FAQ

Who is eligible for Islamic Financing?
Anyone looking for an alternative to interest-based lending. 

Is Murabaha Islamic Finance a loan? 

No, it is an installment sale. 

Can I refinance an existing mortgage from another lender? 

Yes, you can refinance from conventional to our Sharia-compliant Murabaha or from another Islamic finance to ours. 

Can I refinance to get cash out to pay down other interest-bearing debts? 

Yes 

Can I prepay in full or in part? If I do, is there a discount available from the scheduled Murabaha debt? 

You may prepay in full or in part at any time. According to Sharia, the financier and the customers cannot agree in advance to a discount on the Murabaha debt because of prepayments. However, consistent with Islamic law and U.S. home finance regulations, the financier reserves the right to discount the Murabaha debt in the event of a full or partial prepayment. Islamic Scholars have deemed this as acceptable. 

Are there any pre-payment penalties? 

No