StrideUp offers a Shariah-compliant home purchase plan that utilizes the diminishing Musharaka principle, allowing customers to co-own their homes while making monthly payments that contribute to full ownership. This approach provides an ethical alternative to traditional mortgages, enabling individuals who may not qualify for conventional financing to achieve homeownership without compromising their faith.
Funding
$369.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals seeking homeownership face challenges in accessing traditional mortgages due to various factors, while others prefer financing options aligned with their religious beliefs, specifically Shariah-compliant principles. Conventional mortgages may not cater to these specific needs, creating a barrier to entry into the housing market for a segment of the population.
Solution
StrideUp offers a Shariah-compliant home purchase plan, providing an alternative to conventional mortgages through a diminishing Musharaka structure. This plan enables customers to co-own their homes with StrideUp, making monthly payments that gradually increase their ownership stake. StrideUp's approach aims to provide accessible, inclusive, and flexible home financing solutions, particularly for those who may not qualify for traditional mortgages or who seek ethical, faith-based financing options. The company guides customers through the home purchase process, offering support from initial application to completion.
Target Audience
StrideUp primarily targets individuals seeking Shariah-compliant alternatives to traditional mortgages, including those who may not meet the eligibility criteria for conventional financing.
Features
- Shariah-compliant home purchase plan utilizing the diminishing Musharaka principle
- Online portal for application and management of the home purchase process
- Personalized guidance from CeMAP-qualified advisors
- Flexible payment options with the ability to lock in rates for 2, 5, or 10 years
- Opportunity to increase ownership through additional payments (up to 10% per year) without fees
- Clear and transparent rates with no hidden fees
- Support for customers with diverse financial backgrounds