Norway: Interest in interest-free banks

Muslims groups in Norway are currently working to set up an interest-free bank.  Close to 100 people registered at the website of amanah.no within a few days.  Mhammad Answar, the initiator of amanah.no says that many Muslims don't take a house loan because it is forbidden by Islam and therefore they rent their whole lives.  Many Muslims have wanted an interest free bank for years.

More and more European banks have been adding Sharia services.  Instead of interest the banks take rent for the house.  The buyers pay in addition an extra amount as a down payment on the loan.

According to amanah.no an interest free loan of 1,350,000 kroner (~$228,000) will cost 8,700 kroner (~$1470) a month for 25 years.

Source: Hegnar online (Norwegian)

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