When you’re looking to buy a home in North America, there’s quite a bit to learn when you’re planning on financing through secular law. Finding the right terms and conditions means that you need to have experienced people guiding you through all the different scenarios and possibilities. It can all become even more confusing when you’ve decided to get an Islamic mortgage that will keep you Sharia compliant and free from riba.

There’s no doubt that it’s a jiggling act and one you need professional help with and that’s just what we supply here at Ijaraloans.com. Whether you’re in Canada or the United States, our goal is to be your one stop for Islamic loan solutions through LaRiba or Shariah compliant no interest financing programs.

Riba Free Islamic Mortgages

Ijara wa Iqtina Islamic loans as well as Musharaka and Murabaha varieties are just some of the products we specialize in and everything including our Halal mortgages are riba free. It’s a big job that’s never-ending since the landscape is always changing in both the secular and Islamic world.

Take the changes that have recently faced our Canadian friends for instance. After an extended period where Canadians could take out longer amortization rates, Finance Minister Jim Flaherty announced recently that the longest amortization rate allowed would be rolled back from 30 years to 25, and a limit on the amount that homeowners could borrow on the value of their homes was also brought into place. That number went down to 80% from 85 percent.

Here at Ijaraloans.com, we carefully considered these changes and what we needed to do to keep pace with the government intervention in Canada that was designed to prevent a housing bubble like the one that caused problems here in the Unites States. In part, these changes meant that we needed to keep a closer eye on the requirements, prerequisites and credit information that our clients were planning on submitting. We’re always at the ready with some solid suggestions that can improve a credit score where necessary like making more than minimum payments, and we understand the relationship between having good credit and getting the Islamic loan you’re looking for.

Sharia compliance is a priority

Of course we stay Sharia compliant with our products as well and that means staying on top of things as far as Islamic mortgages go. Striving for Sharia compliance has been a cornerstone of our business for years now and our updated approval records go as far back as 2007 and our dealings with Sh. Ahmed Shleibak. More recently, our Fatwa has been updated yet again and our process endorsed by Mufti Muneer Akhoon, Chairman of Almuneer Foundation of NY. Mufti Muneer is from Karachi, Pakistan. He is credited with studying under some of the top ulama of our era like Hadzrat Maulana Yusuf Ludhyanvi Shaheed, Mufti Nizamud-deen Shamzi, Justice Mufti Taqi Usmani, Maulana Sarfraz Khan Safdar, and many other illustrious ulama. As well as serving as a teacher at Jamia Ashrafia in Karachi, he is the Director of Religious Affairs at Westchester Muslim Center (WMC), Mt. Vernon, NY. Mufti Muneer’s education includes a PhD in Islamic Jurisprudence, Jamia-ul-Uloom Al-Islamia, Binnori Town, Karachi. Taught by Mufti Nizamud-deen Shamzi.

We feel that to provide a top notch service when it comes to matters of Islamic finance, a fatwa or at least supporting knowledgeable opinions are essential for Sharia compliance. We always provide the necessary documentation to prove the scholars that work with us are qualified.

Traditional American Mortgages 

Keeping an eye on any new developments in the more traditional American mortgage market is one of the other balls that we keep in the air for our clients. A recent report in The Washington Post tells us that the Federal government is seeking to scale down its involvement in the housing market. There are several proposals in the works that we’ll be keeping a careful eye on and these include:

•    The federal government will soon scale back the size of the loans that it backs to $625,500 from $729,750. When this starts to affect the mortgage industry, clients will need to understand what their options are as far as Islamic requirements on interest outstanding on loans since these options will be curtailed by some measure. Here at Ijaraloans.com, we’ll walk you through all the most up-to-date processes for these Lease to Own (Ijara wa Iqtina) arrangements and everything else you’ll need to know. 

•    The Federal Housing Administration will increase annual premiums by a quarter of a percentage point for borrowers soon. Again, we’re able to help you with everything that you need to know about Islamic mortgages, and to design a contract that upholds all the rights and obligations of both a conventional mortgage and Islamic finance that is Sharia compliant at the same time. 

Here at Ijaraloans.com, we make it our business to know all the latest information about Islamic finance and how any new changes relate to your bottom line when you’re looking to get involved with the real estate market. Remember, we’re the first Sharia Compliant Acquisition Solutions Company that covers all fifty states with expansions into Canada.  

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