Ameen Housing Co-Operative of California, Inc. (AHC) is a member-owned co-operative financial institution.
AHC was established in 1996 in Palo Alto, California, modeled after the highly successful Toronto Housing Co-operative.
AHC's guiding principles are:
- Strong prohibition of riba in Islam; declaration of war by Allah & His messenger (sas) on those who engage in riba
- "O you who believe! Eat not usury doubled and multipled, but fear Allah that you may be successful" - Surah Al-Imran (Chapter 3, Verse 130)
- " . . . But, Allah has permitted trade, and forbidden usury . . . " - Surah Al-Baqarah (Chapter 2, Verse 275)
Services offered by AHC:
- Secure & stable investment opportunity
- Community funds utilized for community benefit
- Islamic alternative to the prevailing mortgage system
- Buy/refinance homes in an Islamically permissible manner