Posted by: islamicfinancingnews | August 23, 2012

Islamic finance covers all the bases

Islamic finance is about owning a home so you can steer clear of Riba and stay compliant with Sharia law. However, these are just two of the things you need to concern yourself with. Like they say in baseball, you need to cover all the bases and that includes taking a look to see if you’re financially ready for the responsibility of home ownership.

Here’s a few of the numbers that you will need to crunch to see if buying a home is right for you.

  • Credit card payments. How much do you owe? Will the mortgage obligation on top of these payments be stretching the limits of what you can pay out every month? Remember that you’ll have less money when you get involved with Islamic finance and some people new to the entire mortgage system forget to include these other payments that existed before you bought the home.
  • Car loans. More than likely you’ve got one of these and this number needs to be included in the new equation. In fact, the chances are now you’ll need that car more than ever to make sure you can get to work and make these new payments.

Islamic finance covers home ownership, but you need to include other existing payments into the overall picture.

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