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Looking for a legit Islamic financing company in US

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    Looking for a legit Islamic financing company in US

    Salam Everyone, I'm looking to move to Tulsa, Oklahoma, and buy a house. Any advice on legit Islamic financing companies you are aquatinted with or aware of. I tried several companies, and they seem to replace the word interest with profit. Any advice would be appreciated

    #2
    What would qualify as legit Islamic in your eyes?

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      #3
      Originally posted by AugustWind View Post
      Salam Everyone, I'm looking to move to Tulsa, Oklahoma, and buy a house. Any advice on legit Islamic financing companies you are aquatinted with or aware of. I tried several companies, and they seem to replace the word interest with profit. Any advice would be appreciated
      https://www.lariba.com/sitephp/index.php

      Check out the Above Website called "Lariba"

      They become co owners in your Property!

      A Simple example: Say you decide to buy a $100,000/- Property and you put down 10% i.e. $10,000/- plus all Closing Costs

      They will determine from the Local Market what the Rental Value of that Property is, and you pay 90% of the Rental income because you own 10% now plus whatever you want to pay towards your Capital every month! that way your ownership increases every year!

      for example if the House in the Local Market has $700/- Monthly Rent, Then your first years rent they will need you to pay .90 X 700 = $630/- per month PLUS what ever amount you can pay towards the Capital.

      So if you can afford $570/- month towards your Capital then you first years Payment will be $630 + $570 = $1200/- per month!

      the following year your rent amount will reduce because you own 16.84% of the property so your payment if you keep at $1200 per mo will now be $582 Rent + $618 Capital.

      This way you can pay off the house in approximately Less than 15 years!
      Last edited by SindSagar; Jan 15, 2021, 03:16 AM.
      Balaghal-ula bi-kamaalihi / Kashafad-duja bi-jamaalihi / Hasunat jameeu khisaalihi / Sallu alaihi wa aalihi

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