An ijara mortgage primer

When you’ve made the decision that you want to buy a house of your own, and an ijara mortgage is the natural product to look at for several different reasons including the fact that you’ll be able to stay Sharia compliant. These ijara loans are different than North American mortgages in several key areas and similar and others. For example, there are a set of requirements in both that you’ll need to meet if you hope to get an ijara mortgage or more traditional Western style loan. Lending institutions that deal in either kind of mortgage product will want to be sure that you have a steady income and don’t present an unnecessary repayment risk. That’s why you should start with documenting your employment history and it’s a good idea to go back at least two years. Of course the people who will be lending you the money for your ijara mortgage will also want to be sure that you’re stable so it’s another smart move to document the places where you’ve lived over the same time frame.