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Tuesday

December 8, 2009 12:37 pm

Students explore local need for Islamic banking practices

For some members of our community,the simple freedom of economic choice does not exist. Religious considerations prohibit Muslims in our community from using the American system of banking. Specifically, they are forbidden to use banking products that involve interest or money begetting money.That’s why, at the bank’s request, my Bates anthropology class “Production and Reproduction” took on a community-based research project involving the local Somali population this semester. We explored ways in which Islamic and American banking differ. Our research gave the bank ideas for Islamic banking services.