Tags: islamic | mortgage | boom

Islamic Mortgages Booming Despite Crisis

Thursday, 23 Apr 2009 12:49 PM

At a time when most of the mortgage industry is still reeling from the real estate crisis, alternative home financing arrangements designed to adhere to Islamic principles are thriving, reports The Houston Chronicle.

Guidance Residential, which conducted a recent series of seminars at Houston-area mosques and restaurants, is recording its best quarter ever so far this year, with business up 45 percent over the same period last year. The Virginia company has closed more than 6,300 contracts and provided $1.4 billion in financing nationwide since its inception in 2002.

“People are realizing Islamic financing is here to stay, and it is a viable option right now, and it is competitive,” national sales manager Aijaz Hussain said.

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At a time when most of the mortgage industry is still reeling from the real estate crisis, alternative home financing arrangements designed to adhere to Islamic principles are thriving, reports The Houston Chronicle.Guidance Residential, which conducted a recent series of...
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2009-49-23
Thursday, 23 Apr 2009 12:49 PM
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