The Salam Financial Home Ownership Program is currently under development and will be available soon, insha-Allah. Salam Financial understands that Canadian Muslims need a home financing program that is flexible, easy to understand, and satisfies our customers' need for competitivley priced, professionally delivered Islamic home financing services.
Key features include:
- Shariah compliance
- Low downpayments. Minimum of 5%, subject to satisfaction of income criteria
- Quick approval turnaround
- Prompt and responsive customer service
The Salam Financial Home Financing Program is being designed to use the murabaha model of sales contract. This involves the transfer of ownership from the seller to the financial institution and the subsuquent contract between the institution and the buyer spelling out the terms under which the home purchase will be concluded. This will include confirmation of the profit factor rate, term, and Islamic mortgage conditions.
Check back often for updates on our progress and be sure to fill in our on-line application to ensure your name and contact details are in our customer database. Alternatively, you can download our application form and fax it back to us.