The Islamic Post Blog


Minnesota Under Congressman Ellison Initiates Financing Without Usury by Khalida
October 3, 2008, 7:33 pm
Filed under: National, Politics, Sept/Oct Volume - 2008 | Tags:

An Alternative Financing program was initiated this summer in Minneapolis, Minnesota to provide for monetary borrowing in accordance with Islamic law, or Sharia, which does not sanction the use of interest.  The program is available to Muslims and non-Muslims alike.
Congressman Keith Ellison (D-MN), the first Muslim elected to Congress, has also praised The American Housing Rescue and Foreclosure Prevention Act, H.R. 3221, which will allow hard-working American families, in danger of losing their homes, to refinance with lower-cost government-insured mortgages that they can afford to repay – at no cost to the American taxpayer.  “States and municipalities now have available to them nearly $4 billion in grants to purchase foreclosed homes, and to help our neighborhoods recover from the foreclosure crisis,” the 5th District Congressman commented.
The program provides financing to small businesses to purchase equipment and/or make building improvements with the outlook of benefiting low- to moderate-income persons by creating jobs or improving services.
All eligible applicants in Minneapolis must make efforts to hire employees by working with the City’s Workforce  Coordinator, and also by using contractors licensed in Minneapolis.
In other work to assist the Muslim community, Rep. Ellison spoke at an intensive summer program on law and leadership of Karamah, a Muslim women’s league of attorneys and community leaders in Washington D.C.

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