How Does it Work?

MD Home Project is a part of global real estate solutions by MD Global Real Estate Inc. This project is designed in an attempt to offer an Islamic solution for homeownership challenges to the Muslims living in Canada. This project is being established in two phases. In Phase I, potential home buyers choose a suitable home for rent as per location and need basis among the available properties. The potential buyer assess the home (trial) by living in the home for a year or six months as a tenant. In phase II, if the potential buyer finds the home suitable for his family, he has choice to enter into a purchasing (Sale Contract) contract. All buyers must have a certain amount of cash (20% or 25% based on the price of the homes) which must be paid outright. The remaining amount would be equally distributed over 10 or 15 years of time period. This homeownership model (Sale Contract) is currently being designed and a complete proposal would be forwarded to Islamic authorities, local imams and other Sharia’ experts. The Sale Contract will be opened in Phase II, only when the model is passed by them and certified as “Truly Islamic”. Since then, the project will run in its first phase as a rental program only.