Nadeem Majeed, Dr Hidayat Khan
The discussion in this article is about the Basic commandments and conditions of mortgage. From a common man to the big companies have been forced to give and take money as debt but paying the debt back has always been a problem. Mortgage is one of the solutions of this problem that Islam has already offered and by which we can make the pay back of debt certain if we apply this mode of transaction. However, it is necessary to understand its principles as many institutions use mortgage in order to avoid future legal litigations. Therefore, this article covers its literal and technical meanings, parts of the mortgage contract, its legal status in Islamic Law, stipulations and conditions of mortgage, possession of mortgage, rules regarding common property, ownership of mortgage, payment of mortgage in case of loss, floating mortgage and its kinds and physical possession and constructive possession.
Key Words: Mortgage, Legal status, Parts, Condition, Possession, Common Property, Ownership, Floating.