Ameen Housing has helped hundreds of members buy homes in California. We invest up to one Million to help you buy your home.
Our halal investments and home buying solutions are certified by the Assembly of Muslim Jurists of America (AMJA). Find your dream home without compromising your faith.
Get started today on your journey to buying a home that doesn’t compromise your faith. Here’s how our home buying process works:
For a full breakdown of how home ownership works, click this link to download the rules and regulations.
AHC max $300K maximimum investment
AHC max $500K maximimum investment
AHC max $700K maximimum investment
AHC max $1M maximimum investment
ACTIVE LIST (AL) is the list of AHC members who have, in writing, informed AHC Board of their intentions to acquire/refinance a property with AHC's investment.
DOWN-PAYMENT is the investment balance REQUIRED by AHC in a member's. Eg. US$128K is the member's down-payment for AHC's investment of US$500K for a TOTAL investment of US$428Kto purchase a new home. Use the Down-payment and AHC Investment Portion calculator to compute your investment.
TOTAL INVESTMENT is the total amount AHC will invest in a house. It is the sum of member's full Down-payment and AHC's Investment Portion investment. Eg. TOTAL investment isUS$428K to purchase a new home (US$128K is the member's down-payment + US$500K is AHC's investment portion).
AHC INVESTMENT PORTION is the amount that AHC invests in EXCESS of member's down-payment. Eg. AHC Investment portion is 500K, if the total investment isUS$428K and member's down-payment is US$128K.
ELIGIBILITY DATE is the date on which the RFAL or written/email notification requesting to be on Active List from the member is received by AHC.
HOLD DATE is the date on which the RHAL or written/email notification about going on"HOLD" from the member is received by AHC.
OCCUPANCY PROCESS is the final stage of receiving an AHC investment to close the deal.
QUALIFIED HOLD is the list of member name's on AL who were asked by AHC to begin OCCUPANCY PROCESS but instead chose to wait. A member on "Qualified Hold" HAS the full down-payment invested with AHC.
UNQUALIFIED HOLD is the list of member name's on AL who were asked by AHC to deposit their full down-payment but instead chose to wait. A member on the "Unqualified Hold" does NOT have the full down-payment invested with AHC.
RE-ACTIVE is to get active again after being on HOLD on the AL. Use the RFAL form
The RFAL process is a streamlined and efficient process for an AHC member to add his/her name to the ACTIVE LIST. It is in the member's best interest to complete the RFAL Form carefully and completely with appropriate supporting documents so that his/her name is added to the AL quickly.
AHC funds up to 80% of amounts US$100K and less, andup to 70% of higher amounts with a maximum of US$500,000.00 as "AHC INVESTMENT PORTION". The "DOWN-PAYMENT" (member's balance in his/her AHC account) is added to the "AHC INVESTMENT PORTION" to get the "TOTAL INVESTMENT".
Example:
However, a member does NOT have to have the full "DOWN-PAYMENT" when requesting to have his/her name added to the"Active List".
ACTIVE LIST (AL) is the list of AHC members who have, in writing, informed AHC Board of their intentions to acquire/refinance a property with AHC's investment.
DOWN-PAYMENT is the investment balance REQUIRED by AHC in a member's AHC. Eg. US$128K is themember's down-payment for AHC's investment of US$500K for a TOTAL investment ofUS$428K to purchase a new home. Use the Down-payment and AHC Investment Portion calculator to compute your investment.
TOTAL INVESTMENT is the total amount AHC will invest in a house. It is the sum of member's full Down-payment and AHC's Investment Portion investment. Eg. TOTAL investment is US$428K to purchase a new home (US$128K is the member's down-payment + US$500Kis AHC's investment portion).
AHC INVESTMENT PORTION is the amount that AHC invests in EXCESS of member's down-payment. Eg. AHC Investment portion is 500K, if the total investment isUS$428K and member's down-payment is US$128K.
ELIGIBILITY DATE is the date on which the RFAL or written/email notification requesting to be on Active List from the member is received by AHC.
HOLD DATE is the date on which the RHAL or written/email notification about going on "HOLD"from the member is received by AHC.
OCCUPANCY PROCESS is the final stage of receiving an AHC investment to close the deal.
QUALIFIED HOLD is the list of member name's on AL who were asked by AHC to begin OCCUPANCY PROCESS but instead chose to wait. A member on "Qualified Hold" HAS the full down-payment invested with AHC.
UNQUALIFIED HOLD is the list of member name's on AL who were asked by AHC to deposit their fulldown-payment but instead chose to wait. A member on the "UnqualifiedHold" does NOT have the full down-payment invested with AHC.
RE-ACTIVE is to get active again after being on HOLD on the AL. Use the RFAL form to get "RE-ACTIVE on the AL". A member needs to deposit the FULL DOWN-PAYMENT to get "RE-ACTIVE" on AL from"UNQUALIFIED HOLD".
The member must either have:
ACTIVE LIST (AL) is the list of AHC members who have, in writing, informed AHC Board of their intentions to acquire/refinance a property with AHC's investment.
DOWN-PAYMENT is the investment balance REQUIRED by AHC in a member's. Eg. US$128K is the member's down-payment for AHC's investment of US$500K for a TOTAL investment of US$428K to purchase a new home. Use the Down-payment and AHC Investment Portion calculator to compute your investment.
TOTAL INVESTMENT is the total amount AHC will invest in a house. It is the sum of member's full Down-payment and AHC's Investment Portion investment. Eg. TOTAL investment isUS$428K to purchase a new home (US$128K is the member's down-payment + US$500K is AHC's investment portion).
AHC INVESTMENT PORTION is the amount that AHC invests in EXCESS of member's down-payment. Eg. AHC Investment portion is 500K, if the total investment isUS$428K and member's down-payment is US$128K.
ELIGIBILITY DATE is the date on which the RFAL or written/email notification requesting to be on Active List from the member is received by AHC.
HOLD DATE is the date on which the RHAL or written/email notification about going on"HOLD" from the member is received by AHC.
OCCUPANCY PROCESS is the final stage of receiving an AHC investment to close the deal.
QUALIFIED HOLD is the list of member name's on AL who were asked by AHC to begin OCCUPANCY PROCESS but instead chose to wait. A member on "Qualified Hold" HAS the full down-payment invested with AHC.
UNQUALIFIED HOLD is the list of member name's on AL who were asked by AHC to deposit their full down-payment but instead chose to wait. A member on the "Unqualified Hold" does NOT have the full down-payment invested with AHC.
RE-ACTIVE is to get active again after being on HOLD on the AL. Use the RFAL form
What is the key differentiator between AHC's Investment System and conventional mortgages?
One of the primary condition that makes any financial contract acceptable, from the Shariah perspective, is that, "the parties involved agree to participate in both the GAIN and the LOSS that may result from such an investment". Any contract that is missing this clause is "not acceptable" from a Shariah perspective. In the conventional mortgage systems, lenders never agree to share the loss with the homeowner and hence are not Islamically acceptable and permissible. AHC in principle and as a part of its contract agrees to bear the losses with the homeowner in the same ratio it agrees to share in the gains. This differentiates AHC from all other conventional mortgage and financing systems and makes the acceptable as per the Shariah. Besides this, the second key problem from a Shariah perspective in the financial contract with the conventional financing systems is the agreement to pay interest at certain agreed rate. This is outright Haram. In the AHC contract the RENT (not interest) is decided based on the fair market rental value of the property and AHC's share or rent is dependent on its equity. The homeowners share of the rent is used to purchase more equity from AHC. This from an Islamic perspective is 100% legitimate.
Why is the rent that AHC collects not considered interest? Banks lend at variable rates which can change with the market conditions and demand...There are two important concepts that have to be clearly understood:
1. PROFIT: Income from use of an ASSET or income from trading a permissible COMMODITY.
2. USURY: Income from use of MONEY...
and Allah has permitted trading and forbidden usury..."
Al-Quran, Surah Al-Baqarah (Chapter 2; Verse 275)
Consequently, the Shariah permits PROFIT but prohibits USURY. Bank's income is derived from the use of money by the borrower, which is prohibited. AHC invests in the property and derives its income from the compensation given by the user for the use of that property. This is perfectly halal.
Banks do take losses in case of foreclosures and bankruptcies, so they are fulfilling the condition of participating in losses. Why are they then not OK?
Yes, they do take those losses in case of foreclosures only when you file for bankruptcy and there is no other way left for them to get to your other assets. As we mentioned above the condition that makes a contract legitimate Islamically is "Agreeing and Willing to take part in the loses as well as the profits". The bank in this instance was forced to take a loss but it had never agreed to take a loss. Had it agreed to take the losses as AHC, you would get back a portion of your equity minus the losses.
For further information against riba please read Sheikh Maulana Abul Ala Maududi's Opinion AGAINST RIBA based on Prophet Muhammad's (P&BUH) Sunnah and Ahadith