Ijara loans still need a down payment. Here’s a few ideas on how to put one together

When you start looking into what you need to do to put together ijara loans so you can buy property, you’ll see there are some similarities between Islamic mortgage loans and more traditional Western varieties. For example, you’ll need a down payment for both and following are a few suggestions on how to put the money together to get you started.

• Savings. One of the preferred methods is to use a lower risk source of money. The time-honored tradition for putting together a down payment has been setting aside some cash on a monthly or weekly basis in an account where you can pull it from later. Many banks have electronic money transfers that are automated so you won’t miss that portion of your paycheck that goes towards a down payment.
• Selling Stocks. If stocks are part of the way you get paid with your company, selling a few off to make up the cash to buy a home might be a good way to go.

It’s also possible to get your start with a down payment that you put together by cashing in some life insurance, but many experts warn against using this method when you have a young family looking at ijara loans.