Posted by: islamicfinancingnews | January 2, 2014

Islamic finance tips for the self employed

Looking for Islamic loans when you run your own business? You might be looking at a slightly harder road than the person that just wants to buy a residence and has a regular job. It doesn’t matter whether you’re looking at more traditional mortgages or an Islamic finance product, there are a few things you need to focus on when you’re self employed.

  • Verify your income. This is a process you need to go through regardless of the type of work you do, but most financial institutions will scrutinize mortgageyour income more when you run the business yourself. Depending on the institution you’re dealing with, you need to go back several years to show you have a verifiable income from what you do. Remember, no financial institution wants to adopt any more risk than they have to, so it’s a good idea to keep these records for several years.
  • Look at the website of the Islamic finance professional you want to use carefully. Make sure they have the necessary contact information that goes beyond just an email address. You should also look for a glossary and an explanation of the entire process.

When you’re self employed, you can still get Islamic finance to buy real estate. The process is just a little different.

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