Who Owns Title
Question: I am currently looking for other options. I have found another company that has a similar system, the difference being they will be the owners of my home and I will rent to own directly from them. This seems more sound to me then what ijaracanada offers.
Answer: Ijara Canada has that option also, and in fact we did have the property ownership in the trust names exclusively till 2011, when we started offering an option to customers, either they can have the property in the name of the trust only, or have it in their name but they have to sign a deed transferring the property to the trust, which we do not record. Reason for this is that many people were worried about what would happen in the event of a bankruptcy as with UM financial where some people are still stuck today trying to get title back into their names, in fact, many came to us for financing and several had 2nd liens on their properties that they did not know about. We approached our Scholars with this issue and their determination was that since the deed is signed, that goes to intention, but we are not required to record it on the official title at our discretion, that way customers have security and are still compliant with the Sharia.
A further point we should make is that other company, is utilizing our exact system and is made up of past memeber of UM Financial, the same people that put 2nd liens on properties without customers knowledge, so why would anyone want to work with people that went bankrupt vs a company that has been steadily growing in the US and Canada since 2005? As a further example of the caliber of ethics involved, one of the principles of this competing company signed an NDA and non-Appropriation agreement with Ijara, yet still proceeded to violate and copy the process under the new company name, is that they type of company you want to do business with? But don’t take our word for it, see what the Global Mail says about the UM Financial Fraud and the previous management team that has started another Sharia Finance Company in GTA: http://www.theglobeandmail.com/news/national/rcmp-charge-missing-toronto-financier-with-43-million-mortgage-fraud/article16972349/
IjaraCDC is the fastest growing Islamic Finance company in the US and Canada, offering financing solutions in all 50 States and all Provinces in Canada. Be safe, work with an established proven company, there is no need to take risks with your title, especially when knowledgeable scholars have approved our system.