Islamic Mortgages in the US by AbuBakar Thomson
From HodHood
Contents
Top 20 FREQUENT WORDS
islamic 41 consumer 29 finance 24 investor 15 banking 13 concept 13 estate 11 mortgage 11 securitization 10 thomas 9 title 9 abdulkader 8 lease 8 regulatory 8 sharia 8 diagram 7 ijara 7 program 7 tax 7 applied 6 copyright 6 dot 6 investors 6 muslims 6 permissible 6 united 6
DOCUMENT KEY POINTS
- once the office of the comptroller of the currency occ granted authorization to ubk to take title to property for the purpose of facilitating an islamic lease to own relationship the ability to bring scale and order to the field of islamic home finance was achieved
- methods of islamic home finance in the united states beneficial breakthroughs by abdulkader thomas publisher the american journal of islamic finance introduction the domestic islamic community in the united states is increasingly demonstrating the depth of its numbers
- ideally it should proceed in a manner identical to the general concept of murabaha except that either the consumer or the investor never comes into the chain of title as one acts as an agent for the other
- methods structures four processes have been utilized to assist muslim americans to acquire their homes in a manner consistent to with sharia a
- although the occ has permitted banks to become holders of title and sellers of property for the purpose of engaging in a land contract national bank of michigan citation the process is too cumbersome and the direct risk of liability to make this a desirable mass market program to be offered by a bank or funded by the government sponsored entities
- another issue which is not tested in this emerging area is to what degree to landlord a tenant issues like rent control or eviction rights which may be fixed by state and local laws may apply to this transaction as a lease distinct from a means to acquire a home
- the portion of the consumer s payments that is tantamount to mortgage amortization is used to increase the consumer s share in the owning entity until such as time as the consumer has bought out the investor
- although key bank has secured a regulatory approval for this concept and is believed to have applied it to commercial property it has not formally been used for funding the construction of primary residences
- in this case the obligations of the lessee have been structured into a note by the holder and sold to freddie mac and the holder of the property has granted a mortgage to secure the note
- these are www dot islamiq dot com www dot ihilal dot com www dot islamic banking dot com and http islamic finance
- in both capacities he was involved with regulators to approve the banking application of islamic instruments as well as the introduction of islamic home finance as a banking program in the us and uk
- background reading for an easy and general understanding of the home finance process see the wall street journal guide to understanding home finance lightbulb press
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\sukuk islamic
KeyWords
sukuk islam asset finance issu certifi financi contract bankable bond ijarah leas structur profit holder rate developed purchase risk investor
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DOCUMENT REFERENCES
Number of Pages
9
Published Date
2001-07-19 15:50:29
