Posted by: islamicfinancingnews | November 10, 2012

Islamic finance is growing

It might seem odd, but recent reports are saying Islamic finance is growing even though the global economic condition is far from healthy.  According to the South China Morning Post, the number of institutions offering these Islamic loans is on a steady upswing and has in fact been growing at between 15 per cent and 20 per cent every year for the decade. Fair enough, you might say, but what does this have to do with the average Muslim? Well, it means that those who want to adhere to Sharia Law and still enter the home ownership market either in Canada or in the United States can get a loan that’s free from Riba.

Remember that although you want to get an Islamic loan, you need to be sure that you meet the more traditional requirements at the same time. You’ll need to verify your income and where you live so that the lending institution you want to use doesn’t see you as a large risk. Look for the place that knows the most about the Islamic loans you’re looking for. Start by surveying their website and making sure they have a good understanding of what’s required to stay on the right side of Sharia Law.

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