Islamic sharia law and buying that first home - ijaraCDC

Islamic sharia law and buying that first home

Islamic sharia law clearly prohibits any form of usury when it comes to buying a house when it comes to Islamic finance mortgage payments that you will make. However these products still have some of the same requirements as a more traditional Western style loan and following are a few things which you need to look at to make sure you get preapproved for either. First off, while Islamic sharia law is one of the cornerstones of an Islamic finance product you’ll still need to prove that you have a steady job and that you don’t present an unusual risk for repayment of the money that you’re being given. That means that you’ll need to have some kind of work records available to present to the financial institutions so they can see that you are the a credible person holding down a steady job. It’s also important that you have a record of where you’ve lived for the last several years and although this isn’t necessarily a part of Islamic sharia law that you want the product fall under, it is a prerequisite for most of the loans that you get in North America. Although you won’t pay interest in the same fashion that people would with a Western-style loan,