Financing Solutions

At Devon Bank, we offer many types of home financing to meet your goals. We offer community banking with personal service, delivering national mortgage programs.

Our Programs

Devon Bank has been offering Islamic Financing designed to avoid conventional interest common in traditional loans since 2003 for home purchases and refinancing from traditional loans.

Our Islamic Financing Specialists will help you every step of the way and explain to you in detail how our product works. We value your trust in Devon Bank and strive to provide you with the highest level of customer service.

Home financing is available for varying terms and financing amounts. We currently offer Murabaha financing in the following states:  Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

Devon Bank independently developed its Islamic finance products using the writings of an internationally known Islamic finance scholar as a blueprint. The products were created by an officer of Devon Bank who has earned a post-graduate diploma from the Institute of Islamic Banking and Insurance in London. The details of the initial murabaha and ijara products were reviewed by the Honorable Mufti Muhammad Nawal-ur-Rahman and the Shariah Supervisory Board of America, located near Devon Bank’s main office in the Chicago neighborhood of Rogers Park. After requested changes were made by the Bank, a fatwa was issued by the Shariah Board approving these products. Devon Bank gratefully acknowledges all the unpaid time Mufti Nawal-ur-Rahman, and the Scholars of the Shariah Board who have volunteered to help with the creation of our products. Later products and variants have followed a similar development path.

Devon Bank has also discussed its products with religious advisors in several U.S. states and overseas.

To contact our Faith-Based Finance Division, please call (773) 423-2303 or contact one of our Islamic lending specialists individually.

*Please do not send confidential information via e-mail

Devon Bank NMLS ID#412368