Devon Bank vs Mubarak Mortgage
Devon Bank and Mubarak Mortgage both offer home financing - Devon Bank in 34 states, Mubarak Mortgage in 26 states. This page lines up 17 listed data points side by side, with 9 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
- Devon Bank lists 34 states; Mubarak Mortgage lists 26 states.
- Devon Bank uses Murabaha; Mubarak Mortgage uses Murabaha (cost-plus sale).
- Shariah oversight: Devon Bank discloses Formal Board; Mubarak Mortgage discloses Third-Party Certified.
- HalalWallet Index: Devon Bank holds a A; Mubarak Mortgage holds a A-.
- On measurable rows, Devon Bank has the better listed value on 3 and Mubarak Mortgage on 1.
- They differ on 9 of the 17 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.
Devon Bank vs Mubarak Mortgage: the full side-by-side
17 data points from each provider's published materials, lined up row by row. They differ on 9.
17 of 17 rows
States covered
Devon Bank: 34 states EdgeMubarak Mortgage: 26 states
Minimum down payment
Devon Bank: Not listedMubarak Mortgage: As low as 3% for qualified borrowers (site and intake)Terms offered
Devon Bank: VariousMubarak Mortgage: Not listedPrepayment penalty
Devon Bank: Not listedMubarak Mortgage: NoLate payment policy
Devon Bank: Not listedMubarak Mortgage: $50 late fee, donated to Islamic schools and not retained as profit (per provider intake; not published on the site)
Minimum credit score
Devon Bank: Not listedMubarak Mortgage: 620Financing purposes
Devon Bank: Not listedMubarak Mortgage: Purchase, Refinance (conventional-to-Murabaha conversion)Property usage
Devon Bank: Not listedMubarak Mortgage: Primary residence, Second / vacation home, Investment / rental property
Structure
Devon Bank: MurabahaMubarak Mortgage: Murabaha (cost-plus sale)Shariah oversight
Devon Bank: Formal BoardMubarak Mortgage: Third-Party CertifiedShariah board / scholar
Devon Bank: formal_boardMubarak Mortgage: Imam Dr. Syed Alnajjar (endorsing scholar); SHAPE Knowledge Services fatwa (Sh. Abubakar Mohamed Musa, Mufti Ibrahim Issa); AMJA Resident Fatwa Committee reviewPublished fatwa / certificate
Devon Bank: NoMubarak Mortgage: Yes Edge
Products listed
Devon Bank: Home FinancingMubarak Mortgage: Murabaha Home Financing (Purchase & Refinance)Best for
Devon Bank: Midwest buyers, Chicago-basedMubarak Mortgage: Buyers and refinancers in Mubarak's 26 states who want a fixed-price Murabaha with title in their own name and as little as 3% down
HalalWallet Index grade
Devon Bank: A EdgeMubarak Mortgage: A-Founded
Devon Bank: 2003 EdgeMubarak Mortgage: 2022Google rating
Devon Bank: 4.4/5 (31 reviews)Mubarak Mortgage: Not listed
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
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
Mubarak Mortgage
- Fixed total price from day one - Murabaha payments cannot reset, unlike benchmark-linked rent or usage fees
- Title in your name at closing with no LLC or trust layer
- Two independent scholarly reviews on the public record: AMJA Resident Fatwa Committee and a SHAPE Knowledge Services fatwa
- Low entry: 3% down for qualified buyers and a 620 credit floor, with fast pre-approval
- Processing, underwriting, closing, and funding run through HomeMac, LLC's lending platform, with Freddie Mac integration (per intake)
- Licensed in 26 states - not nationwide, and not yet in New York
- No cash-out refinancing (per intake)
- Oversight is a single named scholar plus third-party fatwas; AMJA explicitly advised Mubarak to appoint an independent Sharia supervisory board and no multi-member board is published
- No published profit rates or term lengths - every file is individually quoted (intake range on record: 6-8%)
- The seller signs a Faith Based Purchase Agreement, and Mubarak's own disclosure states the buyer's and seller's obligations under U.S. law do not change - the Murabaha purchase-and-resale sits on top of a standard regulated mortgage closing with a Loan Estimate and Closing Disclosure
Not sure which is right? Compare all home financing providers.
Browse all Home Financing optionsEditorial comparisons
How do Devon Bank and Mubarak Mortgage compare for home financing?
Devon Bank and Mubarak Mortgage both offer home financing - Devon Bank in 34 states, Mubarak Mortgage in 26 states. This page lines up 17 listed data points side by side, with 9 differences, so you can see exactly where they part ways before you request quotes.
- Devon Bank lists 34 states; Mubarak Mortgage lists 26 states.
- Devon Bank uses Murabaha; Mubarak Mortgage uses Murabaha (cost-plus sale).
- Shariah oversight: Devon Bank discloses Formal Board; Mubarak Mortgage discloses Third-Party Certified.
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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