Getting an Islamic finance loan is an all important financial tool for those people who want to stay away from riba and be Sharia compliant. However, you’ll need some other tools as well if you’re interested in becoming a handyman around the new house. Following is a list of a few things that are considered standards so you can save a few dollars when it comes to some minor repairs and smaller scale renovations that may require your attention.

• An electric drill. Once you start using one of these impressive tools around your property, you’ll wonder how you ever got along without one. Cordless models with batteries come in very handy, but you’ll need one that’s reversible whether it plugs in or runs on a battery.
•  A circular saw. Make sure that you understand all the safety options before you start using one of these. Once you’re comfortable and know how to stay safe, these power tools do the job of a hacksaw with the added advantage of being much faster.

Protecting your investment is another consideration that builds on obtaining proper Islamic finance and that means you’ll need to start getting a few tools to assist you.

Islamic loans are great for staying Sharia compliant. With Islamic mortgages, you can rest assured that you are dealing with a financing program that will allow you to stay clear from Riba. Even so, there are some emergencies the average homeowner needs to prepare for and one of them has to do with the plumbing in your home. Remember that water can cause untold damage so you’ll need to know how to patch a leaking pipe until the professionals arrive.

The proper clamp is necessary as well as a bicycle inner tube or maybe even some kind of epoxy. It’s also important to know where the main water shut off is for your home, or where each valve for separate appliances and sinks are located in case you need to reach them in a hurry. Usually, you’ll need to phone for professional help in the form of a plumber to get the problem solved permanently. If you can’t find the issue, these experts often have video inspection equipment that can snake down through a blocked drain to find the problem.

Having Islamic mortgages on your side is a great help, but responsible  homeowners also need to be proactively aware of any other home emergencies that can crop up.

Creditworthiness is an important element in applying for a personal loan including Islamic loans free from Riba. Without a credit history, lenders don’t know whether you are responsible borrower or a poor risk when it comes to debt. To make it easier to get approved for a loan, you need to build up credit in order to prove your creditworthiness and to qualify for such things as a car loan or to obtain a mortgage.

For people who have never borrowed money before such as younger people and new immigrants to the country, financial experts suggest there are simple ways to build your credit. For example, you can apply for a major credit card. These types of payments are reported to credit reporting companies so by paying at least the minimum balance owing before the due date each month, you’ll be able to build your credit.

Some retailers allow customers to buy a big ticket item like furniture or a major appliance by way of monthly payment programs that will also allow you to build your credit responsibly. Make sure the retailer you’re dealing with reports these payments to the major credit agencies.

Having reasonable credit is one of the components a borrower needs to pre-qualify for Islamic mortgages because it helps the lender determine your ability and willingness to repay the lease.

It’s important to be practical when you are looking for the features that will make your first home or your next home the best possible choice among different properties. Having proper Islamic loans behind you every step of the way can help you to make a responsible decision.

Results of a recent online survey from the Bank of Montreal indicate that first-time homebuyers were more likely to feel pressure and stress about the house hunting experience compared to those who have previously owned a property.

Findings indicate that 33% of those participating in the online survey said they felt pressure to make a purchase, with that number increasing to 39 percent among first-time homebuyers. Overall, the report found that by simply stepping inside, an overwhelming majority (80 percent) of prospective homebuyers knew they had found the right house.

However, mortgager experts recommend that doing some research in advance, combined with setting realistic goals can help both new and more seasoned homebuyers make a less hasty and better informed home buying decision. While house hunting and buying a new home is an exciting process, you can help reduce some of the stress and anxiety that often accompanies this major financial investment with proper Islamic mortgages free from Riba.

Understanding the best upgrades that will add value to your home now and give you a return on your investment later is as important as knowing the requirements for Islamic loans to help you make these upgrades possible.

Of course, the kitchen and bathroom are the two most popular areas of your home where aesthetic changes can make a huge difference. For example, a granite countertop, new lighting fixtures and stainless steel appliances in the kitchen, or an innovative showerhead or faucets in the bathroom will not only give these areas a whole new look, but offer an economic benefit as well. According to calculations from the Appraisal Institute of Canada (AIC), these types of renovations offer anywhere from 75 percent to a 100 percent return on your investment. The experts at AIC suggest some other upgrades that are likely to add value to your home.

• Replace old or outdated floors. Replace worn carpet or tear out used carpets completely and install laminate flooring. Even refinishing existing older hardwood floors will give your home a polished look and feel.
• Ample storage and closet space including built-in shelving, hooks and hangers will help to organize your belongings with effective space saving solutions.
• Don’t forget about energy upgrades like solar roof panels, an EnergyStar certified furnace, or energy-efficient windows to help reduce your carbon footprint and save money on energy costs as well.

When you’re considering upgrades to your home, Shariah compliant Islamic finance options make it easier.

Leading financial experts, economists and bankers are among one hundred participants in attendance today at the start of the Annual World Islamic Finance Conference which recognizes the global growth of Islamic finance.

“Linking Europe to Middle East and Asia Pacific” is the theme of the annual conference, now in its third year, and the way in which Islamic finance relates to its links between East and West in the current worldwide financial climate. Situated halfway between Europe and Asia, it seems fitting that the City of Dubai in the United Arab Emirates which sits at the cross roads between the east and the west is the host city of the conference.

The list of topics on the two-day agenda will range from the current challenges facing the Islamic finance industry including banking regulation and risk management, to its future on a global scale including development of Sharia compliant products and technological advancements. Financial representatives and decision makers from the Gulf region and around the world will attend sessions aimed at focusing on the best ways to promote Islamic finance and banking today and setting a strategy for the future.

Part of the current and future growth of Islamic finance here at home is the increasing popularity of Islamic mortgages free from Riba.

When you are looking for Islamic loans to purchase a home or refinance, you need to have a general understanding of how these alternate financing programs differ from their more traditional counterparts.

Generally, Islamic Finance is asset based rather than being based on currency and as such an investment is set up on an exchange or ownership of an asset, with currency or money simply used to bring about the transaction. When it comes to purchasing property, one of the main differences between using a more traditional western style financing institution and an Islamic finance lending company is that the return on the investment in the latter case is based on the asset and not the interest on the money being loaned for the purchase. For practicing Muslims, this fundamental difference means a ban on usury, or the lending of money at excessive rates. This ensures one party does not benefit unfairly over another in this type of transaction.

Apart from a prohibition on Riba and the charging of interest, there are strict restrictions in place regarding gharar or high risk transactions that are uncertain or unclearf. In addition, a Sharia compliant financial institution is not allowed to invest in gambling, alcohol, pornography or pork related products and businesses that do not adhere to the principles of Sharia Law.

When you’re looking online for a reputable Islamic finance company, look for one that specializes in Shariah compliant no interest financing programs.

Buying your first home or next home can be exciting, but homeowners can also obtain Islamic finance alternatives like Islamic mortgages to fund renovations to their current home.

Rather than relocating to a brand new home or an existing home in a different neighbourhood, more and more people are choosing to stay where they are and fix up their present home to suit the existing or growing needs of their family. Not only will you avoid the stress of having to pack up your belongings, as well as the expense involved in the selling and buying process, but undertaking the right renovations could add value to your property.

Remodelling your home means you make the choice as to which features you want such as an addition to a kitchen or outdoor deck, finishing a recreation room, or adding that extra bathroom. These types of renovations can also be a cost-efficient alternative since the expense involved is often less than purchasing a newer home with the same features. Finally, many homeowners express satisfaction from the fact that renovations allow them to stay in a familiar area where they enjoy close proximity to places of worship, schools and other amenities.

Talk to your lender about the different types of Islamic loans that are available to undertake renovation work to your home.

Low mortgage rates combined with a slow and steady job growth are encouraging more people to buy homes and refinance and that will interest borrowers who are considering dealing with conventional banks as well as Islamic finance institutions.

Freddie Mac recently reported the average rate for a 15 year fixed rate mortgage has fallen to 2.56 percent ending May 2 from the previous week’s average rate of 2.61 percent. The mortgage giant indicates this figure represents the lowest rate on record since l991. Meanwhile, the 30 year loan rate fell from 3.40 percent to 3.35 percent during the same time frame, close to the 3.31 percent average rate noted in  November 2012 which remains the lowest rate recorded since l971.

Other statistics confirm rising home prices across most American markets this year reflect a growth in construction and home sales from the previous year. The National Association of Realtors confirms the amount of people signing contracts to buy homes in the U.S. reached a three year peak in March 2013. Meanwhile, given the higher demand and limited amount of homes for sale, Standard & Poor’s/Case-Shiller twenty-city home price index reports home prices in February 2013 reached their fastest pace since approximately 2007.

An Islamic finance lender can provide all the information you need when you’re looking for Riba free financing options like Islamic mortgages to purchase a home or replace an existing mortgage.

Whether you’re dealing with a more traditional western style banking institution or an Islamic finance lending company, refinancing your mortgage could be a wise financial move by helping you to pay off your mortgage sooner and saving you money in the interim.

There are many reasons why people choose to refinance their existing mortgage and some of the top considerations include:

• Refinancing as a way to consolidate debts and lower monthly payments.
• Purchasing a big ticket item (i.e. car, appliance, furniture) at a low interest rate rather than using a high interest credit card or credit offered by a retailer.
• Transferring your mortgage to a bank or financial institution with a lower rate, or switching your loan from a fixed rate mortgage to a variable rate mortgage, or vice versa.

Bringing your debt under control is a huge factor in favour of mortgage refinancing. Reducing your monthly payment and/or shortening the term of your mortgage loan are added advantages. Choosing bi-weekly payment options or increasing your monthly payment amount provides another refinancing benefit that allows you to build equity in your home faster.

Paying off your home loan earlier means you will have 100% ownership of the property even sooner. Practicing Muslims and others should consider the competitive financing alternatives Riba free Islamic mortgages can offer.