When Samantha Lord-Konare converted to Islam six years ago, she found herself in a quandary. She had student and credit card loans, but her new religion prohibited riba, the Arabic word for usury. Lord-Konare, who grew up in Hinesburg and now lives in Essex Junction, vowed not to use her credit card unless she was in dire straits. But resolving the issue of her student loan was more challenging. Lord-Konare consulted Islam Hassan, the imam at the Islamic Society of Vermont in Colchester, who presented her with four options. She could pay off her loan in one lump sum, obtain an interest-free loan, receive the money as a gift, or do her best to pay off her student loan as quickly as she could. "Of course, I had to choose the last. I could never ask someone for that amount of money," said Lord-Konare, whose tuition loan came to more than $15,000. Although she's conscientious about not engaging in usurious transactions, Lord-Konare is willing to make one further exception: a home mortgage. "If I were to buy a house, then eventually my children will get it, and they don't have to worry about having money and interest," she said. Her Senegalese husband, who is also Muslim, was against the idea, but he's warming up to it, she noted. "We are in America, and although [Islamic law] says we shouldn't have usury, it's also said that you adapt according to the laws of where you are," Lord-Konare said. She would choose a modest home and go with the bank that offered the lowest interest rate, she added. Should financing with a company compliant with Shariah (Islamic law) become available, she would refinance. Islamic scholars say there is a clear prohibition on usury in the Koran. The Shariah also stipulates that Muslims should acquire wealth in a legal and ethical manner; any element of usury, gambling or chancing is forbidden. "Getting into debt is a serious decision that a Muslim does not take lightly," wrote Syed Hassan, a Middle East-based Islamic finance specialist, in an email. Loans are only undertaken if they further the function of Shariah to preserve faith, life, lineage, intellect or property, he added. Giving interest-free loans is considered an act of charity in Islamic culture, Hassan explained, extended to those who are poor and in need of financial assistance. When a Muslim dies, his or her heirs…
When Samantha Lord-Konare converted to Islam six years ago, she found herself in a quandary. She had student and credit card loans, but her new religion prohibited riba, the Arabic word for usury. Lord-Konare, who grew up in Hinesburg and now lives in Essex Junction, vowed not to use her credit card unless she was in dire straits. But resolving the issue of her student loan was more challenging. Lord-Konare consulted Islam Hassan, the imam at the Islamic Society of Vermont in Colchester, who presented her with four options. She could pay off her loan in one lump sum, obtain an interest-free loan, receive the money as a gift, or do her best to pay off her student loan as quickly as she could. "Of course, I had to choose the last. I could never ask someone for that amount of money," said Lord-Konare, whose tuition loan came to more than $15,000. Although she's conscientious about not engaging in usurious transactions, Lord-Konare is willing to make one further exception: a home mortgage. "If I were to buy a house, then eventually my children will get it, and they don't have to worry about having money and interest," she said. Her Senegalese husband, who is also Muslim, was against the idea, but he's warming up to it, she noted. "We are in America, and although [Islamic law] says we shouldn't have usury, it's also said that you adapt according to the laws of where you are," Lord-Konare said. She would choose a modest home and go with the bank that offered the lowest interest rate, she added. Should financing with a company compliant with Shariah (Islamic law) become available, she would refinance. Islamic scholars say there is a clear prohibition on usury in the Koran. The Shariah also stipulates that Muslims should acquire wealth in a legal and ethical manner; any element of usury, gambling or chancing is forbidden. "Getting into debt is a serious decision that a Muslim does not take lightly," wrote Syed Hassan, a Middle East-based Islamic finance specialist, in an email. Loans are only undertaken if they further the function of Shariah to preserve faith, life, lineage, intellect or property, he added. Giving interest-free loans is considered an act of charity in Islamic culture, Hassan explained, extended to those who are poor and in need of financial assistance. When a Muslim dies, his or her heirs…