Islamic home financing opens the door to homeownership
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 18 September 2023
⏱️ 6 minutes
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Summary
While homeownership has been a reliable way for families to build wealth in the U.S., the path to homeownership is more complicated for many observant Muslims. Paying interest — like you would in a traditional mortgage — goes against Islamic rules governing finance. Now, more institutions are offering Islamic financing to meet what they see as growing demand. Plus, what happens if the UAW strike grows?
Transcript
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| 0:00.0 | The auto-strikes are limited right now, but what if they don't stay that way? |
| 0:06.5 | From Marketplace, I'm Subribena Shor, and for David Brancaccio. |
| 0:09.7 | Detroit's big three automakers and the Union representing their workers are nowhere near |
| 0:13.9 | an agreement. |
| 0:14.9 | They are still far apart on wages, but the strike is only four days old and it's limited. |
| 0:19.2 | Not all workers are striking. |
| 0:21.2 | But what happens if the strike settles in for the long haul? |
| 0:24.0 | And what if it grows? |
| 0:25.0 | As the Union has threatened, Marketplace's Nova Sappho takes a look. |
| 0:28.6 | United Auto Workers represents nearly 150,000 employees at GM Ford and Stellantis right |
| 0:34.4 | now, less than 10% are on strike. |
| 0:36.8 | So analysts expect this will have no immediate impact on the broader economy. |
| 0:41.8 | That calculation changes, though, if the strike lasts for weeks, if not months, as previous |
| 0:46.4 | ones have, and if all Auto Workers walk off their jobs. |
| 0:50.9 | According to one forecast, an all-out strike would dent quarterly economic growth by at |
| 0:54.7 | least 1.7 percentage points. |
| 0:56.8 | That would be a significant blow, though likely not enough to send quarterly GDP growth |
| 1:01.3 | into negative. |
| 1:02.8 | Another forecast predicts a total strike would decrease US vehicle production by more than |
| 1:06.8 | 30%. |
| 1:08.4 | And that could push up used vehicle prices. |
| 1:11.3 | Enough to increase inflation? |
... |
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