Services
Islamic Finance Product Agency
Acquisition of real estate by the middle working class has been a challenge due to the high capital requirements for purchase of a property, whether in cash or financing through loans. For the Muslims community this has been virtually impossible because Sharia law prohibits payment of interest on loans. A fundamental Sharia principle is the prohibition of riba, best known by its prohibition on the payment or receipt of interest. This rule affects every aspect of the manner in which a Sharia compliant transaction is structured and implemented.
The current mortgage financing products from financial institutions in Kenya have targeted the general public leaving out a specific segment – the Sharia Compliant (non-interest) financial products. Adamsconsult Property Ltd identified this opportunity to source and link that segment to financial institutions.
ADAMSCONSULT intend to work closely with Banks offering Islamic Finance Products, as an agent, in linking up and growing a client base that shall take up the newly developed financial product for real estate financing. ADAMSCONSULT has a wide network and linkages with the Muslim community that can guarantee increase in uptake of the product. ADAMSCONSULT has an understanding of the product types expected by clients and can guide the property developers in their networks to tailor make new constructions to attract more sales.
The product will encourage Muslim community both local and in the Diaspora to own up houses in Kenya. It is estimated that Muslims in Kenya constitute 35% of the total population, hence having a sharia compliant real estate financing will aim to including this significant population in the real estate sector.
Rental properties management services
The rental properties management services is expected to have synergies with Sharia compliant mortgage services mentioned above since potential clients will get a complimentary rental income to enable them pay up their mortgage obligations and likewise it will give rental management business to ADAMSCONSULT. However, these services will be open to general public and will not be limited to Sharia compliant acquired properties. It will exist as an independent business product with only a complimentary relationship with Sharia compliant properties.
