Where are the Islamic Banks Located In America?

From:  Suite 101

Where are the Islamic Banks Located In America?:  How Can a Muslim Buy a Home in America With No Interest?
http://www.suite101.com/content/buying-a-home-in-the-usa-the-islamic-way-a194970



Buying a home in the USA just got easier for Muslims. Many banks are now offering zero interest programs to follow the Islamic guidelines of the Quran.


According to the Quran, Muslims may not pay any interest for credit or receive interest either. In dealing with banks, Muslims are looking for Islamic ways to purchase a home. There are several acceptable ways to do this.

Seller Financing - Seller financing would include all creative financing done by the seller to sell his property without including the bank. This type of financing could also include lease options.

Ijara or Declining Rent Schedule - Ijara is where the bank buys the home and rents the home back to the borrower for a certain term of years. As the money is reduced that is owed to the bank, the rent is also reduced on the home. Once the home is paid in full, the title is placed in the owner's name.

Murahaba - Murahaba is the last type of Islamic program helping the borrower to own a home without interest. With this type of financing, the bank purchases the home and for an inflated price over what they paid, the borrower is allowed to purchase a home. The amount owed is amortized over the life of the loan and the word interest is never used.

Islamic Banks Located in America . . . .