Islamic Center of Nashville v. State of Tennessee (6th Cir. 2017): Ijāra Financing Cancels Real Estate Tax Exemption for Financed Property

To fund construction for a new building without violating Islamic law's prohibition against interest, the Islamic Center of Nashville (ICN) entered into an ijāra agreement with Devon Bank; the bank created a subsidiary for the purpose of the ijāra agreement. Under the agreement, Devon Bank had legal ownership of the building's title until ICN could fully purchase the building. … Continue reading Islamic Center of Nashville v. State of Tennessee (6th Cir. 2017): Ijāra Financing Cancels Real Estate Tax Exemption for Financed Property