Sharia Law and the Mortgage Interest Deduction (Part II)

Today’s blog post was written with the assistance of Daniel S. Eckenrode.  Daniel received his JD and LLM in Taxation from Villanova University School of Law. He is avidly learning about US- Middle Eastern international taxation. Daniel’s interest in this field stems from his studies and interaction with the Arabic culture at St. John’s University in New York. He hopes to specialize in this area and eventually to become one of its leading experts. Possible Solutions- Sharia Compliant Alternatives to the Traditional Mortgage Part I of this blog post detailed the background and overall dilemma faced by Muslim Americans in utilizing the US tax law mortgage interest deduction. Paying or receiving interest is generally prohibited under Sharia law’s concept of riba. As a result of the prohibition, there have been various Sharia-compliant financial alternatives to traditional mortgage loans. Recently, two mechanisms have been popularized by financial…

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