Free Republic

Norwegian bank Storebrand is offering new ‘halal loans’ based on Islamic principles. The bank recently created a website promoting ‘ethical loans’ for home financing without interest.    The bank writes that it is testing the idea of interest-free loans in part to appeal to Muslim home buyers who may not want to accept a traditional loan because of their faith. Islam prohibits charging interest or fees on financial loans.    “We wanted to find out if there could be another way to enter a housing market with rising prices. The product could appeal to young people, new graduates or people...

Sharia student loans will be set up for the first time in Britain as part of a drive to boost the number of young Muslims applying to university. The Government confirmed on Monday that a new ‘halal’ finance model will be introduced which does not conflict with the rules of Islam. Muslims are forbidden from taking out loans on which they would be charged interest, and campaigners say this is putting some youngsters off going to university.

How is this not a violation of the establishment clause? The government is funding sharia and sharia finance. Sharia financial institutions cannot fund pork, alcohol, gambling  or adult entertainment businesses (these are whole American business sectors).  A portion of sharia finance funds must go to zakat – Islamic charities which we know fund Islamic terror. Minneapolis may be helping to finance international terrorism. No American city should be in the sharia finance business. Taxpayers funding our own demise. Someone with standing - a Minneapolis taxpayer ought to sue. We need hearings on taxpayer dollars being used to fund Islamic finance...