Good Shariah Investments Include A Home: Here’s a Few Mistakes to Avoid When Looking
Shariah Investments Definition: Remember that understanding all about sharia investments will help you make the right decisions. To understand how these different investments work, a definition of sharia is necessary. Sharia is the type of Islamic religious doctrine that not only covers all of the religious rituals in Islam but also day-to-day life. That’s why sharia compliant finance or sharia investments is a growing set of products among many investment houses and banks. In a nutshell, it does away with Western-style interest paid on the money borrowed and replaces it with a more socially conscious system.
There’s no reason why you can’t buy a home and count it as one of your shariah investments. Its important to have all the benefits of being in North America and at the same time stay true to Islam.
Getting an ijara mortgage can help you with the Muslim part. Here’s a few things to avoid so you don’t buy the wrong home.
There’s no reason why you can’t buy a home and count it as one of your shariah investments. Its important to have all the benefits of being in North America and at the same time stay true to Islam.
Getting an ijara mortgage can help you with the Muslim part. Here’s a few things to avoid so you don’t buy the wrong home.
Don’t Pick the First One
Everyone is excited when they get the money together to buy their first home. Once you get approved, you’re probably already envisioning yourself as a homeowner meeting neighbors and fixing the place up. However, you need to use the same kind of patience you did when you selected your other sharia investments.
Taking your time is important so you don’t fall in love with the very first house you see. It’s a good idea to make up a checklist of the things that you want and the things that you need. After you’ve gone from house to house you can check off the boxes. Somewhere down the line you should take stock of which of the houses score higher than others and make second visits to those.
If you are like a lot of people, you might fall in love with the first house that you see. You’ll be glad you took a little time to make a decision more carefully down the road.
Plan for The Future
Planning for the future of your family is another important aspect and one that gets overlooked by new homebuyers. You can look at it this way — when you look for sharia investments you’re steering clear of riba. It’s the same way when you’re buying a house. Take a look at how much space the place has and match that up with what you have planned for your family in the future.
Are there extra rooms for older relatives and in-laws to move in? There are other future considerations you’ll need to look at too including transportation and schools. If you’re planning on moving into a new development, you can ask the builder about future phases and additions that will go in with time.
Making sure that you get the right house is a process. Due diligence is a cornerstone of making sure you get it right. It’s the same template you use for all of your other sharia investments. We can help with some common-sense advice.