Posted on 01/11/2005 9:00:13 PM PST by ConservativeStatement
(CNSNews.com) - A Chicago bank says it will begin selling its Islamic home-financing products to Freddie Mac -- one of the nation's largest investors in mortgages. The move will expand opportunities for Muslims to become homeowners without violating Islamic restrictions on paying interest, Devon Bank said in a press release.
(Excerpt) Read more at cnsnews.com ...
Could you imagine the outrage if a bank gave this special consideration to Christians? Sounds to me as if it violates anti-discrimination laws by favoring a particular religious group.
Obviously Allah will never know the trick of having the bank buys the house, and add the cost of financing on it, and then selling it to the "good" Muslim! Give me a break.
They must be singing Sinatra in unison "My kinda town Chicago is..."
ping
Is that with or without the camelport?
Let me guess....is this a Capital One no interest mortgage?
Whats in YOUR assessment?
> Under murabaha, the bank buys a house or some other
> commodity for a client, then sells it to that client
> for cost plus an agreed-upon profit. Under Islamic
> law, interest may not be charged on loans.
>
> A Murabaha sale involves two separate contracts -- one
> in which the bank buys the property, and a second in
> which the bank sells the property to a client, who may
> then repay the bank in installments.
Do we know that the bank only offers this to members of
the cutthroat cult?
My guess is that they'll write one of these for anyone,
but you have to be psycho to want one (due, I imagine,
to tax considerations, if not the "profit" charged).
But the pro-mus PC spinning by the bank is really
distasteful.
Isn't this illegal?
And, no interest? Time to wear a burka...
ping
And just how does this not equal an interest rate? Clintonian logic...
When Freddie sells them to the street, they will trade like generalized interest rate products.
Interest free loans based only on religion or ethnic background or political ideology? Christians and Jews must pay interest --- but not islamics? Whatever happened to equality?
I was in Barnes and Nobles about a year ago and saw a little book titled "Islamic Banking". I bought it on a lark just to see how they pull off banking and finance in general given that they can't pay or charge interest.
The entire process is nothing but very similar backwards cartwheels thru hoops to get around the bit about no interest.
Like the rest of Islam its a big sham.
Just lovely!
"The move will expand opportunities for Muslims to become homeowners without violating Islamic restrictions on paying interest,..."
SO does that mean in our house upgrade we won't have to pay interest on a small mortgage either?
Under murabaha, the bank buys a house or some other commodity for a client, then sells it to that client for cost plus an agreed-upon profit. Under Islamic law, interest may not be charged on loans.
A Murabaha sale involves two separate contracts -- one in which the bank buys the property, and a second in which the bank sells the property to a client, who may then repay the bank in installments.
More tax revenues for Uncle Sam... Unless they can deduct the "agreed upon profit..."
It is a SHAM indeed!
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