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A CONFLICT OF INTEREST: ISLAMIC HOME FINANCING IN AMERICA
Author(s) -
Nayeem Omar,
Shiliwala Mohamed,
Shiliwala Wasim
Publication year - 2009
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2009.01889.x
Subject(s) - islam , payment , finance , database transaction , islamic finance , financial institution , institution , business , population , financial transaction , public finance , economics , political science , law , sociology , geography , macroeconomics , demography , archaeology , computer science , programming language
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.