Understanding Devon Bank's Islamic Mortgage

Devon Bank's Islamic mortgage is a unique product that allows homebuyers to purchase a property while adhering to Islamic principles.

It's based on the concept of Murabaha, a financing method where the bank purchases the property and then sells it to the customer at a marked-up price.

This type of mortgage doesn't involve interest or usury, which are prohibited in Islamic finance.

The customer pays the marked-up price in installments, with the bank acting as a middleman between the customer and the property seller.

This approach allows Devon Bank's customers to own a home while complying with their faith's financial principles.

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Devon Bank is one of the largest Muslim banks in the United States, and its style of lending is likely to grow.

Devon Bank is underwriting the loans for the state New Markets program in Minnesota.

The bank is considered the clear leader in Islamic commercial real estate finance, according to Hedge Fund Monthly's report "Islamic Finance (Finally) Taking Root in North America".

This means that Islamic home financing options are becoming more available and accepted in North America.

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Devon Bank's Islamic Mortgage Plan is gaining attention in the US, particularly in Minnesota where they're underwriting loans for the state's New Markets program.

Devon Bank is considered the clear leader in Islamic commercial real estate finance, according to Hedge Fund Monthly's report "Islamic Finance (Finally) Taking Root in North America".

The Chicago-based Devon Bank is one of the largest Muslim banks in the United States, and their Islamic mortgage plan is likely to grow in popularity.

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