A credit union in Vermont has introduced a home financing program aligned with the principles of Islam.
The Burlington Free Press reports NorthCountry Federal Credit Union has partnered with Guidance Residential, an Islamic home finance provider, that adheres to the Muslim faith’s prohibition on interest. Instead of a lender-borrower relationship, the program offers a co-ownership model where homebuyers enter a partnership contract without compromising faith-based tenets.
NorthCountry Federal Credit Union serves 75,000 accountholders primarily throughout Vermont, New York and New Hampshire.
“Our community partnerships are vital to ensuring we are creating long-lasting solutions,” said Jeff Smith, NorthCountry’s senior vice president of lending. “The Islamic Society of Vermont helped us understand the need for this product — that Muslims were leaving Vermont because a Sharia-compliant mortgage did not exist. They introduced us to Guidance Residential and have worked tirelessly with us to bring this to fruition.”
“Partnering with NorthCountry to introduce Islamic home financing to Vermont is a milestone we are truly excited about,” added Hussam Qutub, senior vice president and national sales manager at Guidance Residential. “Together, we’re helping more families achieve homeownership in a way that aligns with their values.”
Photo: Connor Contracting
