What Happens If I am Late on a Sharia Compliant/ Halal Mortgage?

We take great pride in giving you all the information you’ll need to make the right decisions on a halal mortgage. IjaraCDC will walk you through the process. We are a sharia compliant financing company that can help you fund riba free real estate.

Our clients want to know everything about getting a sharia compliant mortgage. Some aspects stay the same for commercial and residential properties. For example, if you are late making a payment on an Islamic mortgage, you will be charged the cost of collection.

Donated To Charity

We partner with a company called Ijara Payment Processing, Inc. They usually charge $50 for their services. Anything over that is donated to charity.

Ijara Community Development Corporation (IjaraCDC) wants to help their clients get the keys to a new house or commercial property. That’s why we offer solutions for other financial situations our clients might find themselves in. For example, it’s possible you might find yourself short of cash on the closing costs.

Depending on the type of halal mortgage you qualified for, a portion of the expected final purchase value can be folded into the promise to purchase. That could cover this shortfall.

Other Sharia Compliant Information You Need to Know About

Here’s some other information you need to know about.

  • Understanding what some of the important phrases means is critical. For example, ijara actually means rent. This sharia compliant process works for property and equipment. One of the big differences from a more traditional Western loan is a trust is established.
  • It’s important to send all the right documents so we can process your halal mortgage. Preferably, you can scan them and send them as email attachments. However, if you are sending papers, please don’t staple them together.

IjaraCDC.com has launched a community support program. It’s a great way for Muslims to help their local nonprofit or Masjid. The process is easy and starts with your nonprofit registering with us.

The Ijara structuring process we use abides by Islamic or sharia law. Our product is provided through brokers and lenders. They can save you from riba. At the same time, our Halal mortgage products fit within the framework of a traditional banking system.

Safe Transactions with a Halal Mortgage

Our company offers competitively priced finance options. We offer safe transactions. This is a big bonus for our clients.

If you already own property, we will need to know the address and estimated market value for each one. Include any outstanding balances with your documents.

We understand that supplying islamic mortgage usa products is about more than just running a business. We are proud of the fact that we make one time and monthly donations as long as you remain working with us through the community support program.  

Refinancing or purchasing a property is easy with our sharia structuring company. We use Islamic financing tools in accordance with sharia guidelines. Getting a commercial or residential halal mortgage begins by contacting us.

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