pewforum.org Religion News on the Web
October 23, 2011

Globe and Mail: Islamic lender’s troubles put homeowners in limbo

by Colin Freeze and Tavia Grant
The Globe and Mail

Dozens of Muslim homeowners are complaining that they have been left in limbo by a disintegrating “sharia-compliant” mortgage arrangement, putting a focus on the emergence of parallel banking systems in Canada.

Some Muslims believe that sharia, or Islamic law, bans interest-bearing bank arrangements because they are considered akin to usury, and a small industry of middlemen has sprouted up to address those concerns.

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