Posted by: islamicfinancingnews | June 12, 2015

Why sharia rules don’t restrict home ownership

Muslims living in the United States and Canada want to have the same chances at homeownership that everyone else does who works hard and wants to get ahead. That’s why doing a little research will show you quickly enough how sharia loans are available to anyone who wants to enter the real estate market.

The major difference in these sharia rules is simply the fact that the money is given to a trust rather than the individual so they don’t pay any form of riba back to the lending institution. The popular misconception is sharia rules actually prevent Muslims from owning any kind of property in North America, but this simply isn’t the case.

In fact, there are actually a growing number of non-Muslims who prefer sharia loans to the more traditional Western variety. It should also be noted mar 24 4that even though these particular mortgages center around sharia rules, there are some intersection points where they meet with the requirements from more traditional Western mortgages like the need for a down payment.

Although there is a misconception out in the marketplace, it becomes clear after you do some research that sharia rules don’t preclude you from owning a house of your own.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s


%d bloggers like this: