"A handful of private banks and lending institutions offer Islamic mortgages in the U.S., but Minnesota Housing is the first state agency to offer such a product. The program is the brainchild of Hussein Samatar, director of the African Development Center in Minneapolis."
Samatar, who used to work for Wells Fargo, tried for years to launch Islamic financing. He says the fact that Minnesota Housing has agreed to participate is a nod to the Muslim community's growing economic power.
"It is great news for the country, and it really sends a great signal that the United States is our country," he said, "and we would love to make it better."
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Monday, March 2, 2009
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