Financing is arranged for observant Muslims

Shariah-compliant mortgages are being made available in the state of New York by HSBC. HSBC plans on offering these products in other states soon as well. Already, American Finance House-lariba is looking towards breaking HSBC's control of the New York sharia-compliant mortage market. HSBC's New York product is based on the Islamic finance instrument of Murabaha -'cost-plus financing.' Like Lariba, other Muslim financing companies are branching out in the tri-state area, assisted by Freddie Mac and Fannie Mae, the government-chartered companies that are known to be major buyers of mortgages.