Unique Fee-based Loan - Lewiston, ME
A Path to Ownership for Muslim Borrowers
For aspring Islamic business owners, acquiring a loan can be complicated, because many Muslim borrowers are prohibited by their faith from paying interest to borrow funds.
Such was the case for Yassin Mousa, a trained accountant determined to put to work his entrepreneurisal spirit and fluencey in four langues, when he settled in Lewiston, Maine after fleeing political violence in Djibouti.
To help bridge the purchasing gap for Muslim borrowers, Genesis has developed a flexible lending product with a fee-based loan structure; it’s a non-interest-based lending model that accommodates the prohibition on paying interest,
This nontraditional loan model allows borrowers like Yassin to make significant capital investments while abiding by the principles of their religious faith. In fact, it enabled Yassin to purchase multiple apartment buildings in Lewiston, renting many to new Maine residents whose journey to the United States often mirror his own.
He says, “I have built a home here—may homes—for myself, for my family, for others in my community. And I have been able to do this while staying true to my faith. I am proud and grateful.”