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Momodou
Denmark
11713 Posts |
 Posted - 30 Oct 2008 : 19:38:18
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Could this be the future?
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Non-Muslims applying for Sharia loans
Published 29.10.08
Increases in interest rates has heightened the popularity of Sharia loans The financial crisis and spiralling global interest rates has caused consumers to look elsewhere for their mortgage loans. Amanah bank in northern Jutland is the only one of its...
Sharia law forbids Muslims from paying interest, and with current interest rate fluctuations this type of financing is become more attractive to non-Muslims.
Niels Mølgaard, customer manager at Amanah bank, said a third of all bank enquiries are coming from non-Muslim Danes.
'In particular, we are hearing from new customers that they are interested in Amanah's financing because the payment is independent of rate developments,' Mølgaard told Nordjyske Stiftstidende newspaper.
A common method of taking out a mortgage loan under Sharia law is for the bank to buy the property, resell it to the customer at a profit, and allow the customer to pay back the bank in pre-arranged instalments.
Courtisy of The Copenhagen Post
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