Islamic Finance Important to Pandemic Recovery and Reasons To Refinance

Recent reports are highlighting Islamic finance as a factor promoting recovery from Covid 19. This information comes from the 15th IsDB Global Forum held on Saturday, 28 August 2021.

The webinar titled: The Role of Islamic Finance in Post-COVID19 Economic Recovery of IsDB MCs brought together experts from several countries. The opening remarks covered the fact that Covid 19 has made poverty worse while installing human development.

Emerging Markets

H.E. Dr. Muhammad Al Jasser also noted that the industry is growing in emerging markets and developing countries. Here at the Ijara Community Development Corp., we take great pride in being part of that type of movement.

We are a reliable source for financing options that are riba free and sharia compliant. Our licensed providers provide Islamic funding solutions in Canada and the United States.

Islamic Finance Developments

Part of our commitment to you is staying on top of all of these developments. Including the announcement that Saudi Arabia will host a summit for Islamic financial innovation and digital transformations in November.

This seminar is being put together to take a good look at the work that needs to be done to bolster sharia compliant financial tools  and strengthen their stability and resiliency.

Programs

We offer a variety of different programs that can help you enter the real estate market in Canada or the United States. One of these is refinancing. We understand that there are many different reasons why you might consider this. Some people want a lower monthly payment.

Others want to shorten the term of the loan so your equity builds up. You can also refinance and use the cash to pay off another debt. Click here to learn more about refinancing.

Here are a few other reasons you might want to think about using this tool.

  • You can consolidate all of your debts using it. Combining all of the high interest rate debts that you have into one can make it easier to pay off things like credit cards and auto loans. By lowering your monthly payments and consolidating them, you are more likely to make payments when they are due and improve your credit score.
  • Some people choose to refinance to pay for home renovations. You can use the money that you get to make necessary repairs. Either way, you’re more than likely increasing the selling price that you can ask for your property.

There are pros and cons involved. First and foremost, you can leverage the equity that you’ve built up in your house. However, your increasing the amount that you’re borrowing at the same time. Although there won’t be any riba involved, you’ll be paying the loan off for a longer period.

We always recommend that people take a look at all the potential costs before they sign any documents. There could be some prepayment charges even though you’re working under an Islamic finance framework. We are always available to help. Get in touch with us today to learn more.

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