We offer Halal Homeownership Options
We offer Halal Homeownership options through JAAG’s Rent to Home Solution. Our Halal Homeownership options are compliant with Sharia Law (Islamic Law) and provide additional flexibility and convenience compared to non-Islamic mortgages. JAAG’s Halal Homeownership options allow you to build equity right away, while enjoying the freedom and benefits of owning a home even before you have the funds to purchase.
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Murabaha Option (Cost Plus)
A Murabaha option (also referred to as ‘cost plus’ financing) is where we buy the house and determine a purchase price at a higher rate. In practice, the amount you pay for a long-term Murabaha option ends up being almost equal to what you would pay for a non-Islamic mortgage within the same term length. Every payment or “installment” goes directly against your principal without interest – allowing you to join JAAG’s Rent to Home Solution comfortably without incurring any interest-bearing loans.
Musharaka Option (Sharing)
With Musharaka option, we enter into a partnership as the house owners while you gradually buy out our shares in the property. You get to move in right away when the contract begins, making a Musharaka option quite similar to our standard JAAG Rent to Home agreement but without any interest.
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