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Friday 01 May 2015 - 14:26 Makkah mean time-12-7-1436
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Wellington, New Zealand (IINA) - In glad tidings to New Zealand's Muslims, a finance company has proposed plans to provide interest-free mortgages to Muslims that comply with Islamic Sharia, according to media reports.
New Zealand's first Islam-friendly KiwiSaver provider plans to offer interest-free mortgages to Muslims.
Amanah Ethical launched the country's first Sharia-compliant KiwiSaver earlier this year. "They want to own their own homes, they want to be New Zealanders, they want to raise their kids," Brian Henry, Amanah managing director, told Stuff.co.nz on Thursday.
The scheme charges a "purification payment" to cleanse any investment income that might be generated through ways considered prohibited in Islam.
Henry said his company intended to provide finance products that comply with Islam, noting that paying or receiving interest on loans is forbidden in Islam.
New Zealand's growing migrant Muslim community was highly educated and engaged in good jobs, he said.
Kiwi Muslims had the means to own their own homes but did not want to go against their faith in order to become homeowners.
Islamic loans involve various alternative ways for the borrower to repay the lender at a premium, while technically not charging interest.
Henry said he could not disclose the exact structure of the model Amanah would use for its home finance product or when it would launch, but did say it was at least a couple of years away.
SM/IINA
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