Devon Bank, one of the first banks in the United States to offer financing that enables observers of Islam to buy homes and commercial properties in a manner consistent with their faith now makes its services available in the State of Washington.
Today, in response to local demand, the Bank began accepting applications for residential purchase and refinance transactions, as well as for conventional mortgages. Islamic law (Shariah) prohibits paying or receiving interest for the use of money. A large segment of Devon Bank customers are observers of Islam and prefer to avoid traditional interest-based loans or mortgages. Now offering availability in 38 states nationwide, Devon Bank is at the forefront of Shariah-compliant financing products in the United States.
Devon Bank products were created internally by a staff versed in both U.S. and Islamic legal requirements, and then submitted to appropriate government regulators and Shariah scholars. All products are designed to resemble conventional banking products with which customers may already have some familiarity so that our customers can compare and see that they are being treated fairly.
"Our Islamic Financing program is truly on the forefront of community lending," commented Dale Burton, head of Devon Bank's lending division.
"It is also a prime example of the how a locally owned community bank like Devon Bank makes decisions and creates special products and programs that are truly responsive to specialized customer needs."