Islamic Housing Finance in USA Historical Benchmarks

Using islamic housing finance in usa methods as the right path to sharia compliant real estate for a business or family doesn’t need to be daunting or confusing. As a sharia compliant financing corporation, we can walk you through the entire process.

We offer a variety of different financing alternatives. Part of our services involve supplying information to our clients so they can make good choices. That’s why we’ve put together some historical benchmarks that might interest you pertaining to Islamic financing and sharia compliant housing.

In the Beginning

Our business provides you with sharia compliant financing alternatives and a user-friendly online application process. The rent to own options we offer help you build up your equity without riba. Ijara Community Development Corp. (ijaraCDC) has been around long enough that we operate in 50 states and every province in Canada.

However, the history of islamic housing finance in usa starts well before us. In fact, research tells us the fundamental ideas involved in Islamic financing go all the way back to the very birth of Islam in the sixth century. Here’s another interesting historical tidbit.

More Research

More research tells us that traders from the Middle East were practicing sharia compliant trade transactions way back in the Middle Ages.

Modern Islamic Finance

Fast-forward to today’s modern methods that can establish sharia compliant tools to buy a house and invest in a business. Ijara-wa-Iqtina or Ijara is one of the more popular techniques. This lease and ownership model puts together an agreement that essentially turns the customer into a renter in a rent to own structure.

A trust is created. The property is purchased and then released to the customer who will eventually own it. One of the most important aspects of this method is the promise to purchase. Here, the trust sells the home to the customer.

Of course, there is no historical straight-line from Islamic financing in the Middle Ages to these modern tools like Ijara.

More of the History

Here’s some more of the history behind these sharia compliant techniques. These focus on equable distribution of wealth and social justice.

• Some other important dates on the timeline include 1963 when the first modern Islamic financial institution was born in Egypt.
• Malaysia played an important part in the development of Islamic finance too. For example, this country started incorporating basic sharia compliant banking ideas in 1963.
• One of the big moments for people who would expect sharia compliant mortgages in the future came in 1975. That’s when Saudi Arabia gave Islamic financing a world stage when it formally opened the Islamic Development Bank.

The practices and techniques are refined. Today, our Islamic financing options for things like residential homes help you with riba-free financing alternatives. The islamic housing finance in usa solutions we offer are different from the competition. With us, you’ll find an easy-to-use online application process and guidance, as well as professional advice from experts.