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Loan caters to Minneapolis Muslim business owners
An Islamic law enacted centuries ago was an obstacle for modern Minneapolis businesses until Minneapolis partnered with an African business resource group to allow Muslim business owners a way to both comply with their beliefs and invest in their businesses.
Since April 2007, the city of Minneapolis, in partnership with the African Development Center, has given out 38 loans in a way that is compliant to Islamic law by using a fixed rate in place of a variable interest rate.
Through the system, called the Alternative Finance Program, businesses pay a set rate of return, which corresponds with Islamic practices. The program is a slightly altered version of the common "Two-Percent" loans also offered by the city's Department of Community Planning and Economic Development.
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