Companies Accommodate Islamic Prohibition on Interest

July 5, 2001

Source: The New York Times

On July 5, 2001, The New York Times reported on "the Islamic prohibition on paying or receiving interest...Faith has never been much of a factor in the mortgage business and fashioning products to accommodate religious requirements is a novel...idea for regulated institutions like banks. But, mindful of the country's changing demographics, some financial services companies now see the estimated five million to seven million Muslims in America as an untapped market."