Call to offer mortgage packages compatible with Islam

A FIANNA FÁIL backbencher said thousands of house sales could be put in train if banks set up special Islamic mortgage products to allow the large number of Muslims living in Ireland to venture into the property market.

Limerick TD Niall Collins was addressing the fact that Muslims are unable to take out conventional mortgages due to conflicts with the Koran. According to the Koran, riba (loosely translated as interest payment) is prohibited.

As a result, Mr Collins said thousands of Muslims living in Ireland have been unable to purchase their own homes or other properties and have been renting instead.