- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Sharia banking
Posted on 5/2/13 at 2:49 pm
Posted on 5/2/13 at 2:49 pm
Anyone ever utilize no-interest sharia banking, or get a mortgage from one?
If so, how does it work?
If so, how does it work?
3
Posted on 5/2/13 at 2:50 pm to TrueTiger
quote:
no-interest sharia banking
I'm totally willing to convert for 0% interest
Posted on 5/2/13 at 2:51 pm to TrueTiger
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 5/2/13 at 2:52 pm
Posted on 5/2/13 at 2:55 pm to Broke
quote:
I'm totally willing to convert for 0% interest
I thought they served infidels?
Posted on 5/2/13 at 3:00 pm to TrueTiger
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?
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.
Posted on 5/2/13 at 3:01 pm to TrueTiger
quote:
I thought they served infidels?
If I wanted to borrow a suicide vest then yeah.
Posted on 5/2/13 at 3:06 pm to LSURussian
quote:
principal and interest
so the no-interest part is BS?
or do they just add fees and service charges to replace interest?
Posted on 5/2/13 at 3:07 pm to TrueTiger
If it seems too good to be true....
Posted on 5/2/13 at 3:12 pm to TrueTiger
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?
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.
Posted on 5/2/13 at 3:16 pm to LSURussian
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
Posted on 5/2/13 at 3:21 pm to TrueTiger
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
This post was edited on 5/2/13 at 3:22 pm
Posted on 5/2/13 at 3:22 pm to LSURussian
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.
Posted on 5/2/13 at 3:24 pm to foshizzle
quote:Correct.
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.
Posted on 5/2/13 at 3:26 pm to Broke
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?
Why would they have the banking thing figured out?
Posted on 5/2/13 at 4:07 pm to LSURussian
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.
Posted on 5/2/13 at 5:28 pm to Zach
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!
Posted on 5/2/13 at 5:35 pm to Teddy Ruxpin
so no we pay them welfare AND they bomb us... good to know
Posted on 5/2/13 at 6:09 pm to jso0003
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.
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.
Posted on 5/2/13 at 7:05 pm to Vols&Shaft83
And he believed in bitcoins.
Posted on 5/2/13 at 7:06 pm to Vols&Shaft83
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.
Page 1 of 2
Back to top
Follow TigerDroppings for LSU Football News