New Financing Opportunities for Muslim Homebuyers



CHICAGO, Jan. 10 /PRNewswire-FirstCall/ -- Devon Bank today announced it
would begin selling its Islamic home financing products to Freddie Mac,
effectively expanding opportunities for Muslims living in Illinois and nine
other states to become homeowners while observing traditional Islamic
restrictions on paying interest on mortgages and other types of debt. Based
in McLean, Va., Freddie Mac is one of the nation's largest investors in
mortgages and Islamic home financing products.

Devon Bank's Islamic housing finance model uses carefully tailored real
estate financing documents, in accordance with state and local law, and
functions similarly to a conventional Freddie Mac mortgage. They employ the
Islamic "murabaha" trade model to avoid religiously objectionable concepts
present in traditional loans…

Devon Bank's suite of Islamic financing products comply with both Islamic
and U.S. law and include residential and commercial real estate financing,
financing for business equipment and trade goods, stand-by letters of
credit and some construction financing. (Specific information is available
at http://www.devonbank.com/Islamic/ …

Freddie Mac's agreement to invest in the mortgages underscores its mission
to expand homeownership opportunities for all of America's households,
including the nation's estimated 2.5 million Muslim households…

Web site: http://www.freddiemac.com/
http://www.devonbank.com/Islamic

 


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