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TrueTiger
North Texas Fan
Chicken's most valuable
Member since Sep 2004
15334 posts
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Sharia banking

Anyone ever utilize no-interest sharia banking, or get a mortgage from one?

If so, how does it work?


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59129 posts

re: Sharia banking
quote:

no-interest sharia banking


I'm totally willing to convert for 0% interest


Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
22312 posts

re: Sharia banking
Someone did a presentation on this in law school, referencing Canon law and such. Probably should have paid closer attention because if they want to hate on usury this much someone pass me the sign in sheet for Islam.
This post was edited on 5/2 at 2:52 pm


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TrueTiger
North Texas Fan
Chicken's most valuable
Member since Sep 2004
15334 posts
Online

re: Sharia banking
quote:

I'm totally willing to convert for 0% interest


I thought they served infidels?


LSURussian
LSU Fan
Member since Feb 2005
85178 posts
Online

re: Sharia banking
quote:

Anyone ever utilize no-interest sharia banking,
No, but I had to learn all about Islamic banking when I taught a banking course in Islamabad, Pakistan.

quote:

If so, how does it work?
Essentially, the bank buys the house and "leases" it to you, with the lease payments consisting of principal and interest just as if it were a loan.

After you pay the principal off, you own the house.

If you stop making payments, the bank still owns the house and you get nothing back from your payments.


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59129 posts

re: Sharia banking
quote:

I thought they served infidels?


If I wanted to borrow a suicide vest then yeah.


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TrueTiger
North Texas Fan
Chicken's most valuable
Member since Sep 2004
15334 posts
Online

re: Sharia banking
quote:

principal and interest


so the no-interest part is BS?

or do they just add fees and service charges to replace interest?



I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
34140 posts

re: Sharia banking
If it seems too good to be true....


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LSURussian
LSU Fan
Member since Feb 2005
85178 posts
Online

re: Sharia banking
quote:

so the no-interest part is BS?

or do they just add fees and service charges to replace interest?

It's all a fixed payment "fee" that is not delineated as principal and/or interest.

Only when you analyze the amount of the payments and the number of payments do you realize the payment is suspiciously similar to a fixed rate mortgage loan consisting of principal and interest.

The basis of Sharia banking is that interest is evil, both for loans and deposits, and must be avoided.


TrueTiger
North Texas Fan
Chicken's most valuable
Member since Sep 2004
15334 posts
Online

re: Sharia banking
quote:

Sharia banking is that interest is evil,


so basically they just change the name of the profit portion to make themselves feel better

gotcha


LSURussian
LSU Fan
Member since Feb 2005
85178 posts
Online

re: Sharia banking
quote:

they just change the name of the profit portion to make themselves feel better

The Quran forbids profiting at the expense of another believer. But they find a way to get around it somehow and still believe they are adhering to the Quran's principles.
This post was edited on 5/2 at 3:22 pm


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32148 posts
Online

re: Sharia banking
quote:

It's all a fixed payment "fee" that is not delineated as principal and/or interest.

Only when you analyze the amount of the payments and the number of payments do you realize the payment is suspiciously similar to a fixed rate mortgage loan consisting of principal and interest.


That sounds about right. They basically charge you extra and call it a lease payment whereas we call it P&I.

The major difference is that if you default you have zero equity. Amirite? And I imagine refis have some interesting twists, if they exist at all.


LSURussian
LSU Fan
Member since Feb 2005
85178 posts
Online

re: Sharia banking
quote:

The major difference is that if you default you have zero equity. Amirite?
Correct.

quote:

And I imagine refis have some interesting twists, if they exist at all.
Crap, I never got to the part about refis. I have no idea if they do that or not or if they do, how they handle it.


Tiger4Ever
UTEP Fan
Member since Aug 2003
35967 posts

re: Sharia banking
These folks haven't figured out running water, plumbing, or how to remove themselves from a shithole (generally speaking of course)...

Why would they have the banking thing figured out?


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Zach
LSU Fan
Member since May 2005
70697 posts

re: Sharia banking
quote:

The Quran forbids profiting at the expense of another believer.

Correct. I read The Holy Quran in college. Most people think infidels must convert or be killed. They can actually pay a tax to be left alone as non believers.


Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
22312 posts

re: Sharia banking
quote:

They can actually pay a tax to be left alone as non believers.


I believe this was prevalent some time ago as well.

Not anymore!


jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
5168 posts

re: Sharia banking
so no we pay them welfare AND they bomb us... good to know


Vols&Shaft83
Tennessee Fan
Throbbing Member
Member since Dec 2012
27341 posts

re: Sharia banking
Here’s where you might want to hide your eyes if you're sensitive:

Muhammad was a pedophile, a murderer and no better than a modern day rapist/drug dealing crack whore. Anyone who follows such teaching is dancing with the devil and I for one couldn’t give a good frick if you’re offended or not. Eventually this entire thing is going to catch fire and when it does, I pray I am still around to be part of it. The medieval punishment I would unleash on these 7th century goat fricking cult members would be legendary.


frick them, frick Muhammad, and frick anyone who thinks otherwise.


LSURussian
LSU Fan
Member since Feb 2005
85178 posts
Online

re: Sharia banking
And he believed in bitcoins.


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32148 posts
Online

re: Sharia banking
quote:

Muhammad was a pedophile, a murderer and no better than a modern day rapist/drug dealing crack whore. Anyone who follows such teaching is dancing with the devil and I for one couldn’t give a good frick if you’re offended or not. Eventually this entire thing is going to catch fire and when it does, I pray I am still around to be part of it. The medieval punishment I would unleash on these 7th century goat fricking cult members would be legendary.


frick them, frick Muhammad, and frick anyone who thinks otherwise.


Don't hold anything back. Say what you really feel.


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