Interest Free Loans For Muslims - Page 5 - Talk About Marriage
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post #61 of 64 (permalink) Old 12-18-2016, 03:01 AM
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Re: Interest Free Loans For Muslims

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Originally Posted by ExiledBayStater View Post
Is it that no lender is, as far as I know, required to issue Sharia compliant financing?
No lender is required to provide Sharia compliant financing.

Lending institutions from countries like Saudi Arabia were providing Sharia Compliant loans to Muslims in the USA who wanted this.

So, American based banks started to offer them so as to attract that market.

I am actually pleased that American lending institutions are doing this because it does take business away from institutions from places like Saudi. I recall reading articles that stated that often the lending institutions based in countries like Saudi turn out to be funders for terrorism. So they are taking the profits form Sharia compliant loans in the USA and channeling the funds to terrorist organizations. I'm not saying that all of them do this, but enough do/did that it's of concern.

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Anything on what market share this makes up in the USA?
In the USA? Could not find anything.


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post #62 of 64 (permalink) Old 12-27-2016, 08:23 AM
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Re: Interest Free Loans For Muslims

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Originally Posted by WonkyNinja View Post
From what I read it just looks like a different way of wording the same loan.

In one you borrow the capital ($A) and repay that with interest ($A + $A x i% = $B) so that by the end of the load you have paid the bank $B for enabling you to purchase your item. In the other you borrow $B for and item worth $A and when you have paid back $B the item is yours.

Personally I'd prefer the interest based loan with the flexibility of paying back early and reducing the interest paid, the second loan doesn't seem to cover that but I'm sure there will be some sort of early repayment bonus so that it all works out.

With all the pandering to Christians in this country, notably the protection of Christian government officials choosing only to honor laws that agree with their own beliefs, I don't think that rephrasing loans in a manner acceptable to Muslims is an invasion of anyone's liberties or freedoms.
Exactly

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post #63 of 64 (permalink) Old 12-27-2016, 08:37 AM
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Re: Interest Free Loans For Muslims

Lolz, can't they just fund the bad guys with oil revenue?
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post #64 of 64 (permalink) Old 12-27-2016, 10:02 AM
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Re: Interest Free Loans For Muslims

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Lolz, can't they just fund the bad guys with oil revenue?
They do. Saudi Arabia and Qatar, among others, fund many madrassas all over the world that teach wahhabism, a very austere and hard line version of Islam. Then they get upset when these students join Isis and want to start a caliphate. Upset because suicide bombs and crashing trucks into victims is bad for business (selling oil to infidels). Not upset because the terrorists have adopted a perverted version of Islam. After all, the terrorists have adopted the version of Islam that the oil exporters who set up the madrassas are teaching.

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