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Started By
Message
re: Sharia banking
Posted on 5/2/13 at 7:18 pm to LSURussian
Posted on 5/2/13 at 7:18 pm to LSURussian
quote:
And he believed in bitcoins.
No they believe in arse pennies, there's a difference.
0
Posted on 5/2/13 at 10:23 pm to LSURussian
The company I work for sells, among other things, a core banking software system that has an Islamic Banking module. I don't know much about it, but on my last assignment I worked with a guy that specializes in it and he told me that behind the scenes, everything processes just like normal loans/deposits, but the front end is built to display accounts/products as interest free. I'm curious about refi's now, I'll shoot him an email tomorrow.
Posted on 5/3/13 at 12:05 am to GrantTheFan
quote:
I'm curious about refi's now, I'll shoot him an email tomorrow.
Please update here, I'm curious about this. My initial guess is that the cash flows are about the same but I wonder how they present things to satisfy the clerics.
Posted on 5/3/13 at 4:18 am to foshizzle
quote:
Hey now, slow down there hoss
Actually, I kinda like hummus
Posted on 5/3/13 at 7:47 am to Vols&Shaft83
quote:Me, too....but it sure does make me fart.
Actually, I kinda like hummus
Posted on 5/3/13 at 9:01 am to Vols&Shaft83
quote:
frick them, frick Muhammad, and frick anyone who thinks otherwise.
Jesus Vols, tell us how you really feel
For the record, we had neighbors who were Pakistani Muslims. Their daughter and our daughter were BFFs. She and her parents smelled fine.
On the other hand, their mortgage was a 30 year fixed through Citi so maybe they weren't real Muslims.
Posted on 5/3/13 at 9:05 am to LSURussian
quote:
Me, too....but it sure does make me fart.
TMI
Posted on 5/3/13 at 11:24 am to foshizzle
This is his response to mortgages/refi's:
The mortgage is setup as a lease/rent to own, where a trust owned by the bank buys the home then transfers it to the customer when they have made all payments. The customer gains the ownership stake with each payemt, so to refinance a new 'trust' is set up to buy the home from the old trust while they new payment agreement is signed between the new trust and the customer.
I take it from this explanation that the equity is earned with each payment, like with a traditional mortgage. I think the big difference is that it's a straight line, as opposed to a traditional where early in the loan it's more interest and as it amortizes down it's more principal.
The mortgage is setup as a lease/rent to own, where a trust owned by the bank buys the home then transfers it to the customer when they have made all payments. The customer gains the ownership stake with each payemt, so to refinance a new 'trust' is set up to buy the home from the old trust while they new payment agreement is signed between the new trust and the customer.
I take it from this explanation that the equity is earned with each payment, like with a traditional mortgage. I think the big difference is that it's a straight line, as opposed to a traditional where early in the loan it's more interest and as it amortizes down it's more principal.
Posted on 5/3/13 at 11:29 am to GrantTheFan
quote:
where a trust owned by the bank buys the home then transfers it to the customer when they have made all payments. The customer gains the ownership stake with each payemt, so to refinance a new 'trust' is set up to buy the home from the old trust while they new payment agreement is signed between the new trust and the customer.
I wouldn't trust that.....
:rimshot:
j/k, thanks for the info.
Posted on 5/3/13 at 11:35 am to GrantTheFan
Thanks.
It still looks like in order to be competitive they must mark their "fees" to market interest rates.
So the "evil interest" still plays a role in their business model.
It still looks like in order to be competitive they must mark their "fees" to market interest rates.
So the "evil interest" still plays a role in their business model.
Posted on 5/3/13 at 11:44 am to GrantTheFan
Thanks for the info, that's interesting.
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