Androscoggin Bank has become the first institution in Maine, US, to offer Islamic interest-free mortgage plans that comply with Islamic and other religious injunctions prohibiting usury.<\/p>\n\n\n\n
In one model, the buyer and the financier purchase a property together and become co-owners. <\/p>\n\n\n\n
The buyer then pays back the financier\u2019s share over time. Instead of interest, the buyer pays an added fee for exclusive use of the property.<\/p>\n\n\n\n
Androscoggin has seen unmet demand for Islamic mortgages \u2014 especially as the state\u2019s Muslim community grows.<\/p>\n","protected":false},"excerpt":{"rendered":"
Androscoggin Bank has become the first institution in Maine, US, to offer Islamic interest-free mortgage plans that comply with Islamic and other religious injunctions prohibiting usury. In one model, the buyer and the financier purchase a property together and become co-owners. The buyer then pays back the financier\u2019s share over time. Instead of interest, the …<\/p>\n","protected":false},"author":5,"featured_media":96697,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_108372464460192_245495985553329":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[31],"tags":[],"class_list":["post-96696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n