09.12.02

9.12.2002: Meldung: Fannie Mae To Invest $10 Million In Islamic Home Financing (engl.)

Pasadena, Calif. - Islamic finance institution American Finance House Lariba has entered into a partnership with Fannie Mae (NYSE: FNM), the nation"s largest source of financing for home mortgages, to enable more American-Muslim families to purchase a home in the U.S. while abiding by the Islamic religious prohibition against usury.

Fannie Mae has committed to invest $10 million in home financings originated by American Finance House Lariba.

The patented Lariba home financing model, which is available in 29 states, enables observant Muslims to purchase a home while recognizing the prohibition of Islamic Law on paying or collecting interest on mortgages and other types of debt. The Lariba model is based on the actual market rent of a similar property in the neighborhood.

The amount of the monthly payments by homeowners under the Lariba home financing model is made to be very comparable to a conventional, market- rate, fully amortizing mortgage.

"Fannie Mae recognizes the growing needs of observant American Muslims who want to achieve the dream of homeownership and the unique religious sensitivities that, in the past, have kept so many from being able to own a home of their own," said Julie Gould, vice president for community lending at Fannie Mae.

"The flexibility of the unique Islamic home financing model created by American Finance House Lariba allows a faithful and observant Muslim to purchase a home in accordance with the precepts of Islamic law," said Gould. "We will assist by providing much needed liquidity to make sure that the Islamic lender can meet the demands of the growing Muslim community in the U.S."

"Today"s news is another historic step in the development of non-interest-based financing. Our new partnership with Fannie Mae adds more energy to the quest of trying to meet the demand of those Americans who want to abide by the prohibition of interest laws that were ordained in Judaism, Christianity and Islam," said Dr. Yahia Abdul-Rahman, founder and Shari" a (Islamic Law) supervisor of American Finance House Lariba. "Many American-Muslim families have stayed out of the housing market for years because they are not allowed by Islamic law to pay, receive, or be charged interest."

Under the Lariba model, an agreement is made between American Finance House Lariba and the prospective homeowner that establishes jointly-negotiated maximum monthly payments based on the property"s sale price and fair rental value that serves as marking the property to the market.

Using that agreed upon payment, Lariba calculates the "implied interest rate" which represents the rate of return on the transaction. The transactions use standard real estate financing documents and are serviced like conventional Fannie Mae mortgages, which make them comply with U.S. real estate laws and suitable for mortgage markets.

The American Finance House Lariba mortgage is currently available in the following states: Alaska; California; Colorado; Connecticut; Florida; Georgia; Kentucky; Illinois; Indiana; Iowa; Kentucky; Maryland; Massachusetts; Michigan; Minnesota; Missouri; Nebraska; Nevada; New Jersey; New Mexico; North Carolina; Ohio; Oklahoma; Oregon; South Carolina; Texas; Virginia; Washington; and Wyoming.

For more information on American Finance House Lariba, prospective homebuyers can contact 1- 800-Lariba-1 (800-527-4221), or go to www.Lariba.com.

Fannie Mae"s participation with American Finance House Lariba"s Islamic home financing model is part of the company"s American Dream Commitment® to provide $2 trillion in affordable mortgage financing to increase homeownership nationwide among minorities, low- and moderate-income families, women-headed households, and others whose homeownership rates lag the general population by the end of the decade.

For more information on Fannie Mae"s American Dream Commitment or a list of local lenders, consumers may call Fannie Mae"s Consumer Resource Center at 1-800-7FANNIE (1-800-732- 6643), Monday through Friday, 6:00 a.m. to 2:00 p.m. PST.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation"s largest source of financing for home mortgages.

Fannie Mae is working to shrink the nation"s "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided over $4 trillion of mortgage financing for 47 million families.

More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.

American Dream Commitment is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

Style Usage: Fannie Mae"s Board of Directors has authorized the company to operate as "Fannie Mae," and the company"s stock is now listed on the NYSE as "Fannie Mae." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."

Contact:

Fannie Mae
Corporate Headquarters
3900 Wisconsin Avenue, NW
Washington, DC 20016-2892
202-752-7000
Colleen Haggerty, 626/396-5225

Or:
American Finance House Lariba
Dr. Yahia Abdul-Rahman
800/Lariba-1
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