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A CONFLICT OF INTEREST: ISLAMIC HOME FINANCING IN AMERICA |
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| Authors: | Omar Nayeem Mohamed Shiliwala Wasim Shiliwala |
| Affiliation: | Department of Economics, University of California at Berkeley; Association of Muslim American Lawyers; Department of Near Eastern Studies, Princeton University |
| Abstract: | The rising Muslim population in the USA has fuelled an increase in the domestic demand for ' ' finance. One of the prominent restrictions that imposes on financial practices is a prohibition on the payment and collection of riba , interest on loans. This paper examines the home financing models of three prominent Islamic financial institutions. It identifies the transaction models that these institutions use, explains the differences among these models and illustrates how each institution 'sells' its chosen approach to the public. |
| Keywords: | Islamic finance usury mortgage products |