New Islamic mortgages now available in Minnesota

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 is launching a new program offering Islamic mortgages.

Minneapolis, Minn. — 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.

New Islamic mortgages now available in Minnesota