Devon Bank has been offering for decades Heter Iska Financing designed to avoid conventional interest (otherwise known as Ribbis in Jewish Law) common in traditional loans.
Heter Iska is, in short, an agreement between the customer and the financier that the transaction being provided is a partnership where all profits must be shared under a stringent set of reporting requirements. If the customer wishes to pay a specified rate in lieu of profit sharing, the customer may do so. Devon Bank uses a Heter Iska Prepared by the Chicago Choshen Mishpat Institute. The Halachos involved in setting up this document are highly complicated and a competent Rav should always be consulted with questions.
Our retail Mortgage Financing Specialists will help you every step of the way and explain to you in detail how our product works. We can also help with commercial Heter Iska contracts. We value your trust in Devon Bank and strive to provide you with the highest level of customer service.
Heter Iska financing is available to be used alongside any of our conventional lending products, for more information, please contact one of our Heter Iska Financing Specialists:
To apply, click on the link below.
NMLS ID# 1863739