Shariah financing growing popular in the West

Not sure where to put this.

It is amazing that Islam can get things that other religions and non religious people cant get.

In this case it is interest free loans.

I demand that if they allow Muslims to have interest free loans that I too get interest free loans.

Worse case scenario is that people will join Islam to take advantage of Sharia law so they can have interest free loans for businesses and homes.

Shariah financing growing popular in the West

Here is a link to Seattle offering Sharia compliant process that help Muslim buyers get interest free loans. Talk about no separation between Islam and state.

seattle sharia compliant home loans

Seems that catering to Islam is ok but to Christians or other religions forget it. Not even a non-religious person can get a bond to promote their business or by a home and only pay back the bond with no interest.

Time to file a law suit based on religious prejudice. If Muslims can get these bonds any of us should be able to have them.

originally posted by: ChesterJohn
Not sure where to put this.

It is amazing that Islam can get things that other religions and non religious people cant get.

In this case it is interest free loans.

I demand that if they allow Muslims to have interest free loans that I too get interest free loans.

Worse case scenario is that people will join Islam to take advantage of Sharia law so they can have interest free loans for businesses and homes.

Shariah financing growing popular in the West

Here is a link to Seattle offering Sharia compliant process that help Muslim buyers get interest free loans. Talk about no separation between Islam and state.

seattle sharia compliant home loans

Seems that catering to Islam is ok but to Christians or other religions forget it. Not even a non-religious person can get a bond to promote their business or by a home and only pay back the bond with no interest.

Time to file a law suit based on religious prejudice. If Muslims can get these bonds any of us should be able to have them.

Thank you for the links, I think, I've always been interested in Islamic Banking but have never looked into it at any proper length. Perhaps you've inspired me.

May I ask, did you inquire about applying for a no interest loan? My limited understanding is that interest is 'gotten around', so to speak by a combination of shared ownership between creditor (I'm sure they use a different word) and debtor and inflated value on the collateral. But as I said, my understanding is very limited.

The ethical ideal of 'non-interest' loans is not really followed in practise by the royals and other wealthy Muslims as they take full advantage of 'western' finance to increase their wealth. As in all things, it's not what it 'sounds' like.

I am curious as to why you think only Muslims can get these loans? Is 'the bank' a membership organization such as a credit union? The Japanese in this country have closed 'loan-groups' (I forget the proper Japanese name) that only loan to members. You can start a private christian 'no-usury' loan collective of your own or with friends just as easily. Muslims tend to keep to their own as do many other religious.

Only groups open to public trade are required by law to serve everyone. This is a point that you are not seeing. Private equity groups don't have to allow just anyone to join. But, if they were listed then they would.

It is the difference between Public institutions and Private ones.

originally posted by: ChesterJohn
It is amazing that Islam can get things that other religions and non religious people cant get.

If someone (Muslim, Christian or otherwise) can convince a bank to loan to them without interest, they are absolutely free to. That's what this gentleman did. Convinced a bank to loan him money. Anyone can do that if they have a good enough reason.

It's not like the banks have to follow Sharia law. They're making more options available to get the business of more people. Banks can do that...

I demand that if they allow Muslims to have interest free loans that I too get interest free loans.

Convince the bank, like this guy did...

Seems that catering to Islam is ok but to Christians or other religions forget it.

Are you saying our government doesn't cater to Christians??? LOL!

Time to file a law suit based on religious prejudice.

Go for it. If your religion prohibits the payment of interest, I'm sure you'll do great!

Usury should be illegal.


And certainly "shall make no law inhibiting the practice of religion..." suggests any law like it would be unconstitutional anyways.

For all religious people who practice non-usury.



You should get on this bandwagon and try and force it across the board for every American.


Usury is the banking devils extortion racket.

a reply to: ChesterJohn

If you believe that a Western Bank or any modern bank would lend money @ negative real interest rate, your need to do more research. In other words stop watching Fux News and reading conservative jingo-journalism.

Banks are parasites.

They feed on productive activities and people. Everything is possible but I've never seen or heard of an exception to that.

a reply to: ChesterJohn

I read over your source and I can't seem to locate the part where the government is actually doing anything. All I see is a bunch of private organizations (banks) offering these things. Perhaps you would like to explain where the breakdown in the separation of church and state is actually occurring? I'm all ears.

a reply to: ChesterJohn


Here's a link to an article on the program as instituted by Minneapolis and....

Minneapolis business development staffers point out that their program is open to anyone, even non-Muslims.

Immigrants from Morocco, Ethiopia, and other North African countries have brought commerce back to long-neglected neighborhoods, like Lake Street in Lyndale. Once a commercial corridor in the early 1900s, shops on Lake Street began closing as consumers moved to the suburbs.

www.nationaljournal.com...

The article gives a simple example of how Sharia Compliant Financing works as both muslim creditor and debtor are bound by the stricture of not receiving or paying interest.

You made an assumption on what you reactively thought and that thought was in error.

It was the article that didn't make it clear, the fault of the publisher not yours, but you could have done some fact checking before blasting away.

a reply to: ChesterJohn

Here is a link to Seattle offering Sharia compliant process that help Muslim buyers get interest free loans. Talk about no separation between Islam and state.

The banks are not run by the state so whats with the separation of church and state?

Seems that catering to Islam is ok but to Christians or other religions forget it.

Not paying interest is part of Sharia so shouldn't you be complaining about the other religions instead of Islam? Also you should be asking these other religions why they turned their backs on what their faith tells them about interest.
New International Version
"If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest.
Exodus 22:25
It seems these other religions are more interested in the profit instead of the prophet.

a reply to: ChesterJohn

1. There's nothing preventing Christians or anyone else from doing EXACTLY the same thing.

2. The government isn't subsidizing, insuring or making laws specifically promoting these types of financial arrangements.

3. If you actually read your own sources, you'll realize that while the loans are "interest free," the borrowers are basically paying the same or even more than they would with a traditional loan, it's just structured so that the profit made by the lender isn't in the form of interest.

For example:

Prairie Street then entered into what is known in Arabic as a murabaha, a deal that is effectively structured as a lease-to-own agreement. The firm rents back equipment and the building to Barkaat at a marked up rate.

The "traditional way" is that the money is borrowed by the company, the equipment is purchased and the lender makes its money from the interest. In this arrangement, the lender purchases the equipment that the loan would have paid for and the borrower leases-to-own. The lender makes the profit from the equipment lease. In fact, there's a potential for this sort of financing to be more costly for the borrower because it could actually be used to skirt laws limiting maximum interest rates.

What you're up in arms about is in many cases analogous to the difference between a person getting a loan to buy a car and leasing one.

originally posted by: FyreByrd
It was the article that didn't make it clear, the fault of the publisher not yours, but you could have done some fact checking before blasting away.

It was clear to me and everyone else here.

Any way to get "Shariah" into a title to feed the fear mongering...

a reply to: Benevolent Heretic

Well it's technically not the people asking the banks for a no interest loan...it's the mayor of Seattle who's pushing for this...is this just another type of "ACORN" type lending? They sight that they are losing out on people that work for google and amazon as home buyers that would settle into this type of loan...

a reply to: chrismarco

The first story was about a man who worked on his own behalf to make a deal with the bank.

But Khan was ultimately able to get the capital for his business — and stay true to his faith -- with the help of a traditional bank and a boutique venture capital firm willing to hammer out arrangement that Khan said was "Shariah compliant."

In the second story, the Mayor of Seattle put together a committee to explore ways to make housing more available to more people. The committee came back with a list of 65 recommendations, one of which is to have the city explore Sharia-compliant loans. But that paragraph also says they should evaluate religious and other restrictions.
Report

Explore the Development of a Sharia-compliant Financing Product

Limited options for financing a home purchase are available for Muslim households who abide by Sharia law, which prohibits the payment of interest or fees for loans of money. The City can help fill this gap by convening lenders, housing nonprofits, and community leaders to explore how the market might develop Sharia-compliant loan products. The City should evaluate current available loan products to determine barriers to their use due to religious or other restrictions.

So, this wouldn't be something done only for Muslims. They would work with people to overcome religious and other restrictions.

It's not like the Mayor or the city would be "under Sharia Law" or promoting Sharia Law. He's just trying to help the people who volunteer to subject themselves to Sharia Law AND others who find themselves with restrictions, religious or otherwise.

originally posted by: Benevolent Heretic

originally posted by: FyreByrd
It was the article that didn't make it clear, the fault of the publisher not yours, but you could have done some fact checking before blasting away.

It was clear to me and everyone else here.

Any way to get "Shariah" into a title to feed the fear mongering...

It's interesting how threads like this still exist, but then the same people turn around and complain about not letting a religion define marriage for the entire country.

I never mentioned the government lending, but only that the government states that no one can be discriminated against based on Gender, race, religion, sexual preference or handicap, nor can one of these groups be preferred over another.

If any institution, like a bank or other financial system that is FDIC guaranteed or receive any govt subsidies then they are bound to offer these same types of bonds to all people not just Muslim.

So in theory if you go to these institutions that the city of Seattle or others use and they deny you because you are non-muslim you have a law suit based on discrimination.

a reply to: ChesterJohn

I never mentioned the government lending, but only that the government states that no one can be discriminated against based on Gender, race, religion, sexual preference or handicap, nor can one of these groups be preferred over another.

You did mention the government when you mentioned separation of church and state.

If any institution, like a bank or other financial system that is FDIC guaranteed or receive any govt subsidies then they are bound to offer these same types of bonds to all people not just Muslim.

Yes they are bound to offer the same thing to other religions so don't get upset at Muslims because people of other faiths don't follow their faith and ask for the same thing.

So in theory if you go to these institutions that the city of Seattle or others use and they deny you because you are non-muslim you have a law suit based on discrimination.

Avery good lawsuit and a good chance of winning.

a reply to: buster2010

You are missing the point they are creating a particular program only for the adherent of Sharia Law. If a bank or institution that garners Federal fund does so then they are in violation of the constitution unless they give everyone the same deal as they are giving those of Islam.

I am most sure you would be totally against this if it was a program that benefited only Christians.

a reply to: Krazysh0t

We are are not talking about religion or marriage here stop derailing the thread.

But to address your complaint I have only suggested that the social traditions be used to define marriage which go back over 4000 years of secular society.

Now address the topic or move along.

originally posted by: ChesterJohn
You are missing the point they are creating a particular program only for the adherent of Sharia Law.

No, they aren't. They creating programs to overcome people's restrictions, whether religious or otherwise.

If a bank or institution that garners Federal fund does so then they are in violation of the constitution unless they give everyone the same deal as they are giving those of Islam.

That's what they're doing... You really should research your topic. www.abovetopsecret.com...

a reply to: ChesterJohn

I'm PRETTY sure that when you mention Sharia ANYTHING, we are talking about religion. And your topic is a fail. It isn't even encroaching Sharia law.

ut to address your complaint I have only suggested that the social traditions be used to define marriage which go back over 4000 years of secular society.

Exactly. Like I said, letting a religion define marriage for a whole society.

Sounds like the lenders are making out just fine on this deal as the 'interest' is factored in to the costs via another method so they do not have to call it 'interest'.

Sounds like it is all just feel good nonsense as they are still paying to borrow money, the contract is just constructed differently. If anyone thinks a bank will loan you free money, unless you are pals with Anthony Mozilo, you are kidding yourself.