Here’s how Islamic sharia law can help you buy a house.October 14, 2015 at 4:46 pm
Muslims are getting involved in the North American real estate market in a big way and they are using their knowledge of the ijara loan to get to where they need to be. Now while there’s not really a lot to understand about the intersection of islamic sharia law and western style loans, there are a few points that need to be addressed like: • They both require that you have a good credit rating to get started. It doesn’t matter whether you’re looking at getting an ijara loan that is under the umbrella of Islamic sharia law or a more western style loan, you need to prove that you’re not going to be a risk for repayment. Making sure you have a decent credit rating is as simple as checking your numbers with the proper agencies and making the necessary adjustments. • They both require a down payment. Since both systems require that you have some money to show the lending institution that you’re serious about the mortgage you’re about to get, it’s a good idea to make this part of the process of priority and try to build the framework to help you save money. Cutting back on entertainment and staying close to the tenants of Islamic sharia law are good ways to put a down payment together.