American bank introduces Islamic mortgage system to lure Muslim customers

AUGUSTA, Maine – An American bank in the state of Maine has introduced Islamic mortgages to comply with Sharia law.

Androscoggin Bank took more than a year to develop the Islamic mortgage program in collaboration with community organizations and an expert in Sharia-compliant lending.

The bank also hired Ayesha Baye, an Ethiopian immigrant with extensive experience in Maine banking, to serve Muslim customers.

The introduction of Islamic mortgages has enabled Muslim families in Maine to fulfill their dream of homeownership and provide a sense of belonging and stability to the community.

The first clients to benefit from this service are Sophie Mutamuliza and Adam Abeza, immigrants from Rwanda who have lived in Portland for ten years and are saving to buy a home for their growing family.

However, their Islamic faith prohibited them from accepting conventional mortgages with interest.

But in February, the couple and their four children were able to purchase their dream home with the help of Androscoggin Bank’s Halal Mortgage Program.

This initiative represents a significant milestone for Maine’s Muslim community, as other banks have been reluctant to offer Islamic mortgages.

Immigrant community leaders, as well as organizations such as ProsperityME and the Greater Portland Immigrant Welcome Center, advocated for this type of mortgage to meet the needs of faithful Muslim families.