Islamic banking: Seattle’s initiative has Muslims hopeful

Seattle’s city council is launching a programme of Sharia-compliant loans with the aim of improving the long-term prospects of the local Muslim community. Those forced to live in high-cost rental property are now in a position to consider the alternatives.

When Mohamed and Zeinab first moved to Seattle 14 years ago buying a home was not high on their priorities. Two children and three promotions later and the couple has turned into a family of four. Seattle’s effort to introduce Islamic banking has renewed the family’s hope that they may soon be able to own a new property. ″It is a pretty amazing feeling to know that we can seriously begin to consider a home that we own for our family in the city that we have come to love,″ said Mohamed. ″Back in Jordan, this wouldn’t have been an issue, but here, because of the interest rates, we just decided not to.″

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