Home Financing

There are four major players in the US for Sharia Compliant Financing. Riba free or interest free does not mean there is no cost to borrowing. These finance companies need to be compensated or they won’t stay in business. In order to refrain from traditional interest based mortgages, each one has developed some flavor of either lease to own system, referred to Islamic Finance as Diminishing Musharakah or a cost plus financing referred as Murabaha .

Each company has its own model, fees, service areas, eligibility requirements, and application process. All claim to be “shariah-compliant” based on opinions of scholars. The source of funding is usually a sharia compliant agreement with government entities such as Freddie Mac or Fannie Mae. They might also use their own capital as well. Do your homework and learn about the programs before considering how and where to finance your home.

American Finance House LARIBA

15141 East Whittier Boulevard, Suite 400

Whittier, CA 90603

laribainfo@Lariba.com

1-888-527-4221

Guidance Residential

11107 Sunset Hills Road, Suite 100 & 200

Reston, VA 20190

1.866.GUIDANCE

University Islamic Financial

29777 Telegraph Road, Suite 3590

Southfield, MI 48034

1-800-916-8432

Devon Islamic Bank

6445 N Western Ave

Chicago, IL 60645

contactdif@devonbank.com

1-888-90-DEVON