Posted by: islamicfinancingnews | December 12, 2012

Islamic finance gaining popularity in North America

islam4 Obtaining proper Islamic mortgages is the right path to follow when you are looking to get involved in the real estate market while avoiding Riba at the same time.

Employment growth, housing construction permits and home prices are the three independent measures the National Association of Home Builders (NAHB) used to indicate a sharp increase in improved housing markets for the month of December 2012, with numbers rising from 76 to 201 metropolitan areas across the country. In fact, over 50 percent of the metropolitan areas tracked by the NAHB are considered improved housing markets with six consecutive months of improvement, while the number of states with at least one city with these improved markets increased from 38 to 44 in addition to the District of Columbia.

Cities in California, Washington, North Carolina, New York, Virginia and Texas were added to the list in December as were metropolitan areas such as Altanta, Ann Arbor, Bloomington, Illinois, and Green Bay, Wisconsin reflecting upward trends in housing starts and sales, builder confidence and other factors throughout the year. Chief Economist for the NAHB, David Crowe, suggests the improved housing markets in the last month of the year indicates a measure of stability and expects the overall housing recovery to continue its expansion into next year.

Islamic finance is expanding its popularity in North America too because it provides a viable alternative to traditional Western banking practices.

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