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A Vermont credit union is developing what would be the state’s first lending program that complies with Islamic law, aiming to help more Muslim households buy homes. Buying a house could be a challenge for many Muslims who want to abide by Islamic law that forbids Riba or bank interest rates, Imam Islam Hassan said that many families in Vermont already want to buy houses but do not wish to do so through a financing option which does not comply with Islam.
a Vermont credit union is working to help members of the Muslim community buy homes by developing the state’s first lending program that complies with Islamic Shariah Law, Aboutislam reported. To reach this goal, Timothy Carpenter, a Senior Lending Manager at Opportunities Credit Union, is working with Imam Islam Hassan of the South Burlington-based Islamic Society of Vermont on developing the new model, VTDigger. Islamic finance has grown substantially in recent decades across the world, becoming one of the fastest growing financial industries.
