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Islamic Finance Briefing - Categorized | Financial Instruments (Credit Cards, Debts, Loans, Mort more

Credit union offers solution to Islamic mortgage problem

Posted on 06 May 2010

From Winnipegfreepress.com: Assiniboine Credit Union is boldly going where no Canadian financial institution has gone before. The Winnipeg-based credit union has launched the country’s first Islamic mortgage, a product designed to address Islamic law, which says paying interest on money is unacceptable and considered usury by the Qur’an.
Instead of loaning money to Muslim clients, ACU enters into a “declining partnership agreement” with them. This calls for the credit union to sell its share of the property to them over an agreed upon period of time……………………………………..Full Article: Source

 
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