Posted by: islamicfinancingnews | July 29, 2013

Boomers looking to Islamic loans?

islam21 With all the focus on the Baby Boomers in recent years, it’s interesting to note there has been a recent study done about what their real estate needs are now that their children have moved away. Although there’s really nothing specific about this group and Islamic mortgages, it’s safe to assume that some will be looking to Islamic loans to finance their purchases.

That said, there are a few characteristics these people share when they’re looking for a place to live and these traits include:

  • High end security. Many of these Boomers live in urban areas or they fancy the country life and both places need a good security system.
  • Affordable condos. Now while that might seem like an oxymoron at first, inexpensive or free parking is on the wish list for this group. As well, they are looking for more reasonable features like proximity to local transit and 24/7 staffing.
  • The ones that still want to live in a house are looking for places with minimal stairs and even a garden area.

The recent study reports having a community center close by is important to everyone in that age bracket, regardless of religion. In general, Islamic loans fit the needs of this demographic especially for practicing Muslims.

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