Strictly Orthodox Jews can once again take out mortgages from US lender Quicken Loans, after the firm resolved a halachic problem.
Agudath Israel of America, which represents US Charedim, issued a legal ruling in April prohibiting Jews from taking out loans with Quicken Loans because the company is majority-owned by Jews.
Under Jewish law, Jews are forbidden from charging interest to other Jews.
Quicken Loans has now announced that it has circumvented the issue by adopting heter iska – a technicality which means it officially sells “co-investments”, rather than loans.
