quote:No, but I had to learn all about Islamic banking when I taught a banking course in Islamabad, Pakistan.
Anyone ever utilize no-interest sharia banking,
quote: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.
If so, how does it work?
quote:It's all a fixed payment "fee" that is not delineated as principal and/or interest.
so the no-interest part is BS?
or do they just add fees and service charges to replace interest?
quote: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.
they just change the name of the profit portion to make themselves feel better
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 major difference is that if you default you have zero equity. Amirite?
quote: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.
And I imagine refis have some interesting twists, if they exist at all.
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.