Its reputation for tolerance beckons migrants, but a lack of Islamic finance can put homeownership out of reach
Its reputation for tolerance beckons migrants, but lack of Islamic finance can put homeownership out of reach
Niyaaz Sayed can’t finance a home purchase with a bank mortgage because paying interest contradicts his Muslim faith, leaving him almost no other option in New Zealand but to rent.WELLINGTON, New Zealand—As New Zealand house prices surged,’s prospects of owning a home in the country he migrated to nearly two decades ago have become vanishingly small.
Mr. Sayed, a devout Muslim, says he would not buy a home using a bank mortgage because paying interest goes against an important tenet of his faith. That leaves him and his family with almost no option but to permanently rent in New Zealand, where the
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