NONPROFIT HOME OWNERSHIP COOPERATIVE
100% ISLAMIC SHARIAH BASED MUSHARAKA (PARTNERSHIP) or IJARA WA IQTINAA (RENT TO OWN) PROGRAM
SHARES REVENUE, EXPENSES, RIGHTS AND RESPONSIBILITIES
LED BY ISLAMIC SCHOLAR AS MANAGING DIRECTOR
To establish “Dean” in our lives and to steer clear “Haram” from our upcoming generations, first time in Alberta, brothers from Edmonton incorporated a nonprofit home ownership cooperative to free Muslims from interest bearing housing loans
Interest is Totally Prohibited in Islam
Those who consume interest cannot stand [on the Day of Resurrection] except as one stands, who is being beaten by Satan into insanity. That is because they say, “Trade is [just] like interest.” But Allah has permitted trade and has forbidden interest. (Al-Baqarah, 275) Hazrat Jabir (RA) reported that the Messenger of Allah (SAW) cursed the consumer of interest, its payer, its scribe and its two witnesses. He also said that they were equal (in sin). (Muslim) Riba (Interest) is Haram then what could be the way out for us who wants to own a house based on Shariah? Click Here To Know More
Different in Islamic Cooperative Homes (ICHO)
- 100% ISLAMIC SHARIAH BASED MUSHARAKA (PARTNERSHIP) or IJARA WA IQTINAA (RENT TO OWN) PROGRAM.
- SHARES REVENUE, EXPENSES, RISKS AND RESPONSIBILITIES BASED ON PERCENTAGE OF OWNERSHIP.
- SHOORA LED BY AN ISLAMIC SCHOLAR AS MANAGING DIRECTOR.
- ANALYZES MEMBER’S FINANCIAL CONDITION AND MAKES STRATEGY TO OWN HOUSE SOONER.
- ACCORDING TO ISLAMIC SARIAH (ISLAMIC JURISDICTION)NO ELECTION (BY VOTE). ICHO DIRECTORS ARE SELECTED BY SHOORA NOMINATED BY MEMBERS.
- 100% DEBT-FREE, NO LIEN, NO MORTGAGE PAPERWORK, NO PRIVATE MORTGAGE INSURANCE (PMI), NO FORECLOSURE
- SPECIAL INCENTIVES FOR BIG INVESTORS
- Islamic Cooperative Homes (ICHO) is a nonprofit home ownership Cooperative; an honest Islamic Community Service to provide Halal financing on Musharaka (partnership) or Ijara Wa Iqtinaa (rent to own) program.
- Incorporated under Alberta’s Cooperatives Act and governed by bylaws.
- 100% Shariah based and clearly defined share of equity, revenue, expenses, risks and responsibilities associated with the partnership, based on percentage of ownership.
- Option to break the partnership on agreed upon conditions specified under bylaws.
- Led by an Islamic scholar as managing director.
- The capital of ICHO is generated in the form of member loans and by investment shares. Not from any sort of financial institutes.
- Any ICHO member may buy, transfer or redeem ICHO share at any time through ICHO.
- Membership is available to anyone who can use the services of the cooperative and who is willing and is able to accept responsibilities specified by Ijara Wa Iqtinaa (rent to own) program and defined by ICHO bylaws.
- There is no preference in right among members. There is no condition or restriction or limitation or prohibition to be a member.
- Anyone can be member of ICHO by submitting signed Membership Form and required membership fee.
Home ownership conditions
- ICHO members will own their housing units on Musharaka (partnership) or Ijara Wa Iqtinaa (rent to own) program with ICHO.
- To apply for partnership, the member needs to have at least 25% of the value of the house, invested in ICHO for at least 6 (six) months.
- ICHO will share expenses, risks and responsibilities associated with the property, with the member based on percentage of ownership.
- The member becomes owner of the house when he/she buys remaining shares of the house from ICHO.
- The home title will show both member name and ICHO, until member gets 100% ownership.
- ICHO also helps members to come out of mortgages.
- ICHO provides a “Halal” source of investment.
- Investment in ICHO will provide better return than any other interest bearing investment sources.Click here to see EXAMPLE
- ICHO issues registered share certificate for investment shares signed by directors in Shoora. The person whose name appears on the certificate can redeem his/her invested value by returning his/her share certificates to ICHO.
- Any ICHO member can buy, transfer or redeem ICHO share at any time through ICHO.
- Investment in ICHO will be redeemable at the same ICHO share price. See details in ICHO Share Page IF YOU HAVE MONEY IN INTEREST BEARING SAVING ACCOUNTS, PLEASE THINK AGAIN AND GET OUT OF “HARAM”. INVESTMENT IN ICHO WILL BE A “HALAL” SOURCE FOR OUR GENERATION TO COME.