The need for islamic loans usa is growingApril 23, 2014 at 12:55 pm
A recent New York Times article talked about the need for ijara loans in the Muslim community. It spoke about how practicing Muslims who wanted to stay Sharia compliant often made good money but had to rent apartments to avoid riba. Unitl islamic loans USA techniques came along, these people only had options like saving hundreds of thousands of dollars or borrowing the money from family to buy a home.
Now of course staying Sharia compliant is a central point for many of the companies that are selling ijara loans. There are aspects of this process that are completely different from their Western counterparts and others that are the same. For example, there is a prequalification process regardless of the type of loan you choose.
A large Muslim community in places like Michigan led the way for these loans to become popular and ijara loans are a growing trend across the United States and Canada. It’s even possible to get one of these loans to finance a commercial enterprise and it’s possible to qualify for one of these products with as little as a 5% down payment.