Religion & Finance: A Look at the Minneapolis’ Somali-American Community

Photo: Daniel McCullough on Unsplash

At FDI, we are always looking for innovative and inspiring ways to approach finance and capital. In this story below, we get both from a different faith group. In the article, you’ll read about neighbors investing in their neighbors’ houses, avoiding interest, sharing the profits. There’s always something to learn from communities everywhere and we hope it encourages you think about your own sphere of influence!

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The original, full article on Next City can be found here.

Minneapolis’ Somali-American Community Can Soon Bypass the Bank to Buy Homes

by Emily Nonko

Said Sheik-Abdi describes himself as “one of the Somali-Americans residing in Minneapolis, Minnesota.” The state has 52,333 people who report Somali ancestry — the largest concentration of Somalis in America — and many live in the Twin Cities.

But since his arrival to Minneapolis 20 years ago, Sheik-Abdi has distinguished himself as a community activist skilled in mobilizing fellow community members. Almost a decade ago, he began collaborating with the American Refugee Committee on ways Minnesota’s Somali-American residents could support their home country. The result was the Neighbors for Nations initiative, which engaged the community in fundraisers including a sambusa cook-off, charity walks and a “1,000 giving $1,000” campaign to raise $1 million.

That work introduced Sheik-Abdi to the power of community funding, and he looked for other ways to apply it within Minneapolis. Since the first immigration wave of Somali-Americans in the 1990s, many had moved into the middle class. But Sheik-Abdi kept hearing about a roadblock: they couldn’t afford to buy a house in the city that had become their second home…

Click here to continue reading the insightful article!

[Special thanks to Daniel McCullough on Unsplash for cover photo]