Home Financing

We currently offer Shariah-compliant home financing in the following states:

California, Colorado, Connecticut, Florida, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Virginia, Washington

UIF is pleased to offer two Islamic home financing programs that can be used to purchase a new home or refinance an existing one. Both programs, Murabaha and Ijara, are acceptable financing models from a Shariah perspective and are fully approved by our independent Shariah Board. Equally important, our pricing is very competitive when you compare us to conventional lenders. We offer quality products, competitive pricing and peace of mind. Our question to you: Why pay more for home financing elsewhere?

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Murabaha Home Financing

Murabaha financing is also known as an “installment sale” contract. In this case, UIF will act as an agent for University Bank and purchase the property you identify. UIF will then sell the property back to you at an agreed-upon, marked-up price. Down payments for our Murabaha contracts may be as low as 5% in certain states. Read more about Murabaha Home Financing or visit our Murabaha FAQ page.

Ijara Home Financing

Ijara financing is a redeemable lease contract based on the Islamic principle of Ijara wa Iqtina, (lease to own). The process is simple: You identify a property and an independent Trust acquires it on your behalf and leases it back to you. You make monthly payments to the Trust that comprise of a Rent portion and an Acquisition payment. At the end of the contract term, the Trust transfers the house ownership to your name. You now own the property free and clear. The minimum down payment for our Ijara contracts is 30%. Read more about Ijara Home Financing, or visit our Ijara FAQ page.

UIF Home Finance Main Office: 29777 Telegraph Road, Suite 3590 Southfield, MI 48034