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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 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.
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