Guidance Residential and home buyers each own a percentage as co-owners. Home buyers increase their share over a period of time through a monthly payment.
Guidance Residential shares the risk with the homebuyer in case of natural disasters, eminent domain or foreclosure.
The Declining Balance Co-ownership program, does not involve payment of riba. It is 100% riba-free.
No Pre-payment Penalty
There is no pre-payment penalty required by Guidance Residential when a homebuyer wants to pay ahead of the agreed schedule.
Capped Late Payment Fees
Guidance Residential will only charge a capped fee of $50 or less for late payments. The fee covers the expenses involved in administering a late payment rather than the standard 5% penalty, and will not be profited by Guidance Residential.
In the event of payment default, Guidance Residential does not pursue any of the homebuyer's other assets.
Independent Shariah Board
Guidance Residential has an independent Shariah Board comprised of notable scholarly authority headed by Justice Muhammad Taqi Usmani, who is also the chairman of the Shariah Board for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Endorsed By AMJA
The Declining Balance Co-Ownership Program of Guidance Residential has been endorsed by the Assembly of Muslim Jurists (AMJA) - an advisory group to the Muslim American public with experts in the Islamic jurisprudence.
В один из прохладных осенних дней они сидели на стадионе, наблюдая за тем, как футбольная команда Рутгерса громит команду Джорджтауне кого университета. - Я забыла: как называется вид спорта, которым ты увлекаешься? - спросила Сьюзан. - Цуккини.