CONTROLLING A COMPUTER SYSTEM ENABLING SHARIA-COMPLIANT FINANCING

• US 20110153492A1
• Filed: 12/06/2005
• Published: 06/23/2011
• Est. Priority Date: 04/03/2002
• Status: Abandoned Application

• Current Assignee: Mohamad Lutfi Hammour, Thomas R. Gainor
• Original Assignee: Mohamad Lutfi Hammour, Thomas R. Gainor
• Inventors: Gainor, Thomas R., Hammour, Mohamad Lutfi
• Application Number:
  US11/720,903
• Publication Number:
  US 20110153492A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A computer system including data processing means arranged for receiving information into memory, the information enabling a transaction wherein a first party obtains property financing from a first financier by providing equitable title to the first financier and incurring obligations under a lease to the property, and wherein the first financier obtains funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property, wherein the data processing means includes control means disposed to apply a Sharia compliance standard to the information control the computer system in carrying out a transaction compliant with the standard.

Claims

1. Apparatus for controlling a computer system enabling a transaction, the apparatus comprising:

data processing means arranged for receiving information into memory, the information enabling a transaction wherein a first party obtains property financing from a first financier by providing equitable title to the first financier and incurring obligations under a lease to the property, and wherein the first financier obtains funding for the financing from a second financier by providing at least some of the first financiers rights in the property, wherein the data processing means includes control means disposed to apply a Sharia compliance standard to the information to control the computer system in carrying out the transaction compliant with the standard.

17. The apparatus of any one of claims 1-4, wherein the property is a multifamily dwelling property.

18. The apparatus of any one of claims 1-4, wherein the property is a single family dwelling property.

19. The apparatus of any one of claims 1-4, wherein the property is neither a single family dwelling property nor a multifamily dwelling property.

2. Apparatus for controlling a computer in a system enabling a transaction, the apparatus comprising:

a plurality of computers programmed to cooperate in enabling a transaction wherein a first party obtains property financing from a first financier by providing equitable title to the first financier and incurring obligations under a lease to the property, and wherein the first financier obtains funding for the financing from a second financier by providing at least some of the first financiers rights in the property;

data processing means, at one of the computers, arranged for receiving information into memory, the information defining a portion of the transaction; and

control means disposed to apply a Sharia compliance standard to the information to control the one of the computers in carrying out the transaction compliant with the standard.

3. The apparatus of claim 2, further including

data processing means, at a second of the computers, arranged for receiving respective information into memory, the respective information defining a portion of the transaction;

and

control means disposed to apply a respective Sharia compliance standard to the respective information to control the second of the computers in carrying out the transaction compliant with the respective standard.

4. The apparatus of claim 3, wherein the standard and the respective standard are not identical.

5. A computer-aided method, the method including:

converting input information, representing a first party financing property by providing equitable title and incurring obligations under a lease to the property with a first financier, into input signals;

converting input information, representing a first financier obtaining funding for the financing from a second financier by providing at least some of the first financiers rights in the property received from the first party, into input signals;

communicating the input signals to a computer system;

computing, with the computer system, to process data corresponding to the input signals to produce an illustration of an arrangement of the funding and the financing; and

producing, at an output device in communication with the computer system, an illustration of the arrangement.

6. The method of claim 5, further including evaluating the arrangement according to a predefined Sharia compliance standard.

7. A computer-aided method, the method including:

entering into a computer system data defining an arrangement in which a first party obtains financing for property by providing equitable title and incurring obligations under a lease to the property with a first financier, and the first financier obtains funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property received from the first party, wherein the arrangement complies with a predetermined Sharia compliance standard;

computing, with the computer system, to process the data to generate an optimization of the arrangement; and

producing, with the computer system, implementation documentation to carry out the arrangement according to the optimization.

8. The method of claim 7, wherein the producing implementation documentation includes producing documentation according to a predefined Sharia compliance standard.

9. A method for monitoring a financing arrangement, the method including:

monitoring, with a computer, notice of at least one payment required from a first party, the payment defined by an obligation corresponding to a lease corresponding to financing from a first financier receiving equitable title to the property and associated with funding for the financing obtained from a second financier receiving a beneficial interest in the property;

determining, electronically, whether the obligation is not violated;

if the obligation is violated, signaling a notice of the violation;

determining, electronically, whether the obligation is satisfied for a corresponding time period;

if the obligation is satisfied for the time period, then repeating the monitoring for a subsequent time period;

determining, electronically, whether the obligation is completely satisfied; and

if the obligation is completely satisfied, then signaling a notice that the obligation is completely satisfied, and terminating the monitoring to correspond with exercising an option by the first party to obtain full right, title, and interest in the property.

10. The method of claim 9, further including defining the obligation pursuant to a predefined Sharia compliance standard.

11. A computer-aided method, the method including:

storing in a computer memory a data structure recording a multiplicity of financings defined by respective agreements wherein, respectively, a first party obtains financing for property by providing equitable title and incurring obligations under a lease to the property with a first financier and whereby the first financier obtains funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property received from the first party, at least one of the financings being compliant with a Sharia standard;

updating the data structure with payment data;

identifying from the payment data any of the financings in which all said obligations have been satisfied;

and for each of the financings in which all said obligations have been satisfied, generating notice of an option defined as exercisable by the first party so as to cause the interests to vest in the first party.

12. A computer-aided method, the method including:

forming a data standard by eliciting data with a Sharia-compliance lending template, the template including data fields configured to receive entry of data defining an arrangement of a first party obtaining financing for property by providing equitable title and incurring obligations under a lease to the property with a first financier, and the first financier obtaining funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property received from the first party; and

storing in a memory of a computer data structured in accordance with the data standard.

13. A method of using a computer system to implement a financing, the method including:

providing a database of data relating to applications for financing property according to a Sharia-compliance standard, wherein the applications are defined by;

obtaining, at a first party, financing for property by providing equitable title and incurring obligations under a lease to the property with a first financier;

obtaining, at the first financier, funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property received from the first party; and

testing an indicator in the database, the indicator indicating status of the applications; and

a program accessing the database to analyze the status in carrying out at least one closing corresponding to at least one of the applications.

14. A computer-aided method for carrying out an option on a financing, the method including:

receiving information into a memory specifications defining the option to acquire property, the option defined in accordance with a Sharia standard-compliant transaction in which a first party obtains financing for property by providing equitable title and incurring obligations under a lease to the property with a first financier, and the first financier obtains funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property received from the first party, such that satisfaction of the obligations enables execution of the option so that the first party extinguishes the interests;

evaluating satisfaction of the obligations with a computer; and

if complete satisfaction is detected, signaling enablement of the option.

15. A method of generating financing documentation, the method including:

providing a database of data containing model documents corresponding to financing structured according to a Sharia-compliance standard, wherein the model documents are defined by;

obtaining, at a first party, financing for property by providing equitable title and incurring obligations under a lease to the property with a first financier;

obtaining, at the first financier, funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property received from the first party; and

controlling a computer system with a program to enable an analysis of the funding structure applied to a property, enable access to the database to obtain at least one of the model documents, and enable modification the at least one document in carrying out an acquisition of the property.

16. A computer-aided method for producing an asset-backed security, the method comprising:

storing in a computer memory a plurality of financing arrangements, at least one of the financing arrangements defined by;

a first party obtaining property by providing equitable title and incurring obligations under a lease to the property with a first financier; and

the first financier obtaining funding from a second financier by providing at least some of the first financier'"'"'s rights in the property received from the first party;

identifying at least one of the financing arrangements that is compliant with a predefined Sharia standard; and

forming an asset-backed security including the at least one of the financing arrangements that is compliant with a predefined Sharia standard, by preparing documentation operatively associating the set of multiple financing arrangements with the security.

20. An electronic transmission apparatus for handling communications to implement a Sharia compliance standard in a transaction, the apparatus including:

program control means governing a first computer in communication with a second computer, the first computer and the second computer cooperating to implement a transaction wherein a first party obtains property financing from a first financier by providing equitable title to the first financier and incurring obligations under a lease to the property, and wherein the first financier obtains funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property, wherein the program control means disposed is to apply a Sharia compliance standard to data processing means at least one of the computers in carrying out the transaction compliant with the standard; and

electronic transmission means enabling sending communication to an other of the computers to facilitate the computers cooperating in carrying out the transaction.

21. The apparatus of claim 20, further including a network enabling the computers to communicate.

22. An electronic receiver apparatus for handling communications to implement a Sharia compliance standard in a transaction, the apparatus including:

program control means governing a first computer in communication with a second computer, the first computer and the second computer cooperating to implement a transaction wherein a first party obtains property financing from a first financier by providing equitable title to the first financier and incurring obligations under a lease to the property, and wherein the first financier obtains funding for the financing from a second financier by providing at least some of the first financier'"'"'s rights in the property, wherein the program control means disposed is to apply a Sharia compliance standard to data processing means at least one of the computers in carrying out the transaction compliant with the standard; and

electronic receiver means enabling receipt of communication from an other of the computers to facilitate the computers cooperating in carrying out the transaction.

23. The apparatus of claim 22, further including an Internet network enabling the computers to communicate.

24. A computer-readable media tangibly embodying a program of instructions executable by a computer to perform the steps of:

receiving definition of a transaction wherein a first party obtains property financing from a first financier by providing equitable title to the first financier and incurring obligations under a lease to the property, and wherein the first financier obtains funding for the financing from a second financier by providing at least some of the first financiers rights in the property; and

generating output including the documentation of the transaction.

25. The media of claim 34, wherein the media comprises at least one of a RAM, a ROM, a disk, an ASIC, and a PROM.