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Looking for a legit Islamic financing company in US

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  • SindSagar
    replied
    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.

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  • krash
    replied
    What would qualify as legit Islamic in your eyes?

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  • AugustWind
    started a topic Looking for a legit Islamic financing company in US

    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
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