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
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Originally posted by AugustWind View PostSalam 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
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, 04:16 AM.Balaghal-ula bi-kamaalihi / Kashafad-duja bi-jamaalihi / Hasunat jameeu khisaalihi / Sallu alaihi wa aalihi
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