Sharia law forbids followers from paying interest on loans, so the city plans to ask lenders to come up with ways to increase access to Sharia-compliant loans.
Okay, what now?
This is ridiculous. There is no other “religion” that is given special treatment when buying a home. How in the world can this mayor justify this? The Mayor is offering interest FREE what?
As Reported By Biz Journals:
For some Muslims, it can be hard to buy a house, and Mayor Ed Murray plans to do something about it.
On Monday, Murray’s housing committee released its recommendations for ways the city can increase housing in the city. Most ideas were what you’d expect, including increasing the city’s housing levy and implementing new rules and regulations to foster development of market-rate and lower-income housing.
One suggestion would help followers of Sharia law buy houses. That’s virtually impossible now because Sharia law prohibits payment of interest on loans. The 28-member committee recommended the city convene lenders and community leaders to explore options for increasing access to Sharia-compliant loan products.
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