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US mortgage system under revision to suit Islamic law



Washington: Mayor of Seattle city, Ed Murray in a conference held yesterday told that American mortgage system is being revised to suit Muslim laws since the US conventional mortgage system is not suitable to the religious beliefs of the Muslims. He said that a meeting of community leaders and housing representatives will be convened for providing facilities to Muslims to avail of the facility of housing loans in order to make them owners in Seattle State.


It may be noted that there are more than 30,000 Muslims are the residents of Seattle State.  The Housing Committee of Seattle suggested finding ways and means to help the Muslims. Critics have apprehensions that it opens country’s financial system to extremists but the Mayor is of the strong opinion that the system should be revived to suit the Muslims. Some law makers in US opposed American International Group for offering Shariah based insurance system.


Seattle-based Halal Inc. advertises on its website that “instead of starting with a flawed system and trying to ‘make a fit,’ we took the perfect system ordained by Allah and created a legal framework for it.”

Shariah-compliant financing deals resemble lease-to-own arrangements, layaway plans, joint purchase and sale agreements, or partnerships.


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