Posted on 07/22/2015 3:55:25 PM PDT by Enlightened1
A proposal in Seattle meant to increase homeownership among Muslims by offering financing compliant with strict Islamic law -- known as Sharia -- is gaining ground in the latest test for local leaders trying to accommodate diverse religious beliefs.
"We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs," Seattle Mayor Ed Murray said during a press conference July 13.
"Sharia," which comes from the Koran and means "the right path," prohibits the payment of interest -- the primary way lenders earn. Many of Seattle's 30,000 practicing Muslims, therefore, are hard-pressed to find Sharia-compliant financing options when buying homes, making large purchases or starting a business.
A Seattle housing committee suggested community and business leaders find a way to help them, a push the mayor endorsed. Seattle is just the latest to explore financing options for devout Muslims -- following in the footsteps of Chicago as well as national financial firms and lenders like Bank of America. But the move to offer Sharia-compliant financial products has drawn fire. Critics have warned that it opens the nation's financial system to Islamic radicals and terror groups, providing a mechanism for money laundering.
In 2008, conservative lawmakers in Congress went after American International Group for offering Sharia-compliant insurance programs.
Rep. Frank Wolf, R-Va., and then-Rep. Sue Myrick, R-N.C., sent AIG then-Chairman Edward Liddy a strongly worded letter that argued Sharia financing could be manipulated and used by terrorist organizations like Al Qaeda and Hamas to launder money.
(Excerpt) Read more at foxnews.com ...
So now we have to offer Islamic mortgages??? What the heck???
What if an infidel wants one of those no interest mortgage loans????
Exactly!
Bull$h!t.
It’s just a legal fiction that charges interest but calls it markup.
This is contrary to the liberals’ favorite saying: Separation of Religion and State.
They rush to the side of towelheads who hate us but do all they can to screw Christians and Jews.
Mussies could wipe out half of Seattle and still the Libs there would wonder what they did wrong why they don’t like them.
Why do we want to increase home ownership for people who won’t abide by our laws?
$$$$$$$$
Muslims don’t have to pay interest? Muslims don’t have to do Obamacare? Why? What makes them so special?
Yes! And force the Jewish bakers to make them cakes!
As long s all people can avail themselves of the interest-free mortgage, I’m OK.
But the inference is SPECIAL privilege AGAIN - and that peeves me right off.
-PJ
My religion forbids me from paying a loan back. My religion is called freeloaderstian. Can they make a freeloaderstian compliant loan for me? I’m dying to borrow a few hundred million.
And guess who will pay the interest for the muzzie’ s
INTEREST-FREE loans?
The Seattle that has a statute of Lenin and rainbow crosswalks in a gay area.
Seems to me the whole nation has a vested interest in what Seattle is up to here.
I wish someone would swat that city council with a big fly-swatter.
“It’s just a legal fiction that charges interest but calls it markup.”
Yup. One of the guys I worked with explained the scams. The “future value” of the house is determined, and monthly payments are calculated from that. Another way is that “service charges” are tacked on every month. He also pointed out that many muslims still take the mortgage interest deduction on their taxes. Sort of like the Supreme Court calling a tax a penalty.
Delusion seems to be a prerequisite for being a good muslim.
I wonder whether the "decision makers" have taken a look at how that is handled in Muslim countries, like Saudi Arabia?
People have to buy with cash, some cash is provided by the kingdom. The no interest part of Sharia law results in a lot of money being banked elsewhere where interest is paid in other countries.
It is plain folly and foolishness for banks to begin to loan money at no interest to any group of people. The demand would go to infinity!
The logic behind no interest is that you are doing nothing to earn your money that is sitting in a savings account, whereas if you buy property you can charge rent because you are denied the use of your own property. Thus, many renters are out there!
The concept of no interest is derived from the Old Testament where Jews could not charge fellow Jews interest for loans according to the laws of Moses. The Muslim religion came later, and copied that law for themselves.
LOL, excellent question.
Having their man in the White House?
WTF is a Sharia-compliant mortgage or loan?
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