SOME KEY ADVANTAGES TO EJARAH LOAN PRODUCTS
If you’ve been paying attention to recent developments, you know that EJARAH loan and Islamic finance products are spreading across the globe. It’s a good time to give yourself a pat on the back if you’ve got one of these mortgages and to take a second look at them if you don’t.
There’s a few good reasons and key advantages to this type of Islamic mortgage product.
· These are the products that promote financial justice at a time when everybody is focusing on all inclusiveness. This type of justice is one of the cornerstones of all Islamic finance products. In some ways, it seems the rest of the world is starting to catch up as this idea takes hold. Keep in mind that most Western financial products puts most of the risk of the shoulders of the beneficiary.
· These EJARAH loan products bring more people into the marketplace and open it up. Both the rich and poor can benefit from Islamic financing and that’s not always the case with Western products. It’s also important to keep in mind that having a bad credit score doesn’t necessarily restrict you from getting one of these Islamic loans.
One of the big reasons that Islamic finance has a leg up on more Western financing products is the fact the Islamic versions are screened by scholars beforehand. If you do a little research, you’ll also find that Islamic financing products like this one didn’t do as badly as other financial tools during The Great Recession.
Islamic banking institutions foster strong relationships with their clients. It’s another reason that people who are looking to stay Sharia compliant should consider this model. When you put all of these advantages together it’s easy to see why practicing Muslims would prefer an EJARAH loan. Why not get in touch today?