharakah property.
In the event of claim being lodged,
the proceeds are shared between the company and the customer in accordance with
their respective share in the Musharakah. All costs and expenses incurred in respect of the
insurance of the Musharakah property are borne by the customer.
Procedure of Ghar Aasan
Flexi Scheme:
A customer applies for house
financing in HBFCL and submits application with required Documents. HBFCL
accepts application of customer after necessary process. The HBFCL gives
approved amount in installments on following schedule during the agreed period
of construction which is normally nine months. In this period the customer will
construct house.
1st
|
30% of Approved Amount
|
2nd
|
30% of Approved Amount
|
3rd
|
30% of Approved Amount
|
4th
|
10% of Approved Amount
|
After disbursement of facility the HBFCL will start charging amount of
rent. As compare to Ghar Aasan
(Previous Scheme) in which during construction period the HBFCL does not charge
any amount. The HBFCL charges only amount of rent for the period of fifteen
months[10] (Annexure 3). After completion of moratorium
period customer can purchase units of HBFCL’s share, the monthly payment will
be changed and included the price of units.
Sharia’h Appraisal
of Ghar Aasan Flexi Scheme:
Ghar Aasan Scheme
has designed on the basis on diminishing musharakah. Diminishing Musharakah
(Musharakah Mutnaqsa) is the combination of three contracts which are Sharikah
(Partnership), Ijarah (Lease) and Bay (Sale)[11].
In
this contract Islamic financial institution and the customer participate in the
joint ownership of a property on the basis of Sharikah tul Milk. The share of the financier is divided into a
number of units and the customer purchases those units one by one periodically
until he becomes the sole owner of the property.[12]
The Customer pays the rent to Islamic financial institution for his part. As
the Customer purchase units of the Islamic Financial institution his payable
amount of rent decreases, finally the payable amount of rent remains zero. Same
is the case in Ghar Aasan Scheme
launched by HBFCL, Customer contributes land and HBFCL contributes in shape of
financing (for construction of house) in Sharikah
tul Milk. After the lockout period Customer pays rent of HBFCL’s share and
will purchase one unit annually.
Majority
of ulama (Sharia’h Scholars) are of the opinion that the House Building Finance
Corporation limited is not Sharia’h Compliant.
1.
House
Building Finance Corporation Limited is working on interest based system. The
HBFCL is financed by the Government of Pakistan and State Bank of Pakistan who
lend money on interest and in return HBFCL lends money to their customers on
interest.
Jabir
RA said 'Allah's Messenger PBUH cursed the accepter of Interest, and its payer,
and one who records it, and the two witnesses, and he said: They are all
equal'. [13]
(Darul Ifta Noor Ul Irfan Muharram Al Haram 1427 A.H. , February 2006 )
(Darul Ifta Noor Ul Irfan Muharram Al Haram 1427 A.H. , February 2006 )
2.
Even if the product of HBFCL is considered
Sharia’h Compliant then the issue of check and balance is another concern. The
Ulama raised the objection that there is no check and balance by the Sharia’h
experts.
3.
The
purchase and construction of property with the partnership of House Building
Finance Corporation does not involve Riba (Interest). However there are few
terms and Conditions exist which are not permitted in Sharia’h. (Daru Ifta Darul Uloom Karachi, Jamadi al
Thani 1403 A.H.)
Islamic House Financing in Meezan Bank Limited:
Meezan Bank Limited is the first
scheduled bank in Pakistan, which has been licensed by the State Bank of
Pakistan to operate as an Islamic commercial bank. Meezan Bank offers house
financing through their product namely “Easy Home” on the basis of diminishing musharakah.
Sharia’h
Compliance of Easy House Facility:
As discussed above that Meezan Bank
offers this facility on the basis of diminishing musharakah. In this
contract MBL and the customer participates in the joint ownership of a property
or equipment on the basis of Sharikah tul
Milk. The share of the Meezan Bank Limited is divided into a number of
units and the customer purchases those units one by one periodically. The
customer purchases units of Islamic financial institution until the customer
become the sole owner of the property.[14]
The Customer pays the rent to Islamic financial institution for his part. As
the customer purchases units of the Islamic Financial institution his payable
amount of rent decreases, finally the payable amount of rent remains zero. Same
is the case in Easy Home Scheme launched by Meezan Bank Limited. The Customer
and MBL make a pool on the basis of Sharikah
tul Milk. The customer pays rent of MBL’s share and purchases one unit
annually.
As mentioned in (Annexure 1) that the
total cost of house is PRs.1, 000,000. The MBL has invested 600,000 on the
basis of Sharikah tul Milk. The
Meezan Bank charges rental for his share and customer purchases units of MBL
until he becomes sole owner of that property.
Differences and
Similarities between Meezan Bank Limited, House Building Finance Corporation
Limited and United Bank Limited:
Table
No: 1
DIFFERENCE
|
MEEZAN BANK LIMITED
|
HBFCL
|
UNITED BANK LIMITED
|
||
MODE OF FINANCING:
|
Diminishing Musharakah
|
Diminishing Musharakah
|
Interest Based
|
||
SHARIA’H AUDIT
|
Yes
|
No
|
N/A
|
||
SHARIA’H ADVISORY BOARD
|
Yes
|
No
|
N/A
|
||
LICENSE FROM SBP FOR
ISLAMIC HOUSE FINANCING
|
Yes
|
No
|
N/A
|
||
MAX FACILITY AMOUNT:
|
40000000/-
|
7500000
|
300000000/-
|
||
DURATION
|
3-20 Years
|
3-20 Years
|
3-20 Years
|
||
RENTAL RATE:
|
KIBOR+3.5% Approximately
|
KIBOR+2.5% To 3.5%
|
KIBOR+3.5% To 4.5%
|
||
LIFE INSURANCE:
|
Compulsory
|
Compulsory
|
Compulsory
|
||
PROPERTY INSURANCE:
|
Optional
|
Optional
|
Optional
|
||
MORATORIUM PERIOD:
|
N/A
|
A period of 12
months as a moratorium period. In which HBFCL will charge only rental.
|
N/A
|
||
LATE PAYMENT CHARGES:
|
Rs.500 flat+20% p.a.
|
INVESTMENT
|
PENELTY
|
Rs.1000 per installment
|
|
UP TO 500000
|
Rs.500
|
||||
500001-1500000
|
Rs. 1000
|
||||
1500001-2500000
|
Rs. 1500
|
||||
Above 2500000
|
Rs. 3000
|
||||
USE OF LATE PAYMENT CHARGES:
|
Charitable Purpose
|
Income of HBFCL
|
Income of Bank
|
||
Conclusion:
The findings of this
research conclude that the product (Ghar
Aasan Flexi) of House Building Finance Corporation is based on diminishing musharakah
(A Sharia’h compliant Mode for House Financing). There are some issues in GAS Flexi, some of them, but not exhaustive,
as follow:
·
In Ghar Aasan Flexi product the late payment charges include in
their income while it is considered as charitable fund in Islamic financial
institutions.
·
There is no concept of Sharia’h supervisory board which may guide them
about Sharia’h regulatory framework for a specific product. The corporation do
not follow the rule and regulations which are the essential for the contract
e.g. in murabahah lil-amiri bi-al-shira they provide the
required amount to their customer,
who purchases the goods and starts to use the goods. Then both the parties ,
the customer and the corporation sign the contract is being signed between
HBFCL and customer which make no difference between conventional and Islamic
product.
Such issues
can be resolve taking some steps which have been discussed in recommendations.
Recommendations:
Sharia’h Advisory Board & Sharia’h Audit:
As discussed above that the House Building Finance Corporation finances
through diminishing Musharakahbut there are a number of problems in
application. The HBFCL must appoint a Sharia’h Advisor as State Bank has issued
a circular for all Islamic Banking institutions on March 25, 2008. The HBFCL
must appoint a Sharia’h advisor who will ensure that all products and services
and related policies and agreements of HBFCL are in compliance with Sharia’h
rules and principles. Before launching any new product and services the related
procedure, rules and agreements shall be duly examined by the Sharia’h Advisor.
The Sharia’h Advisor should also conduct Sharia’h audit on annual or by
annual basis. In this regard the management of House Building Finance
Corporation shall be responsible to provide him all information’s required.
Sharia’h Advisor will thoroughly review operation of the House Building Finance
Corporation’s products on periodic basis in coordination with officials
responsible for Sharia’h compliance to ensure that all the products and services
offered by the House Building Finance Corporation are Sharia’h compliant.
Deficiency of Islamic Orientation Regarding Islamic Finance:
It has been observed that the
management of HBFCL does not have sufficient knowledge regarding Islamic Finance.
The Employees of House Building Finance Corporation do not know about Islamic
finance products. The HBFCL is providing house financing on diminishing musharakah
basis but the employees do not know what diminishing musharakah is.
They cannot convince their customers about their product’s Sharia’h compliance.
It is necessary for providing Sharia’h compliant products that the House
Building Finance Corporation should arrange training programs for their
employees on regular basis.
Takaful:
The House Building Finance
Corporation is using conventional life insurance but they should use Takful
instead of conventional insurance.
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[1]Chaudhry, Z.H.
(2004), “House Building Finance Corporation Act 1995”,Nadeem Law Book
house, Lahore, p.5
[2]HBFCL. (n.d.). Introduction. Retrieved
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http://www.HBFCL.com.pk/company_profile.html
[3] Ibid
[4]HBFCL. (n.d.). Introduction. Retrieved October 26, 2011, from House
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[5]Hassanuzzam, D. S. (1995). Islamisation of the
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[6]HBFCL. (2001-2002). Mannuals of House Building
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[7]HBFCL. (n.d.). New Customers. Retrieved
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http://www.HBFCL.com.pk
[8] Spread amount
is different for Government employees and Business man. For Government Employee
the rate is 3.25% and for Business man the rate is 3.5%.
[9] The House
Building Finance Corporation is using conventional life insurance now days.
They will switch to Islamic Insurance
soon (G.M. HBFCL ZONAL OFFICE ISLAMABAD)
[10] This period is
called moratorium period.
[11]Abdullah, Noor Mohammad Osmani & Md. Farukh.
(July 2010). MusharakahMutnaqisah House Financing: A review of
Literatures & Practices of islamic Banks in Malysia. international Review
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[12]Usmani, M. M. (2000). Introduction to Islamic
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[14]Usmani, M. M. (2000). Introduction to Islamic
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