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The house financing products are an important part of Islamic finance. The purpose of this research is to examine the existing house financing models which are commonly practiced in Islamic financial institutions around the world. This study does not cover all aspects of Islamic financing system rather it gives basic information about the theory and actual practices concerning house financing system. This research will also evaluate the current practices, issues and challenges of different types of products offered by Islamic Banks/DFIs for Islamic housing financing. These include diminishing Musharakah, Murabahah lil-amiri ljarah Muntahiyah bi-al-tamleck, and Istithna'.