Posted by: islamicfinancingnews | July 20, 2013

The path to home ownership through Islamic mortgages

islam-81 Islamic finance is a popular method for both practicing Muslims and other individuals who recognize the advantage of using Islamic loans that are free from interest to buy a home or business.

Currently, immigrants account for more than 1 in 5 Canadians and by the year 2055, Statistics Canada predicts immigration will account for ninety percent of the country’s population growth. New immigrants face enormous challenges, from finding communities to live in and schools for children to attend to figuring out the banking system.

With respect to finances, a recent poll from TD Canada Trust indicated that within the first few months of arrival, many newcomers were unaware of how to open a bank account, apply for a credit card, or send money to family members overseas. A significant majority (87%) of newcomers polled were unaware of how to apply for a mortgage. In order to obtain a credit card, purchase a vehicle, or apply for most mortgages, you need to present a good credit rating which shows a lender your ability to repay borrowed money. However, experts caution it can take up to eighteen months to build a solid credit history in Canada.

An experienced lender can provide guidance to borrowers about all the steps necessary to qualify for Sharia compliant Islamic mortgages to help make the dream of home ownership a reality.

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