Jan
Muslims disapprove of interest payments (don't we all!), so there is this idea that (for instance) instead of getting a loan to buy a house - an islamic bank buys it, and then sells it to you at (say) three times its current value and allows you to pay be installments over the next twenty years or so.
So if it isn't interest, why are your agreeing to pay more than the current value of the property?
Seems completey bogus to me - am I wrong?
Answer:
If they have a religious objection to interest-bearing loans, and they have devised another way to recognize that "time is money" and repay the bank for the use of the money… so what?
Sure, it seems like they're dancing around the letter of their religious law, but it's hardly like they're the only ones. The history of religion has many examples of similar cases where the interpretation of the religious law left a little room open to do…what people wanted to do anyway.
It's an entirely voluntary arrangement between the two parties.
Answer:
I have heard about this. But here's the deal. You are prob buying from a private party or investor group. I would stick with mainstream lenders.
Answer:
Oh please……get out of here. I don't want Islamics to have anything to do with what I own. It's bad enough that our country is in debt to communist China. I'd rather go bankrupt. And if Islamics are gonna keep coming here to live, then live the way we do and pay like we do. Don't even get me started. Book Mark it-> del.icio.us | Reddit | Slashdot | Digg | Facebook | Technorati | Google | StumbleUpon | Window Live | Tailrank | Furl | Netscape | Yahoo | BlinkList