Global financial crisis may lead to more Islamic mortgage interest

Fri, 06 Jan 2012
Interest and focus on the Islamic mortgage market may come as a result of the global financial crises of recent years.

Chron.com reports that the uncertain world economy has led to increasing numbers of bankers and other individuals turning their attention to interest-free Islamic finance .

This is because people view these types of money matters as a more conservative investment strategy.

As a consequence, the greater emphasis on this approach could see more people considering the benefits to be had through Islamic mortgages and realising how the option fits in with their own beliefs and practices.

Monem Salam, portfolio manager for Amana Mutual Funds in Washington, US, explained people have become used to the idea of borrowing money in order to make greater strides in life.

The industry figure stated: "Because of this financial crisis, we're getting back to the idea of living within our means."

And one region that appears to be embracing the idea of Islamic mortgages is Saudi Arabia, as Arab News recently reported there are now five companies offering the deals in the kingdom.
Salaam-u-Allaikum
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