This entry passed through the Full-Text RSS service - if this is your content and you're reading it on someone else's site, please read the FAQ at http://ift.tt/jcXqJW.
Friday 24 Jul 2015 - 18:17 Makkah mean time-8-10-1436
(Image from internet)
Seattle, Washington, (IINA) - In an effort to increase home ownership among US Muslims, a proposal in Seattle meant to offering financing compliant with Islamic law is gaining ground according to media reports.
"We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs," Seattle Mayor Ed Murray addressed a press conference.
“The City will convene lenders, housing nonprofits and community leaders to explore the best options for increasing access to Sharia-compliant loan products to help these residents become homeowners in Seattle,” according to his proposal released last week.
Amid increasing Muslim population in the city, estimated at 30,000 practicing Muslims, a Seattle housing committee suggested community and business leaders find a way to help them.
Exploring financing options for devout Muslims, a Shari`ah-compliant financial products has drawn fire, with critics warning that it opens the nation's financial system to extremists.
However, the mayor's support for the new plan is expected to give it a strong push forward.
Opposition to the plan started in 2008 when some lawmakers opposed American International Group for offering Shari`ah-compliant insurance programs.
While Seattle leaders want more lenders taking part in the Shari`ah program, there are some already offering such unconventional financing.
Seattle-based Halal Inc. advertises on its website that "instead of starting with a flawed system and trying to 'make a fit,' we took the perfect system ordained by Allah and created a legal framework for it."
Shari`ah-compliant financing deals resemble lease-to-own arrangements, layaway plans, joint purchase and sale agreements, or partnerships.
SM/IINA
|
No comments:
Post a Comment