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Sharia Law for mortgages in Seattle being discussed
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Q99
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quote: (post)
Originally posted by Ushgarak
This is simple hysteria. Nowhere is there talk of making some special Muslim-only law or offer. Instead the idea is to look for, promote and create packages that those bound by such laws would be able to use. There'd be nothing to stop anyone else using the same service- but I imagine others would not want to because I doubt they would be as good value as a simple mortgage.

Note how one option being considered is tying loans to an investment in a physical property and the payment coming out the profits of the property rather than interest. Anyone can do that- it just happens to be ok under Sharia as well.

Right.

Value-wise, I imagine that the way 'interest' is handled is calculating what the interest is likely to be, probably with some mild rounding up, and then charging a fee of that much.

That's how banks in strongly Muslim countries do it. It's less precise and thus, slightly less efficient than just doing interest directly, but it still functions.

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Incidentally, Christians did not have to do anything, nor was any principle of value abandoned- Christian civilisation realised that usury laws were stupid.

Yea, our ancient religious forebearers were, it turns out, crappy economists.

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Jul 22nd, 2015 07:27 AM

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Time-Immemorial
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quote: (post)
Originally posted by Ushgarak
This is simple hysteria. Nowhere is there talk of making some special Muslim-only law or offer. Instead the idea is to look for, promote and create packages that those bound by such laws would be able to use. There'd be nothing to stop anyone else using the same service- but I imagine others would not want to because I doubt they would be as good value as a simple mortgage.

Note how one option being considered is tying loans to an investment in a physical property and the payment coming out the profits of the property rather than interest. Anyone can do that- it just happens to be ok under Sharia as well.

Incidentally, Christians did not have to do anything, nor was any principle of value abandoned- Christian civilisation realised that usury laws were stupid.

I disagree

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Jul 22nd, 2015 01:55 PM

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Bashar Teg
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keep panicking over all these deliberately misleading headlines from obviously biased sources, and you're going to end up giving yourself an aneurism.

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Jul 22nd, 2015 02:14 PM

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Ushgarak
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quote: (post)
Originally posted by Time-Immemorial
I disagree

It's not a matter of opinion.

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Jul 22nd, 2015 02:41 PM

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Surtur
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Hey I have no problem with it as long as technically anyone can do it. Whether or not they'd want to is another story, but they should at least have the options.

We don't need anymore "one group can do something, but another can't" type of things in this country.

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Jul 22nd, 2015 05:40 PM

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jaden101
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quote: (post)
Originally posted by Surtur
Hey I have no problem with it as long as technically anyone can do it. Whether or not they'd want to is another story, but they should at least have the options.

We don't need anymore "one group can do something, but another can't" type of things in this country.

You mean like telling muslims they can't do banking in accordance with their beliefs but other people can?

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Jul 22nd, 2015 06:52 PM

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Omega Vision
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This isn't preferential treatment for Muslims any more than offering a black bean burger at a fastfood place is preferential treatment of vegetarians.

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Jul 22nd, 2015 08:47 PM

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