Al-Baraqa

HOW AL BARAQA MIRRORS OUR ISLAMIC FINANCING

The IjaraTM Home Financing Program we offer is respectful of AL BARAQA and everything else dealing with Sharia compliance and Islam. We have even gone to the trouble of having our Ijara loans system verified by Shariah Scholars. The program complies with and is in accordance with Islamic Finance Guidelines and doesn’t have either Gharar or Riba.

There are three main goals we hope to accomplish and these are:

· To put together interest free financing.

· To put together a contract that upholds some of the basic duties of a more traditional mortgage.

· To make sure that our ijara products have the same deductibility as one of the more conventional Western mortgages.

How these things go together.

AL BARAQA financial services are designed to get you into the real estate market in North America. Whether you’re looking for a commercial or residential property, this Sharia compliance structure can help.

The application process for an ijara loan has several steps including prequalification. This is the stage where the lender gathers information about the person applying for the loan. It can incorporate several different angles including some information about your credit rating.

Credit Ratings and AL BARAQA Loans

Although these loans are Islamic in nature, they follow some features from Western-style mortgages. For example, it’s a good idea if you have a good credit rating before you apply. Although the ijara mortgage product that you are looking for is riba free, it’s important financial institutions understand you don’t pose an undue risk.

Some people have damaged their credit rating through job loss or even medical conditions. If that’s the case with you, there are several ways to repair bad credit ratings before you apply for any kind of Islamic financing.

For example, paying bills on time is a great way to repair your credit rating. It’s important to make sure that all the information is accurate as well. If you find any errors in your credit rating you can contact one of the three major agencies to have it corrected.

Overall, the ideas expressed in AL BARAQA mirror the social justice aspect of Islamic loans. Got questions? Get in touch with us today.

HIDDEN HOME COSTS

People buying their first home don’t always understand how AL BARAQAH Islamic mortgages don’t cover all the costs. That’s why we’ve put together some charges that you need to consider before you decide on buying a place of your own.

Taxes

This is the one word that no one wants to hear when they buy a home. People who are paying $1000 in rent a month think they should be able to afford a place of their own, but they don’t often consider this part of the financial picture.

Finding out what the property taxes are before you buy the house is important. Check out the real estate listing for the number and divide it by 12 to get what you owe a month.

Maintenance

People who buy their first home don’t always understand there’s lots of maintenance they don’t see at first. You’ve got to make sure that the driveway is re-sealed every few years and the gutters are cleaned. Those are just the smaller things. At least once or twice during the time you own a home, you’ll need to replace the roof.

An AL BARAQAH Islamic finance product is only one step in homeownership. You’ll also need to set aside some time for everything around your house that needs to get done. Just the simple things that you didn’t do as a renter like cutting lawns and shoveling snow takes up more of your leisure time.

It’s important to consider homeownership from all the different angles. Making an informed decision takes time but is well worth the effort.

When you are ready to take the plunge, we are here to help you with your Islamic financing needs. Why not get in touch with us to get the AL BARAQAH product that will meet your needs today and keep you Sharia compliant?

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