Not surprising from a state where Muslim cab drivers refuse to pick up passengers with alcohol or dogs, where local colleges install Islamic foot baths, the airport installs Islamic prayer rooms, where Islamic school administrators don’t know how to raise the American flag, and where a Muslim congressman refuses to condemn Muslim American Society for the violent and anti-Semitic statements found on the group’s website.
The Alternative Financing program provides small Minneapolis businesses (neighborhood retail, service or light manufacturing) an alternative financing to the interest-based system that is in accordance with Islamic law, or Sharia. The program provides financing to purchase equipment and/or make building improvements. A private lender provides half the financing at their rate of return, and the City provides the rest, up to $50,000, at a 2% rate of return. The term (up to 10 years) is set by the lender. Private lender fees vary, and the City charges an origination fee of 1% of the City’s principal amount with a minimum of $150, due at closing. Read it all.
Properly written, the interest-based system is not in accordance with Islamic or sharia law, the alternative is sharia law.