Guidance Surpasses $2 Billion in Sharia-Compliant Residential Financing in US
Major Milestone Crossed Despite Turbulent Economic Climate
Reston, VA - Guidance Residential ("Guidance"), the leading US provider of Sharia-compliant home financing, announced that it has now provided over $2 billion in Sharia-compliant home financing since its inception in 2002. Despite today's challenging financial climate, Guidance has been able to sustain its growth over the last several years and has now set the bar higher for the Islamic home finance industry.
Over the last eight and a half years, Guidance has made significant strides for Islamic finance. In June 2007 it became the first US-based Islamic home finance company to provide over $1 billion dollars in Sharia-compliant home financing. Amid the ongoing volatility in the market, Guidance thrived in 2009 by surpassing its own annual production record. Later that year, the company was nominated for Best Islamic Home Finance Provider by Dubai's Islamic Business & Finance Awards.
Based on a concept known as diminishing musharaka or partnership, the company's Declining Balance Co-ownership program has helped thousands of Muslim-American households achieve home ownership without compromising their beliefs. Guidance has a growing workforce of over 70 employees nationwide. The company plans to continue expanding its products and services to meet the needs of the Sharia-sensitive market.
Guidance Residential is a subsidiary of Guidance Financial Group, an international company dedicated to serving the market for Sharia-compliant financial products and services. Guidance Financial Group offers unique investment products to institutional investors and financial intermediaries worldwide, and provides financial services to its retail customer base in the United States. The company's commitment to intensive research and development and solid operational support for its products has allowed it to develop unique financial solutions that address unmet needs of the Sharia-compliant market.