What is Guidance residential?

Guidance Residential is the largest U.S. provider of Shariah-compliant home financing having provided over $7 billion in home financing to American Muslim homeowners over the last 19 years and capturing nearly 80% of the market served.

Is Guidance residential really halal?

Guidance Residential LLC. is a U.S. based Islamic home financing company headquartered in Reston, Virginia. The company started operation in 2002 to provide Shariah compliant, riba-free (free of interest or usury) home financing contracts to Muslim American home buyers.

Is UIF Corporation halal?

UIF is pleased to offer home financing programs that can be used to purchase a new home or refinance an existing one. Our programs adhere to Islamic financing principles and are fully approved by our independent Sharia Board.

Is getting a home loan Haram?

The fundamental reason why a traditional mortgage is considered to be haram by many Muslim scholars and leaders is that involves interest. This is also referred to as usury, and the related Islamic concept is riba.

What is a guidance loan?

A guidance line of credit serves as a perpetual approval for a predetermined period of time, which is usually a year or less. It’s a commitment from the bank to finance assets for you (the customer) as you need it.

Is Islamic financing actually halal?

Personal Islamic finance refers to how individuals give and receive money in accordance with the Sharia, or Islamic law. Therefore, it is Haram or prohibited, to receive income from money alone. This is called Riba and it is considered usurious and exploitative.

Which banks do halal mortgage?

HSBC is the only high street bank to offer an Islamic mortgage service, but smaller specialist banks such as Ahli United Bank, Alburaq, Islamic Bank of Britain have Sharia products.

How is UIF paid out?

The UIF payout system makes payments in the percentage of the salary you earned while contributing to it. The highest amount that can be paid is 58% of what you earned per day. Workers who earned less than R12,478 will receive around 36-56% of their average salary for the four years they had been making the payments.

Is it haram to buy a cat?

Cats aren’t haram (as pets) in Islam. There are even stories about Muhammad’s tenderness toward a cat during his time in Medina. Supposedly, the cat would curl up on part of the Prophet’s robe and go to sleep, and Muhammad didn’t like to disturb him. If you can, adopt a cat from a shelter or an animal rescue society.

What is a Murabaha mortgage?

Murabaha, also referred to as cost-plus financing, is an Islamic financing structure in which the seller and buyer agree to the cost and markup of an asset. As with a rent-to-own arrangement, the purchaser does not become the true owner until the loan is fully paid.

How does Guidance Residential help with home financing?

These benefits provide a transparent, consumer friendly home financing option which is consistent with the Muslim faith’s strict prohibition on riba (usury). Guidance Residential and home buyers each own a percentage as co-owners.

Who is the chairman of the Guidance Residential Board?

Guidance Residential has an independent Shariah Board comprised of notable scholarly authority headed by Justice Muhammad Taqi Usmani, who is also the chairman of the Shariah Board for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

How to apply for Guidance Residential pre approval?

Apply with Guidance Residential for financing pre-approval. You will fill out an online application form and upload required documentation. Select this option if the following applies to you. View document checklist.

What to look for in a residential care review?

Follow the links below to find out more about the Commissioner’s Residential Care Review: The Commissioner will be Reviewing whether older people living in care homes have a good quality of life by looking at factors such as physical and psychological health, social relationships, the care home environment and spirituality.