Update: Two Chicago Banks Offer Muslims Interest-Free Options

February 6, 2005

Source: Chicago Tribune


On February 6, 2005 Chicago Tribune reported, "two Chicago banks -- Devon Bank and Broadway Bank, both small North Side institutions in neighborhoods where large numbers of Muslims live -- both started shari'ah-sanctioned home-buying programs in 2004. Neither bank's officials will say how many Islamic home transactions they have conducted, though both say the programs have been received well by their customers... Notwithstanding the exuberance of individual home buyers, there's no sure measure of how big a demand there is for Islamic-friendly financing. A study by HSBC, a New York bank that offers similar Islamic products, indicated that fewer than one in 10 U.S. Muslims use Islamic-based financial services, and that 64 percent of the nation's Muslims have bought homes using standard interest-bearing mortgages."