Norwegian bank trials 'halal loan' based on Islamic principles

Baku, January 21, AZERTAC

A Norwegian bank has proposed a “halal” loan scheme based on Islamic principles which forbid charging interest, according to Independent.

Storebrand, which operates in Norway and Sweden, launched a website calling for feedback on an idea to launch new interest-free loans to appeal to Muslim home buyers who many not want to take out a traditional mortgage because of their faith.

The bank called on “interested parties” to get in touch and within a week around 300 people had expressed an interest.

Al Rayan Bank, based in West London, offers rental-based loans on similar terms to traditional interest rate mortgages.

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