1. The Islamic contract concept is not much different from the English contract idea and its structure in general terms. The main difference between them relates to the subject matter of the contract. The Islamic contract’s subject matter should not deal with harmful items such as interest, drugs, alcohol, pork, pornography, gambling, and so on.
2. The crucial point of difference between the Islamic and the conventional English mortgage contract is Riba’s prohibition (interest), which is not acceptable in Islamic contracts, including mortgage, under any circumstances.
3. The Qur’an does not mention mortgage directly, but the mortgage contract has its roots in the Qur’an within the general theory of the contract.
4. One of the notable differences between the English conventional mortgage contract and the Islamic mortgage contract is that the client under the Islamic mortgage contract can repay the entire sum to the bank at any time before the end of the agreed period without any penalty. This is not allowed under the conventional mortgage.
5. Islamic mortgage in England could be improved and made more applicable if the interested financial institutions and government departments presented more accurate and uniform information and database materials. This would make it available for people, especially those within the Muslim community, who would be the Islamic mortgage market’s main clients. It could also be argued that if the Islamic mortgages were managed more competitively, they could attract more and more clients from non-Muslim communities. It is helpful to mention the Malaysian case of Islamic finance products that attracted 40 percent of non-Muslims according to the HSBC Bank (Green 2004, p 2).
6. The Islamic mortgage could be developed from existing Islamic finance practice by a new combination of Ijara wa Iqtina’a and Musharaka Mutanaqisa.
7. The financial institutions in England and abroad need to agree on consistent terminologies concerning Islamic financial contracts in general and the Islamic mortgage contract in particular. This will facilitate a better understanding of the Islamic mortgage contract.
8. One of the highly recommended steps in England towards the applicability of the Islamic finance products in general, and the Islamic mortgage in particular, is to encourage more specialists from legal and financial backgrounds to gain more experience – academic and practical-in meeting developments in this field.
9. It would be instrumental in forming a uniform body or committee in England to supervise and improve the legal and financial developments concerning the Islamic mortgage, especially from government financial departments.