Minnesota State Agency Offers Islamic Mortgages

by leavingwt 2 Replies latest social current

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  leavingwt

  For many Minnesota Muslims, it's been virtually impossible to buy a home, because Islamic law forbids the paying or charging of interest. To help close the home ownership gap among Muslim immigrants, the state's housing agency has launched a new program offering Islamic mortgages.
  
  Islamic law does make exceptions to the ban on interest, if one's family is at stake. But the exceptions are open to interpretation and for many observant Muslims, conventional mortgages are strictly taboo.

  http://wcco.com/local/islamic.mortgages.minnesota.2.952805.html
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  Elsewhere

  OMG!!! The Muslims are going to take over America one Mortgage at a time!!!!
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  Sad emo

  Don't worry - they're just like regular mortgages but instead of interest, there is an 'appropriate administration fee' (or wording of a similar effect)

  I do wonder whether these observant Muslims refuse to accept interest payments on their savings as well though!