Few Norwegian banks are considering a possibility of customer financing in compliance with Sharia, prohibiting borrowing rate. Consequently banks would like to lure growing number of clients.
Few Norwegian banks are considering a possibility of customer financing in compliance with Sharia, prohibiting borrowing rate. Consequently banks would like to lure growing number of clients.
Norwegian Muslims will be able to take out a mortgage, without breaking Islamic orders. Norwegian banks: DnB NOR, Nordea and Sparebank 1, confirmed examination the possibility to apply “Sharia credit”.
“After a while Sharia credit can be used in Norway” – expects analyst of DnB Nor Tomas Miteide. It is widely held that according to Islam it is forbidden to receive interest as one can not grow rich for free. Therefore some banks in Europe practice another technology allowing skirting the ban on getting borrowing cost. Bank buys property unit, which client requires, and client in his turn buy property on the hire-purchase system, informs VG nett.
“We have never already done business with such credit due to poor demand, however now there is evidence that Sharia credit will be on the agenda” – says Tomas Sevang director of public relations.
According to CEO of Islamic Convocation of Norway Shoaib Sultan, a lot of Muslims are deficient in this kind of credit which is expected to enjoy a large demand.
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