Ameen Housing Cooperative vs Devon Bank
Ameen Housing Cooperative and Devon Bank both offer home financing - Ameen Housing Cooperative in California, Devon Bank in 34 states. This page lines up 12 listed data points side by side, with 8 differences, so you can see exactly where they part ways before you request quotes.
Built from each provider's listed data · provider data last verified Nov 2026
At a glance
- Ameen Housing Cooperative lists California; Devon Bank lists 34 states.
- Ameen Housing Cooperative uses Musharakah; Devon Bank uses Murabaha.
- Shariah oversight: Ameen Housing Cooperative discloses Third-Party Certified; Devon Bank discloses Formal Board.
- HalalWallet Index: Ameen Housing Cooperative holds a B-; Devon Bank holds a A.
- On measurable rows, Ameen Housing Cooperative has the better listed value on 2 and Devon Bank on 1.
- They differ on 8 of the 12 data points we list for home financing.
No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.
Ameen Housing Cooperative vs Devon Bank: the full side-by-side
12 data points from each provider's published materials, lined up row by row. They differ on 8.
States covered
Ameen Housing Cooperative: CaliforniaDevon Bank: 34 states
Terms offered
SameAmeen Housing Cooperative: VariousDevon Bank: VariousMaximum financing
Ameen Housing Cooperative: $500,000 maximum AHC investment per homeDevon Bank: Not listed
Structure
Ameen Housing Cooperative: MusharakahDevon Bank: MurabahaShariah oversight
Ameen Housing Cooperative: Third-Party CertifiedDevon Bank: Formal BoardShariah board / scholar
Ameen Housing Cooperative: third_party_certifiedDevon Bank: formal_boardPublished fatwa / certificate
SameAmeen Housing Cooperative: NoDevon Bank: No
Products listed
SameAmeen Housing Cooperative: Home FinancingDevon Bank: Home FinancingBest for
Ameen Housing Cooperative: True co-op model, 29 years profitableDevon Bank: Midwest buyers, Chicago-based
HalalWallet Index grade
Ameen Housing Cooperative: B-Devon Bank: A EdgeFounded
Ameen Housing Cooperative: 1996 EdgeDevon Bank: 2003Google rating
Ameen Housing Cooperative: 4.8/5 (15 reviews) EdgeDevon Bank: 4.4/5 (31 reviews)
Edge marks the side with the better listed number on measurable rows (lower fee, wider coverage, higher grade). It is not a verdict - a provider can win more rows and still be the wrong fit for you.
Strengths and trade-offs
Ameen Housing Cooperative
- Uses Musharakah (Cooperative) - a recognized Shariah-compliant structure
- Established provider with 30+ years of experience
- Model evaluated and endorsed by the Assembly of Muslim Jurists of America (AMJA)
- $180M+ in assets with 115 profitable quarters
- Available only in California
- As a member-owned co-operative, financing requires becoming a member first
- Ameen Housing publishes only limited details - confirm current terms with the cooperative before applying
Devon Bank
- Broad coverage across 34 states
- Uses Murabaha (Cost-plus) - a recognized Shariah-compliant structure
- Murabaha and Ijara contracts approved by Mufti Muhammad Nawal-ur-Rahman and the Shariah Supervisory Board of America
- Bank-based provider offering faith-based financing since 2003, with commercial financing also available
- Devon Bank's home financing reaches 34 states - the other 16 fall outside its footprint
- Published Shariah review covers the initial product designs; ongoing oversight detail is limited
- Devon doesn't post rates - pricing arrives only through an individual quote
- A Murabaha contract cannot be modified once executed - early-payoff discounts are discretionary and religiously cannot be promised in advance
Not sure which is right? Compare all home financing providers.
Browse all Home Financing optionsEditorial comparisons
How do Ameen Housing Cooperative and Devon Bank compare for home financing?
Ameen Housing Cooperative and Devon Bank both offer home financing - Ameen Housing Cooperative in California, Devon Bank in 34 states. This page lines up 12 listed data points side by side, with 8 differences, so you can see exactly where they part ways before you request quotes.
- Ameen Housing Cooperative lists California; Devon Bank lists 34 states.
- Ameen Housing Cooperative uses Musharakah; Devon Bank uses Murabaha.
- Shariah oversight: Ameen Housing Cooperative discloses Third-Party Certified; Devon Bank discloses Formal Board.
Source: HalalWallet (halalwallet.us)
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-11-06
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
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