The concept of Islamic finance is gaining popularity at a rapid rate and has helped people to meet the ever increasing demands of the global financial economy. The products and services under this concept are such that they have really helped customers to remain true to their faith and belief. The Muslims residing in non Islamic countries can now fulfill their financial needs in a satisfactory way. The programs are now offered by reputed institutions and they are according to the Shariah laws. As the institutions are now maintaining their web presence, you can contact one of their experienced bankers online. With the advent of the internet, you can now check your deposit balances and make online payments. The services are now available across different parts of the United States like California, Connecticut, Illinois, Indiana, Maryland, Ohio, New Jersey, Pennsylvania etc.
Islamic Mortgage programs are available under two concepts - Murabaha and Ijara. The Muslim community can take the help of any of the two programs to buy a new home or refinance an existing one. They are fully approved by the independent Shariah board. As compared to the conventional lenders, the pricing is also very competitive. The transactions are riba free which is one of the main reasons for their growing popularity. According to the Murabaha financing, you will identify the property and the company will act as an agent to purchase it on your behalf. The property will then be sold back to you at an agreed upon rate. The great thing about the concept is that in certain states across the United States, the down payment is as low as 5%. In the Ijara mode of home financing, an independent trust will acquire the property on your behalf and it will then be leased back to you. You can clear the payment by paying in the form of monthly installment. In the Ijara contract program, the minimum down payment is 25%.
For more information on Sharia Mortgage and the rate of determination of profits, you can do a comprehensive research online. This concept has now become an important part of global economy and is now being introduced in different countries across the world.
Islamic Finance and Its Growing Popularity