WMTV, “Androscoggin Bank now offering mortgage plans compliant with Muslim law”
By James Corrigan, Reporter
Aug 7, 2023
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Androscoggin Bank is now offering mortgage plans without interest payments in order to comply with Muslim law.
Some devout Muslims do not purchase homes as a result of the Muslim teaching that interest rates increase the gap between the rich and poor.
The bank is the first in Maine to offer the plan. The specifics of the Androscoggin Bank plan are not known, but other variations of the Islam-compliant loan elsewhere involve a bank obtaining ownership of all or part of a home, with payments acting as a means of buying back the home.
The plan was created in partnership with ProsperityME and the Greater Portland Immigrant Welcome Center.