IslamicFinance.de

Saudi Prince Alwaleed bin Talal announced Wednesday his plan to give away his entire fortune in the coming years. Educated in California, Alwaleed is thought to be the 20th-richest person in the world, according to Bloomberg, with a fortune of $30.5 billion. He has pledged to give away even more than that, $32 billion, though no time frame was set. Alwaleed’s charity group, Alwaleed Philanthropies, has worked with the Bill & Melinda Gates Foundation and the Carter Center, founded by Jimmy Carter. Alwaleed cites among his causes: health promotion, electricity to remote villages, building orphanages and schools, disaster relief and empowering women. Some have suggested that his emphasis on charity and women’s rights is a tactic to endear his ventures to Westerners. However, few deny his generosity.

Although many states with large Muslim populations have set up businesses to offer alternative financing products that comply with Islamic law, no such companies exist in Maine. That means no credit cards, no mortgages, leaving little opportunity for Muslims in Maine to establish credit or participate in certain aspects of the state’s economy. Several organizations that assist immigrants and refugees in Maine have convened to examine the problem, which they say is holding back economic growth in some of the state’s most depressed areas. Despite those challenges, a surprising number of immigrants and refugees are starting businesses and creating jobs by relying on alternative financing methods such as borrowing from friends and family