Tuesday, July 28, 2015

Seattle mayor proposes sharia-compliant loans for Muslim home buyers

    Tuesday, July 28, 2015   No comments

The mayor of Seattle and his housing committee are exploring options to make home loans accessible to Muslims who are unable to participate in standard mortgage programs due to religious prohibitions.

In an effort to address housing affordability in Seattle, Mayor Ed Murray has released a proposal which calls for community leaders and lenders to collaborate on exploring different options.

Among the ideas suggested to make housing more affordable for Seattle residents is a segment that will allow Muslims to obtain home loans that are compliant with sharia law.
“For our low- and moderate-income Muslim neighbors who follow Sharia law – which prohibits the payment of interest or fees for loans of money – there are limited options for financing a home,” the proposed plan reads. “Some Muslims are unable to use conventional mortgage products due to religious convictions.”

“The City will convene lenders, housing nonprofits and community leaders to explore the best options for increasing access to Sharia-compliant loan products to help these residents become homeowners in Seattle,” it says.

Under Sharia law, Muslims are prohibited from paying interest on loans. So traditional mortgages are out of reach for people who adhere strictly to Sharia law.


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