IslamicFinance.de

In 2005, Afrik Grocery and Halal Meat on Cedar Avenue needed to develop. Owner Abdi Adem, who conducts his business under Sharia law, needed a loan to fund the expansion.
Since December 2006, the city of Minneapolis, together with the African Development Center, has given out 54 loans in a way that is compliant with Islamic law by using a fixed rate in place of a variable interest rate.
Instead of charging interest, the city and the ADC estimate how long it will take the business to pay off the loan and totals what the interest would be. That amount is counted as a lump sum to the total cost of the loan.