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Friday 01 May 2015 - 14:11 Makkah mean time-12-7-1436
 Auckland, New Zeeland (IINA) – An Auckland woman is lobbying New Zealand banks to consider providing interest-free home loan for Muslim customers including herself, 3news New Zealand reported.
Sara Jowadi wants banks in New Zealand to offer similar products. "I'm not trying to be inconsiderate to New Zealanders, I understand they will have different responses to this issue, but at the end of it I'm trying to provide a solution for myself and people like me."
"With rent, you're not guaranteed that you can stay in that place for too long we're sort of trying our best to find an alternative."
Under Islam, paying or receiving interest on loans is forbidden therefore loans must involve various ways for borrowers to repay the lender at a premium, while technically not being charged interest.
Jowadi had contacted ANZ, BNZ, Westpac and Kiwibank with a proposal, but told Radio NZ none had responded.
Westpac and Kiwibank said they did not offer a specific Sharia-friendly product and did not have any plans to do so in the near future.
ANZ spokesman Stefan Herrick said demand for Islamic loans were "very low" and the bank did not offer a specific product catering to this community.
"However, we're always happy to talk to Muslim customers or otherwise about how we can help meet their needs."
New Zealand Bankers Association's boss Kirk Hope said Islamic mortgages were likely to be a niche products, and was not surprised banks had not yet taken an interest.
It is noteworthy that countries like Australia, the United Kingdom and the United States are among other countries who already offering Islam-friendly loans.
SM/IINA
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