I live in Texas, USA. I read your Fatwa regarding Islamic Home Financing, considering Devon Banks model eligible under Islamic Laws. My question is I talked with Devon Bank representative on phone and he said it is based on MURABAHA and that title will be in my name with a lien on it (Devon Bank). Is this right and is this the way it should be? Also Ijara Loans also have program based on same concept where you disclose the profit amount and margin and term of sale. Is it ok to go with them also? Please advice.

Wasalam

Wa Alaykom Assalam

All praise be to Allah, and may His peace and blessings be on the greatest messenger, Muhammad.

The Murabahah model as described in your question is the right way to be done. It does not mean that there is no shortcomings or some violations when it comes to the real application, but-overall- it is acceptable.

As of Ijara loan, I do not adopt a stand because I did not read their model in full yet.