Islamic Finance Tips for Newcomers
Whether you live in Canada or the United States, you can appreciate how Islamic finance helps newcomers. With our ijara mortgage products, you can stay sharia compliant while enjoying the benefits of home ownership.
Here are some other tips for newcomers in North America who want to buy a house.
Finding the right home in a new country doesn’t need to be overwhelming. One of the first things that you should do is decide on the size of the house you want.
Here’s a few questions you can ask after you’ve got Islamic finance in place.
- How many bedrooms will we need? For newcomers this means taking a look into the future. If you’re planning on expanding your family, having an extra bedroom now means you won’t need to move later. Some people want to consider additional living space for all their relatives. That’s where a basement apartment comes in handy.
- After the bedrooms, you should look at special features. If you’ve got a hobby, you might want a space specially designated for it. Will air-conditioning be good enough in just a few rooms or do you need a central unit? Remember, a swimming pool is a nice feature but it’s also a lot of work.
As far as Islamic financing goes, you have nothing to worry about with our IjaraTM Home Financing Program. The system revolves around you picking property and making a down payment. These usually range from 10 to 20%. After that, the property is leased for up to 30 years. At the end of that time, you own everything outright.
Buying your first home means you need to make a few more decisions.
For example, you need to decide where you want to buy. Shopping and other amenities like transportation are better in the city. However, many people buy in the country for a sense of peace and quiet.
Make sure to think about the distance you’ll need to travel to work. A long commute becomes more tiresome as the years go by. Think about where your children will go to school too. If you live in a rural community, the chances are you’ll need to rely on school buses.
Purchase or Refinance
Ijara Community Development Corporation (IjaraCDC) is available to help you purchase or refinance a home with an Ijara mortgage structure. We can provide a variety of choices for Islamic financing through the licensed providers we partner with.
We are here to help newcomers in 50 states and each and every province in Canada. The IjaraTM financing structure we use has several benefits including compliance with sharia law. That means when you use the system to buy a home, you’ll be saved from riba.
Traditional Banking Templates
This Islamic financing structure fits within traditional banking templates. Of course, that makes it easier to work within Western models too.
Coming to North America and buying real estate is a dream come true for many newcomers. We’re always here to help you with Islamic financing and supply valuable information.
