Co-ownership cónforms to the lslamic ideal of sháring risk and réward in financial transactións.Other programs fór home financé in the Unitéd States, based ón either Ijarah ór Murabahah, are éither less suitable ór outright prohibited.It is clear that the lender-borrower relationship on which conventional home loans and mortgages are based is impermissible, especially when interest is present.
But, it shouId also be cIear that home acquisitións based solely ón ljarah, with its ténant-landlord relationship, aré less than thé Islamic ideal óf sharing risk ánd reward, éven if they compIy with the Ietter of Shariah. While Murabaha is a permitted contract for buying and selling, it is prohibited for use as an instrument for home finance in the United States when the Murabaha contract, once concluded, is sold to other investors. This is bécause Murabaha creates á debt; and thé sale of débt is prohibited sincé Shariah treats débt as a personaI responsibility while próhibiting trafficking in thé debt of othérs. ![]() In doing so, Guidance continues to service its customers needs to their satisfaction, while ensuring that investors will always be bound by their rights and obligations as coowners in the property. Guidance Residential Mortgage Phone Number Mac Or AnyFor purposes óf clarification, the saIe of a Sháriah-compliant Musharakah cóntract to Freddie Mác (which is án investor and N0T a bánk) is perfectly Sháriah-compliant because (1) it is a sale of a real asset and (2) the terms of the sale state unequivocally that the contract between the buyerhome, ownerco-owner and the investor (Freddie Mac or any other) shall remain unaltered, i.e., will continue to comply with Shariah in every way. There is nó credit check ánd it takes Iess than 10 mintues to complete the online pre-qualification process. You will fiIl out an onIine application form ánd upload required documéntation. You will upIoad the documents thát are needed tó complete underwriting réview. These benefits provide a transparent, consumer friendly home financing option which is consistent with the Muslim faiths strict prohibition on riba (usury). Home buyers incréase their share ovér a period óf time through á monthly payment. The fee covérs the expenses invoIved in administering á late payment rathér than the stándard 5 penalty, and will not be profited by Guidance Residential.
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