Posted by: islamicfinancingnews | July 22, 2013

Here’s some effective Islamic finance tips

islam-11 For many first time home buyers who are looking to stay Sharia compliant, getting Islamic mortgages is the way to go. They want to stay away from Riba and follow the tenets of their religious beliefs at the same time and these Sharia compliant products do just that. However, they still need to understand the fundamentals of how the North American finance system works.

Here’s a few tips these folks can refer to as they start looking at what mortgages have to offer.

  • Mortgage professionals use certain calculations to determine the number you qualify for, but that doesn’t necessarily mean you should spend that entire amount. While the calculations involved arrive at the maximum amount you can afford, that might not leave you enough money to live comfortably at that level.
  • Plan your finances around the unforeseen and always have a cushion to fall back on. Try as you might, you may not always be able to predict how much money you’ll need at any given point in your life. Although it might not always be possible, try to have a financial cushion of some kind to help you through the tough times.

Getting the right Islamic finance product is indispensable, but you’ll still need to understand financial matters from other angles.

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