AMJA Resident Fatwa Committee Resolution About Islamic Home Financing Companies in the US

The Fiqh Committee of AMJA had issued a declaration explaining the issues in the contracts of the Islamic Home Financing Companies in the United States. That ruling was based on the contracts that they used at the time of the issuing of that declaration. With respect to Ameen Housing, two issues were of major concern. One was the late payment fee when a person paid his rent late and the other was the issueen_top_01lll of the cost of maintenance being properly distributed between the two parties wherein Ameen returned a fix percentage of the rent to the buyer/renter regardless of the actual amount of maintenance expenses. After the issuing of that declaration, Ameen Housing—may Allah reward them for responding positively to that declaration—have now discontinued their late payment fee policy and have clarified to the Committee that the distribution of the maintenance expenses is handled in a way that is just….more: amjaonline.org