When the predatory lending prevention educational program was launched over four years ago, our primary focus was on the traditionally vulnerable populations on Long Island, particularly low-to-middle income and minority homebuyers. As the program expanded, we began to discover entirely new types of vulnerable populations, including seniors who were victims of home improvement scams, newly arrived immigrants, and young people who needed help learning how to manage their finances. To our surprise, these vulnerable populations also attend middle class congregations and live in middle class neighborhoods.

Over the past six to eight months we have received increasing numbers of requests from emerging market such as immigrants who require special financial instruments consistent with their faith traditions and cultural preferences. In addition to faith based groups from larger denominations, houses of worship requesting the workshops have also become more diverse, ranging from Pentecostal churches to non-English-speaking groups and newly arrived immigrants. As predatory lenders develop new ways of fleecing both traditional and emerging markets, we are developing responses to help our attendees avoid dangerous traps and are providing them access to reputable methods of financing.

We begin each workshop with a welcome from our host. Our executive director, the Rev. Tom Goodhue, or another LICC staff person, is usually the emcee. He introduces the panelists, followed by a representative from a not-for-profit organization who can address issues where those with no vested interest will have more credibility-such as how to shop for a loan. We save the bulk of our time for questions from the audience-and give them a chance to ask questions anonymously in writing. We invite every financial institution that partners with us, whether or not their representative is present, to distribute literature, and we encourage the audience to talk individually with representatives from regulated financial institutions, although we do not steer attendees to any particular institution.

We are also helping legitimate lenders learn how to serve emerging markets. In June of 2006, we conducted our first workshop for financial professionals who wish to work with emerging populations. The workshop was held at the Islamic Center of Long Island in Westbury. Seventeen financial professionals attended (Bank of America sent folks all the way from Baltimore!), all of whom said that the seminar was very helpful to them in understanding how to better serve Muslim Americans. Here are some insights we gained from that session:

• Because relatively few Muslims work in banks hereabouts, Muslim-American customers are likely to feel somewhat uncomfortable with bankers.
  
  
• At least two distinct approaches to financing home-buying have been taken by Muslim-Americans, the murabaha pioneered by HSBC (in which the prospective homeowner gives a bank a "promise to purchase," the bank buys the home, and the bank then resells it over time to the new owner) and the ijara program pioneered by Guidance Financial (which is essentially a rent-to-own co-ownership). Murabaha payments qualify for income tax deductions.
  
  
• The Qu'ran may prohibit interest payments but makes an exception if you need to borrow money to survive - and some Muslims in America see home ownership as a practical necessity for survival here. Some experts in Shari'a (Islamic law) believe that the prohibition on borrowing and lending does not apply to home mortgages, anyway, since this is a form of long-term investment rather than borrowing money for frivolous spending.
  
  
• Since not all Muslims interpret Shari'a the same way, it is important for financial professionals to ask customers, "What would you be comfortable doing?"
  
  
• Banks and insurance companies and other financial institutions are more likely to sell investments to Muslim Americans if they both meet social/ethical investing screens (such as a "social" equity fund that avoids alcohol stocks) and if any interest earned on the investment-as opposed to gains-can be clearly identified, since many Muslims donate to charity any incidental interest they earn. Most Muslims would avoid most bond funds, but municipal bonds may be acceptable, since they are intended for the good of the community. Again, it is important for finance professionals to ask, "What would you be most comfortable doing?"
  
  
• Islam does not require purity. Muslims do not expect every minute aspect of a mutual fund to conform to Shari'a. Mother Theresa said something similar when she remarked, "God doesn't ask me to be perfect, only to be faithful."
  
  
• Intent is extremely important in Muslim ethics, as it is in Catholic moral reasoning. "I am not responsible for the outcome of my decisions," one of our speakers said, "but it is my responsibility to try to do good."