African Development Center

Deal is Closed on Sharia Compliant Mortgage in Minnesota

Here’s something that’s rare these days: some great economic news! African Development Center is proud to announce that we’ve closed our first New Markets Mortgage-Sharia Compliant Mortgage.

This is the first deal of its kind in the country with a community economic development organization as the lead agency. It allows new homeowner Nawawi Shiekh and his family to finance their home while staying faithful to Muslim law which prohibits charging or paying interest.

It’s an example of a public/private relationship at its best. ADC worked with its partners Minnesota Housing and Devon Bank of Chicago to secure the financing, and we’re grateful to have such outstanding partners.

A first-time homebuyer, Nawawi completed the Homestretch program and counseling through ADC. He proudly closed on their 3-bedroom, 2-bath, and $100,000 home last Friday, January 30. Throughout the process, the Shiekhs showed unflinching commitment and great cooperation.

The family perfectly represents a segment of the housing market that is underserved, but for which homeownership is still possible through the right partnerships and hard work. ADC is extremely proud to have played a role in this historic process which has helped an industrious family realize the American dream. We look forward to many, many more of these success stories.