Allah, Villa, Volvo: Muslim Professionals in the Nordic Countries and Their Financial Attitudes and Practices

Abstract

Some Muslims believe that Islam prohibits interest-bearing finance, including bank loans. What consequences might such ideas have for the lives of Muslims in the West? More specifically, we ask: what are the attitudes and practices in financial matters for highly educated professional Muslims in the Nordic countries? And what are the consequences of this type of financial exclusion? We combine results from a survey (N = 2469) with 40 interviews to answer these questions. We find that there is great concern about the moral status of finance among people in our samples. We also find that religious authority on matters of finance is highly fragmented and that moral judgement about finance is individualized. Finally, we see that the choice to avoid a mortgage sometimes results in the abnegation of homeownership and may have negative consequences for feelings of local belonging.