Posted on 08/05/2005 11:39:24 AM PDT by Andy from Beaverton
Just so you guys know.... Arabs here in Michigan enjoy a no tax incentive for 5 years if they open up a gas station...then at the end of 5 years, they put the business in a cousins name to avoid another 5 years of taxes. Nice eh? IMPEACH GRANHOLM!
OK, I'll tell you what, how about if you, as a presumable non Muslim, go out and try to find a good lease to own deal structured this way, that is arranged by Fannie Mae. Go for it. Tell me what you find!
These transactions are actually a worse deal for the borrower than a conventional mortgage, so your argument doesn't fly.
RE: Anybody can do it; it's just that the rest of us don't want to.
Are you quite sure of that? I think that it is limited to "practicing Muslims" in point of fact. I believe that is one of the rules.
THIS IS UNFRIGGINBELIEVABLE!!!!!!!!!!!
I sure hope so!! But of course these Muhammedans are still borrowing money to buy a house. And they are paying interest for the right to borrow this money, but it's buried in the lease-to-own agreement
Nope. Open to everyone. Otherwise, such a program would not survive Federal and state religious discrimination laws.
I offer Lease/Option homes and have for years... as do most investors...
Just so long as these "devout" Muslim don't get the tax deduction on interest I'm happy. This home buying system claims no interest is charged and it damn well better be honestly run to where they lose the tax deduction. I hope they buy automobiles the same way.
(actually they are paying interest but it's built into the lease payments)
To be fair, their is nothing anti profit in the Quran... what the sharia law says is you CANNOT PAY or even EARN INTEREST... which means the "profit or fees" must be up front...
IE I can't borrow from a muslim 10,000 for 1 year at 10% interest... but I can borrown from him 10,000 for one year and agree to pay him 11,000 back at the end of the year. I find it kind of amusing, and frankly I'll pay straight interest all day long VS compounding anyway.. which these arrangements usually wind up looking like.
Fact is though most Muslims, do not follow this rule religiously.
Yes, I am thinking of converting, after I gather alot of credit card debt mind you.
To prevent duplication, please do not alter the heading. Thanks.
Well, no screaming or jumping, but yes, clearly I did not read the entire article. *blush* It's not my usual m.o.
Good point. Well, of course, better to own than rent, imho, in most cases. Of course, it's not just 'free' interest, the bank has an interest in making money, so it's in there somewhere, hence the 'rent'.
After you modified the headline, the thread up and died with little interest. It's too bad your search engine doesn't check for duplication of URLs.
it's no fun if the thread title doesn't give out some juicy crumbs that one can jump right one and wrap a tin foil around ...
Now people have to read the article, rather than relying on the breathless headline.
so you're saying there is nothing different about thi
s loan instrument, it's just being marketed to muslims on the basis of there technically being no interest involved?
IOW, this particular practice would have a special appeal on that basis, but it is not designed for them specifically?
Fine, I have no problem with that.
It's kind of goofy from their POV because anyway you cut it, money costs money (i.e. interest). Just dressing it differently.
Greed trumps cultural suicide. Just as greed trumps border security. This will get worse and worse in a horrific spiral until we get true leaders who will defend this nation and its culture and borders.
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