UIF recently launched our “Partnership” program in the following US States: California, Florida, Georgia, Indiana, Kentucky, Minnesota, North Carolina, Michigan, Illinois, Maryland, New Jersey, Ohio, Oklahoma, Oregon, Texas, Virginia Colorado, Massachusetts, Pennsylvania, Washington and Wisconsin. The partnership program is based on the Islamic financing principle of Musharaka. Under this arrangement two parties (Financing Company aka UIF and the Customer) come together to purchase an asset. In our case “the House.”
Each party contributes their monetary share towards the purchase price of the house. Customer contributes in the form of a down payment and UIF contribution is the financing amount. Since the customer uses the home for his or her benefit, a rent is paid to UIF for using their share of the property. The rent is the “profit” UIF derives for investing in this partnership. Customer acquires the property from UIF over a 10, 15, 20 or 30 year term in monthly payments.
The monthly payment customer pays each month to UIF consists of two portions: Buyout Price and Use Payment (aka Rent). Overtime… the customer buys out UIF’s share and upon final payment takes full ownership of the property. Click here to learn more about our Partnership Program. The best part about our Musharaka (Partnership) program is unlike some of our competitors we don’t charge a monthly LLC fee.