Barakah Mortgage vs Devon Bank
Barakah Mortgage and Devon Bank both offer home financing. This page lines up 14 listed data points side by side, with 6 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
- Barakah Mortgage uses Murabaha (Cost-Plus Sale); Devon Bank uses Murabaha.
- Both disclose the same level of Shariah oversight: Formal Board.
- HalalWallet Index: Barakah Mortgage holds a B-; Devon Bank holds a A.
- On measurable rows, Barakah Mortgage has the better listed value on 1 and Devon Bank on 2.
- They differ on 6 of the 14 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.
Barakah Mortgage vs Devon Bank: the full side-by-side
14 data points from each provider's published materials, lined up row by row. They differ on 6.
14 of 14 rows
States covered
Barakah Mortgage: Not listedDevon Bank: 34 states
Terms offered
Barakah Mortgage: Not listedDevon Bank: VariousPrepayment penalty
Barakah Mortgage: NoDevon Bank: Not listedLate payment policy
Barakah Mortgage: Per the FAQ, a small late-payment fee is applied and donated to charity; the buyer's equity share is unaffected and the team agrees a recovery plan without punitive penalties.Devon Bank: Not listed
Financing purposes
Barakah Mortgage: Purchase, RefinanceDevon Bank: Not listed
Structure
Barakah Mortgage: Murabaha (Cost-Plus Sale)Devon Bank: MurabahaShariah oversight
SameBarakah Mortgage: Formal BoardDevon Bank: Formal BoardShariah board / scholar
SameBarakah Mortgage: formal_boardDevon Bank: formal_boardPublished fatwa / certificate
Barakah Mortgage: Yes EdgeDevon Bank: No
Products listed
Barakah Mortgage: Murabaha Home Financing (Purchase & Refinance)Devon Bank: Home FinancingBest for
Barakah Mortgage: Buyers wanting big-lender speed and infrastructure with Murabaha financingDevon Bank: Midwest buyers, Chicago-based
HalalWallet Index grade
Barakah Mortgage: B-Devon Bank: A EdgeFounded
Barakah Mortgage: 2025Devon Bank: 2003 EdgeGoogle rating
Barakah Mortgage: Not listedDevon 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
Barakah Mortgage
- Institutional scale: operates on the licensing, capital, and technology of Rate (Guaranteed Rate, Inc., NMLS #2611, founded 2000)
- Named scholar bench: Joe Bradford (CSAA, AAOIFI-accredited), Sheikh Hassan Jama, and Shaykh Abdullah Ashraf, with credentials published
- Published Murabaha mechanics: Wakala separation, genuine ownership and risk transfer to Barakah, strict sequencing with wa'ad, and disclosed cost plus profit
- Speed few halal providers match: approval in one business day and closing in as few as 10 days for qualified customers
- No prepayment penalty; small late fees donated to charity rather than kept as revenue
- Launched October 2025, so there is no track record yet; parts of the site still show placeholder testimonials and unfilled statistics counters
- The Fatwa page publishes scholar biographies but no signed fatwa document
- No published rates or fees; profit margins are quoted individually and benchmarked to conventional market rates
- No Barakah-specific state list published, and New York applications are not accepted through the site
- Parent company Rate is a conventional lender; Barakah is its Islamic brand rather than a standalone Islamic institution, which matters to some buyers
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.
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How do Barakah Mortgage and Devon Bank compare for home financing?
Barakah Mortgage and Devon Bank both offer home financing. This page lines up 14 listed data points side by side, with 6 differences, so you can see exactly where they part ways before you request quotes.
- Barakah Mortgage uses Murabaha (Cost-Plus Sale); Devon Bank uses Murabaha.
- Both disclose the same level of Shariah oversight: Formal Board.
- HalalWallet Index: Barakah Mortgage holds a B-; Devon Bank holds a A.
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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