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...
