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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 β€” one that conforms to Islamic principles β€” cannot charge interest on commercial and residential loans. β€œThe 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 19163 posts on Opalesque Islamic Finance Briefing.


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