WWWWWWWhhhhhaaaatttttt!!!!! Discrimination with our taxpayer dollars. Sh*t!
I'm sure that it's not really a no-interest loan, but a bookkeeping trick that pushes all the costs up front and preserves the fiction of zero-interest without incurring losses to the lender. That's why they set up an LLC.
Misleading headline.
"The prospective homeowner is required to put down 20
percent of the home purchase price and enter into a
10-year lease with an option to buy with the LLC.
The prospective homeowner’s monthly rental payments
will cover the LLC’s mortgage, tax and insurance
payments on the property."
The zealots still pay the interest. It's just disguised.
FM is merely late getting into this game. Commercial
banks have been issuing these symbolically non-loans
for some time. And they aren't in the charity business.
These home buyers probably pay MORE than a non-Muslim
would, and they presumably forego the tax benefits.
I don't see any real problem.
I'm sure they'll let you in on it too. If you want to pay more for your home so that you can pretend not to pay interest, feel free.