Pious property

by Bill Maurer

"Pious Property charts the development of Islamic mortgages in America, starting with Islamic interpretations of the prohibition against riba - literally translated as "increase" but interpreted as "usury" or "interest." Bill Maurer then explores the different practices that have emerged as permissible options for Islamic homebuyers - such as lease-to-own arrangements, profit-loss sharing, and cost-plus contracts - and explains how they have gained acceptance in the Islamic community by relying on payment schemes that avoid standard interest rate payments. Using interviews with Muslim homebuyers and financiers, and in-depth analysis of two companies that provide mortgage alternatives to Muslims, Maurer discovers an interesting paradox: progressive Muslims tend to use financial contracts that seemingly comply better with the prohibition against interest, while traditional Muslims seem more inclined to take on financing very similar to interest-based mortgages.^ Maurer finds that Muslims