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Islamic Finance Briefing - Categorized | Banking, Finance, Market Moves more

At Islamic banks, a different kind of interest

Posted on 09 December 2008

From Njbiz.com: Roma Financial Corp., a banking organization started by a group of Italian-Americans in 1920, is looking to grow by setting up a new program targeting another ethnic group: religious Muslims.

One big challenge is that a Sharia-compliant institution — one that conforms to Islamic principles — cannot charge interest on commercial and residential loans. “The Islamic community in New Jersey is growing, and we believe this is an untapped niche,” said Peter A. Inverso, Roma Financial chief executive officer and a former state senator. …. Full Article: Source

 
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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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