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Norwegian bank tests 'Islamic loan' concept
Norwegian bank Storebrand is offering new 'halal loans' based on Islamic principles.
The bank recently created a website promoting 'ethical loans' for home financing without interest.
The bank writes that it is testing the idea of interest-free loans in part to appeal to Muslim home buyers who may not want to accept a traditional loan because of their faith. Islam prohibits charging interest or fees on financial loans.
"We wanted to find out if there could be another way to enter a housing market with rising prices. The product could appeal to young people, new graduates or people who can not accept normal housing loans because of religious concerns," the bank writes on a website that was set up to gauge interest in the idea.
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