Sharia Mortgages now in Minnesota

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	Sharia Mortgages now in Minnesota

Antara

3-4-2009 7:59 PM

229 views

tags:

home ownership, mortgages, minnesota, sharia

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3-5-2009 3:01 AM

merrie

GAFFNEY: Wall Street, what's next?
Frank Gaffney September 16, 2008

Shariah-Compliant Finance (SCF)

3-5-2009 2:32 PM

davboz

"The Dow Jones Islamic Market Index represents companies that follows Sharia`ah Law investment guidelines. The Dow Jones Islamic Market Index tracks 636 Shari`ah Law-compliant stocks from 34 countries with total market capitalization of nearly $10 trillion.
Further information about the Dow Jones Islamic Market Indexes can be found on the Dow Jones Indexes web site at http://indexes.dowjones.com."

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ee0d3d26-e33d-44cd-b120-a036f0da0ab5/8E4A12A7-6898-4D7B-A916-77F0D71CC1B8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0" href="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0" style="font-size: 11px;">minnesota.publicradio.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><P class="regular">
															The program is targeted at low-to-moderate income families. Qualified applicants have to complete first-time home buyer education classes. The goal is to help Muslim home buyers build wealth and reap the benefits of home ownership.
				</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><P class="regular">
															Here's how the mortgage, known as Murabaha financing or "cost plus sale," works:
				</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><P class="regular">
															The state buys a home and resells it to the buyer at a higher price. The down payment and monthly installments are agreed to up front at current mortgage rates.
				</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><P class="regular">
															The deal is identical to a thirty-year fixed-rate loan, except there's no additional interest, because the higher up front price factors in payments that would have been made over the life of a traditional mortgage.
				</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><P class="regular">
															A handful of private banks and lending institutions offer Islamic mortgages in the U.S., but Minnesota Housing is the first state agency to offer such a product. The program is the brainchild of Hussein Samatar, director of the African Development Center in Minneapolis.
				</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/minnesota.publicradio.org/img/26FB4A6F-3EB0-4BEA-A1B8-8867938A1584" alt="Larger view" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><DIV class="caption"><A title="The African Development Center of Minnesota has been working for more than five years to launch the Islamic lending program. (MPR Photo/Jessica Mador)" rel="lightbox[ftrslideshow]" href="http://images.publicradio.org/content/2009/02/28/20090228_islamic_33.jpg">African Development Center</A></DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/minnesota.publicradio.org/img/F539C822-F6FC-4D1F-A895-97A83DD0F8B6" alt="Larger view" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0"><DIV class="caption"><A title="Real estate broker Tunde Shonoiki (left) helped Nawawi Sheikh close on his first home in Minneapolis. Sheikh's monthly mortgage payment will be lower than what he's been paying to rent in Hopkins, even with taxes and insurance included. (MPR Photo/Jessica Mador)" rel="lightbox[ftrslideshow]" href="http://images.publicradio.org/content/2009/02/28/20090228_islamicfinancing_33.jpg">Islamic financing</A></DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/8E4A12A7-6898-4D7B-A916-77F0D71CC1B8/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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