How Islamic Home Financing Works in Maine
Maine is home to a Muslim community of approximately 12,000 people, concentrated overwhelmingly in two cities: Lewiston and Portland. Lewiston has one of the highest per-capita Muslim populations of any city in the United States — the result of Somali refugees beginning secondary migration to the city in 2001, drawn by affordable housing and a smaller, quieter community after initial resettlement in larger US cities. The community founded the Lewiston/Auburn Islamic Center in 2007, and the city is now home to Maine's largest concentration of Somali and East African Muslim families.
Portland, Maine's largest city, has its own separate and long-established Muslim community — its first mosque dates to the late 1990s, when immigration from Somalia, Iran, Iraq, and Kosovo brought the city's Muslim population into the thousands. Portland is now home to several mosques and the Maine Muslim Community Center, serving a diverse population of East African, Middle Eastern, and South Asian Muslims.
Islamic home financing — also called a halal mortgage — lets buyers purchase property without paying compound interest (riba), using one of three structures:
Musharakah (co-ownership)
Ijara (lease-to-own)
Murabaha (cost-plus financing)
All three are fully legal in Maine, regulated by the Maine Bureau of Consumer Credit Protection alongside standard federal mortgage law. Every provider must hold an active NMLS license to originate loans on Maine properties. These products are open to buyers of any faith — you qualify on standard financial criteria, not religious affiliation.
Maine's median home price is approximately $350,000. Choosing Islamic co-ownership financing over a conventional 7% 30-year mortgage can save buyers roughly $90,000 to $140,000 in total financing cost over 30 years, because Islamic structures eliminate compound interest entirely.
Available Islamic Mortgage Providers
Maine does not have a dedicated local Islamic lender. National NMLS-licensed providers — including Guidance Residential, UIF Corporation, and Lariba — serve Maine buyers remotely, closing through local title companies in Portland, Lewiston, or wherever the property is located. Applications are typically completed online, with a total timeline of 30–45 days from application to closing.
Eligibility Requirements
To qualify for Islamic home financing in Maine, buyers generally need:
A minimum 20% down payment — approximately $70,000 on the median $350,000 home
A credit score of 620 or higher
Verifiable income
Savings Insight
Use the Fair Meridian free calculator to see your exact monthly payment and total savings compared to a conventional mortgage on a specific Maine property.