Under the rule, borrowers become “business partners” with lenders, the Jewish Telegraphic Agency reports.
Agudath Israel of America said: “On behalf of Torah Jewry across America, we thank Quicken Loans for its sensitivity and devotion to the needs of the community.
“The company has exhibited true leadership in taking this bold move quickly and efficiently, trailblazing a clear path forward for the observant Jewish community. We are grateful for this and we express our deepest appreciation.”
Rabbi Avi Shafran, a spokesman for Agudath Israel of America, added that the heter iska does not retroactively reclassify existing loans, however.
