IjaraCDC Multifamily Financing
Halal Business Financing in Maine
Sharia-compliant financing for multifamily apartment complexes of 8-300 units. $1M-$25M at 25-30% down, with long amortization terms and non-recourse options available. Structured as a trust-based Ijara: a single-asset trust purchases the complex and leases it to your entity, with each payment split between rent and an equity buyout until title transfers. Funded through IjaraCDC's network of 200+ commercial sources across all 50 states, under a contract with a documented fatwa lineage from the 1995 Dallah Al Baraka fatwa to the 2012 update by Mufti Muneer Akhoon.
One of the only halal routes to institutional multifamily in the US - 8 to 300 units, up to $25M, with non-recourse structures available and the whole stack running through a trust-based ijara rather than an interest-bearing note. The 25-30% equity requirement matches conventional agency lending, so the structure costs you little beyond the standard capital stack, though the rent factor itself is quoted per deal against conventional benchmarks and larger complexes bring the usual appraisal, environmental, and legal expense load. For Muslim syndicators and family offices that have been locked out of apartment investing by riba, this is a category-defining product; get the quote and the trust documents reviewed early.
Pros
- Scales from 8 to 300 units, $1M-$25M - true apartment-complex financing
- Non-recourse options available
- 200+ commercial funding sources across all 50 states
- Documented fatwa lineage and a standing Sharia Advisory Board chaired by Mufti Muneer Akhoon
Cons
- 25-30% down is a substantial capital commitment at this deal size
- Larger complexes bring commercial appraisal, environmental, and legal costs
- Pricing and amortization are individually quoted
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Product Details
Type
Multifamily
Structure
ijara
Min Amount
$1,000,000
Max Amount
$25,000,000
Down Payment
25–30%
IjaraCDC in Maine
IjaraCDC's Multifamily Financing is available for businesses in Maine, using a ijara structure. Financing amounts range from $1,000,000 to $25,000,000. Maine is home to an estimated ~17K Muslims (1.2% of the population) (World Population Review, 2020 estimates). IjaraCDC operates nationwide, so Maine residents have full access to this product.
Shariah Compliance & Oversight
IjaraCDC maintains a standing Sharia Advisory Board chaired since 2012 by Mufti Muneer Ahmed Akhoon - Karachi-trained (he studied under Taqi Usmani, among others) and Director of Religious Affairs at the Westchester Muslim Center in Mt. Vernon, NY - who issued the current fatwa on the finance documents. Shaykh Mufti Mohammed-Umer Esmail, a Canadian-born scholar with 13 years of formal Shariah study who also trained under Justice Taqi Usmani, has served as Sharia Advisor since 2009 and issued the fatwa for the Conversion Product; Imam Yahya Abdullah (joined 2013) and Imam Mohamed Radwan Mardini (joined 2015) complete the board. The underlying Lease to Purchase contract carries a documented fatwa lineage: the original 1995 Dallah Al Baraka fatwa (Sh. Muhammad Taqi Usmani, Sh. Nizam Yaquby, Dr. Abdus Sattar Abu Ghuddah, Sh. Abdullah Al Mannae), updated in 1997 for the United Bank of Kuwait's Al-Manzil program, in 2003 for University Bank (Yusuf DeLorenzo, Nizam Yaquby), reviewed in 2006 by Dr. Ahmed Shleibak, extended in 2009 with Esmail's Conversion fatwa, and reissued in 2012 by Akhoon. The current fatwa is downloadable in English, French, and Spanish, and IjaraCDC states the approval covers use in both the USA and Canada. Two honest caveats: Taqi Usmani approved the original 1995 contract but does not serve on IjaraCDC's board (the site says so explicitly), and the primary contract documents - trust agreement, lease, and Promise to Purchase - are released for review only under a signed NDA.
Sharia Advisory Board chaired by Mufti Muneer Akhoon. Shaykh Mufti Mohammed-Umer Esmail serves as advisor.
2026-08-13
State Availability
IjaraCDC serves all 50 states + DC
✓ Available nationwide including Maine
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NationwideFrequently Asked Questions
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How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
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