How Sharia Law works with an Islamic bank loan
There are folks that think an Islamic bank loan is a new product recently making inroads into North America. The truth is quite different. These Sharia compliant options have been around for almost 40 years and they follow Sharia Law.
Here’s a few great reasons to choose one to finance your residential commercial purchase.
Sharia Law helps to balance wealth among people
Sharia is all about balance and avoiding excess. Islam believes that humans need to avoid waste and destroying resources. Their religion believes they must manage wealth according to these spiritual social justice principles.
The material must be balanced with the spiritual
Under Sharia Law, Muslims to balance their physical and spiritual needs. Muslims are expected to seek moderation in the physical world and that includes avoiding riba. They are expected a walk fine line and not expect too many material things. This translates into their avoidance of usury.
In other words, an Islamic bank loan is about getting physical comfort without neglecting spiritual needs.
Money transactions need to be responsible
Sharia Law directs economic activity towards being responsible to other people and the earth as well as to Allah. The whole idea behind this kind of sharia compliant product is social justice. Islam is about avoiding avoiding the kind of interest where the borrower carries all of the risk involved.
Uncertainty is another area sharia compliant mortgage products avoid. Islam strives to make sure that everyone involved in a business transaction knows what to expect.
IjaraCDC can help you get involved with a sharia compliant mortgage. The lease to purchase options we have steer you clear from riba. Working with us means you will get the products that work under Sharia Law. Why not contact us today? We have an Islamic bank loan for you.