Posted by: islamicfinancingnews | June 9, 2012

Getting Islamic finance is a big responsibility

Sometimes when people first start looking for Islamic finance as an alternative to more traditional Western mortgages, they don’t always consider all the factors that need to come together. Although most Muslims understand they want to avoid Riba as part of Sharia compliance, first-time homebuyers don’t always understand the full weight of the responsibility they are taking on.

For example, whether you’re looking for Islamic mortgages or the more traditional Western variety you need to factor in several additional costs beyond what the mortgage and property tax as well as utilities will cost.

Quite often there’s some kind of administrative taxes that you’ll need to pay as well as legal fees. Although the type of mortgage that you’re looking at as a Muslim varies in some very fundamental ways from other kinds, many of the costs are still the same.

Even after you’ve found the right home, you need to be sure that you understand the full scope of what you’re taking on. Remember that you can’t over look any details and that means you’ll need to look after your credit rating before you start applying for Islamic loans . Making bill payments on time is a great way to start repairing a damaged rating.

 

 

 

 

 

 

 

 


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: