Washington Post (05/13/08) P. D1; Aizenman, N.C.
Islamic home-finance institutions such as Guidance Residential in Reston, Va., and University Islamic Financial in Ann Arbor, Mich., are enjoying an increase in business even as the overall mortgage industry continues to struggle. Officials at Islamic finance companies believe the surge in the niche is the result of the natural growth of their nascent sector, first-time buyers taking advantage of declining prices and Muslims' distrust of the conventional mortgage industry. A year ago, Freddie Mac bought more than $250 million in Islamic home loans from firms such as Guidance, University Islamic, Devon Bank in Chicago and American Finance House Lariba of Pasadena, Calif.
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