COMPARATIVE ANALYSIS ON THE CONCEPT OF MORTGAGE UNDER ENGLISH AND ISLAMIC LAW

It is common practice that people resort to mortgage institutions for raising money to finance projects such as the purchase of house or improvement on existing Ones, commercial transactions and development of agricultural sector by pledging their property as collateral (i.e. Security for the loan). This type of loan is usually referred to as mortgage. Mortgage therefore can simply be described as an arrangement where by valuable asset are placed as collateral for loan. This form of transaction is widely practiced under Muslim and non-Muslim communities, since it serves as one of the financial instrument available to people, to obtain quick and have easy access to cash!