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Mortgage Broker News | 01 Nov 2010, 10:20 AM Agree 0
Manitoba-based Assiniboine Credit Union introduced an Islamic mortgae earlier this year that sounds like it differs only in wording.
  • DanP | 03 Nov 2010, 10:46 PM Agree 0
    It will be interesting to find out how the property taxes are divvied-up. One would think that, with the Credit Union being part owner, they would be responsible for their share of the taxes. This will be interesting to follow when the credit union get's its 1st default mortgage.
  • Najeeb Sumrani | 06 Nov 2010, 04:43 AM Agree 0
    There are several methods to finance the property under Islamic Finance ( or Shariah ) including the concept of Musharikah or Partnership and/ OR on Murahaba basis, Buying on cost plus mark up\9 profit basis ) and then Ijarah or Lease buy back basis. All of these can be applicable, its need to be structured under contractual commitment.
    I can provide more info on the subject, if you need more info, you may contact me and I can assist you in understand the concepts, which are now catcing up around the world as the fastest growing financial discipline, already crossed Trillion dollars !!!
    My email address : mortgageallianceontario@gmail.com
    Cell 647 891 2367
    Regards to all,
    Najeeb
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