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Old 07-29-2015, 07:45 AM
 
Location: Seattle
8,171 posts, read 8,299,480 times
Reputation: 5991

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Tall Traveler, "sharia compliant" financing has nothing to do with the the social aspects of sharia law that many Muslims abhor. Having backpacked in Indonesia, Bangladesh, Zanzibar, Dubai, Somaliland and having helped a number of Muslim families in Seattle, I know what I am talking about.
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Old 07-29-2015, 08:02 AM
fnh
 
2,888 posts, read 3,912,451 times
Reputation: 4220
I'm not frightened by the availability of Sharia mortgages. They are just another orthodoxy-friendly product that is essentially no different from a conventional one but that uses creative language or technology to sidestep some pesky religious precept. There are lots of examples of those.
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Old 07-29-2015, 09:44 AM
 
Location: Seattle
8,171 posts, read 8,299,480 times
Reputation: 5991
Well said, fnh. What I am frightened by is that some people like to stir up hate.
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Old 02-17-2016, 11:24 AM
 
Location: Minnesota
1,761 posts, read 1,713,860 times
Reputation: 2541
Quote:
Originally Posted by eightbitguy View Post
Thank you for posting something that explains how this works!

The short version is essentially instead of interest, the buyer pays "rent" to the bank in an arrangement where they both own the property (shared). I'm guessing the profit from the "rent" would be the same amount as the "interest" in a regular loan: everyone wins!
I read this and immediately thought is that god is a pretty stupid fellow if he/she/it can't figure out they really are paying interest.....but using this convoluted system and alternate terms to try and hid the all to obvious fact that they are paying more money back to the bank than the cost of the house......um, that's called "Interest" folks......hello god ? Anybody there ?

Reminds me of the saying, "figures don't lie, but liars figure !

Do what you will, matters not much to me, but to those of you who think you're taking out this loan "interest free" and fooling us, you're not. Perhaps you're fooling god though....lol. That god fellow sure is legalistic.....but seemingly can't tie his own shoes.
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Old 02-17-2016, 01:08 PM
 
964 posts, read 994,548 times
Reputation: 1280
Quote:
Originally Posted by his_little_one View Post
I saw this news article from a friend of mine who lives in Washington. What is happening? Why is this being allowed?

Major U.S. city poised to implement Islamic law
What do you mean, "why is this being allowed"? How could anyone have a problem with this? It's a very practical solution to an obstacle for home-buying for a sector of the population, and bear in mind that home ownership has always been a prime ideal in the US, and a cornerstone of middle-class status, and it also opens a market to the banking sector that has been closed to it.

Could you explain to us why you have a problem with this? You give the impression of not having an understanding of the matter. Or were you just trying to provoke an argument? (Your abandonment thus far of your own thread would support that.) If so, massive fail, haha! Try again on another website.
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Old 02-17-2016, 01:44 PM
 
1,054 posts, read 1,041,898 times
Reputation: 567
They're probably referring to the Community Reinvestment Act, which is law.
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