The History of Islamic Ijara Mortgages
You might see advertisements for Islamic ijara products and think these sharia compliant mortgages are relatively new. However the idea of Islamic finance goes as far back as 1400 years ago. People in Canada and the United States can take great comfort when they get a sharia compliant mortgage knowing it has such a great history.
Here are a few of the high points:
·This type of finance can be traced back to the Middle Ages. Trade routes that stretched from Gibraltar to the sea of China used Islamic finance methods.
·After the Romans, Muslim coins were the currency used throughout Europe.
·By the 1800s, sharia practices involving the prohibition of usury were in place after banks sought to finance the Suez Canal.
Many people call the 1930s in India the rise of modern Islamic financing. Islamic financing that opposed usury took affect in Pakistan in the 1950s. These are just a few of the historical benchmarks that have led to our modern system of Islamic ijara financing.
Islamic finance grew in the 1940s and 50s. By the 1960s it had positioned itself as a major force and finally crosseed international borders at the beginning of the 1970’s.
The ijara structure we use represents everything that modern technology and sharia compliance can do together. Along with saving you from the ravages of riba, our products even offer a free Android Apple app.
We are proud to offer both residential and commercial products. You can either refinance or purchase a home with our Islamic Ijara structures.
Our products abide by sharia law and we also are proud to offer competitively priced financing options. If you’re looking for Islamic ijara products you can count on , why not get in touch with us today?