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special ZERO INTEREST mortgages for Sharia-compliant home buyers

 
ladyannie2009
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User ID: 18457264
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07/02/2012 02:23 PM

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special ZERO INTEREST mortgages for Sharia-compliant home buyers
This is all new to me...have never heard of this program offering zero interest loans to sharia compliant home buyers.

I searched the GLP archives, nothing came up, so hopefully it's not a repeat. First article dated July 2nd, 2012....second one August 2010


<snip>


Then he heard about the Michigan-based Ijara Loans, one of a handful of Islamic financing companies in the United States. They’ve tapped into a niche market of devout Muslim-American homebuyers by offering ”Sharia compliant” home purchasing contracts which do not include actual interest.

”That day they got really excited, when they learned that they were able to still buy a house and not compromise their religious values,” Nabi says of his parents.

When the Sahak family bought the Sterling townhouse in 2010, they joined about 10,000 other Muslim-Americans who’ve purchased homes in the past 10 years using Sharia-compliant financial transactions.

Guidance Residential, based in Reston, Virginia, is the largest company in the United States which offers Sharia financing. At its spacious headquarters, phone operators manage calls from customers mostly in a mix of English and Arabic.

Spokesman Hussam Qutub says the company has processed $2.3 billion in Islamic home financing transactions since it launched in 2002.

”Relief that it does exist is definitely the feeling among the majority of the people who contact us,” Qutub says. ”We are in a sense impacting the ownership rates of Muslim-Americans in a positive way.”

[link to creepingsharia.wordpress.com]

**********

here's another article

<snip>

The financial jihad has now achieved its greatest coup so far: It has co-opted the U.S. government as a partner. In fact, if you would like to see a contributor to the jihad, have a look in the mirror. Thanks to the Obama administration, every one of us is complicit. The bailout bonanza made each of us an owner of American Insurance Group (AIG). Under the stewardship of its real CEO, Treasury Secretary Timothy Geithner, AIG proudly runs the world’s most lavishly funded sharia-compliant insurance business — and it is desperately trying to convince a federal court in Michigan that no one should have a problem with that.
Sharia-compliant finance (SCF) is now a thriving American industry. Sharia is Islam’s authoritarian legal framework. It aspires to control not merely spiritual life but all aspects of society, including economic matters. The purpose of SCF is to advance that mission in two important ways.

[link to www.nationalreview.com]
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YaRight

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07/02/2012 02:32 PM
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Re: special ZERO INTEREST mortgages for Sharia-compliant home buyers
jihad2


Isn’t against Islam to charge interest?

Last Edited by YaRight on 07/02/2012 02:32 PM
The most terrifying words in the English language are: I'm from the government and I'm here to help.
Anonymous Coward
User ID: 18995595
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07/02/2012 02:34 PM
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Re: special ZERO INTEREST mortgages for Sharia-compliant home buyers
that's one way to turn the USA into an islamic country
YaRight

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07/02/2012 02:37 PM
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Re: special ZERO INTEREST mortgages for Sharia-compliant home buyers
that's one way to turn the USA into an islamic country
 Quoting: Anonymous Coward 18995595


Way too many bible thumpers here for that…. Remember the crusades? They will skip Wednesday service and go hunt towel heads lmao
The most terrifying words in the English language are: I'm from the government and I'm here to help.
Anonymous Coward
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07/02/2012 02:43 PM
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Re: special ZERO INTEREST mortgages for Sharia-compliant home buyers
jihad2


Isn’t against Islam to charge interest?
 Quoting: YaRight


It's against Christianity to charge interest too( Usury ).

25 " If you lend money to any of My people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.
26 "If you ever take your neighbor's garment as a pledge, you shall return it to him before the sun goes down.
27 "For that is his only covering, it is his garment for his skin. What will he sleep in? And it will be that when he cries to Me, I will hear, for I am gracious. (Exodus 22:25-27)
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35 ' If one of your brethren becomes poor, and falls into poverty among you, then you shall help him, like a stranger or a sojourner, that he may live with you.
36 'Take no usury or interest from him; but fear your God, that your brother may live with you.
37 'You shall not lend him your money for usury, nor lend him your food at a profit. (Leviticus 25:35-37)
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19 " You shall not charge interest to your brother -- interest on money or food or anything that is lent out at interest.
20 "To a foreigner you may charge interest, but to your brother you shall not charge interest, that the LORD your God may bless you in all to which you set your hand in the land which you are entering to possess. (Deuteronomy 23:19,20)
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10 "I also, with my brethren and my servants, am lending them money and grain. Please, let us stop this usury!
11 "Restore now to them, even this day, their lands, their vineyards, their olive groves, and their houses, also a hundredth of the money and the grain, the new wine and the oil, that you have charged them." (Nehemiah 5:10,11)
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5 He who does not put out his money at usury, Nor does he take a bribe against the innocent. He who does these things shall never be moved. (Psalm 15:5)
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8 One who increases his possessions by usury and extortion Gathers it for him who will pity the poor. (Proverbs 28:8)
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24:1 Behold, the LORD makes the earth empty and makes it waste, Distorts its surface And scatters abroad its inhabitants.
2 And it shall be: As with the people, so with the priest; As with the servant, so with his master; As with the maid, so with her mistress; As with the buyer, so with the seller; As with the lender, so with the borrower; As with the creditor, so with the debtor.
3 The land shall be entirely emptied and utterly plundered, For the LORD has spoken this word. (Isaiah 24:1-3)
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10 Woe is me, my mother, That you have borne me, A man of strife and a man of contention to the whole earth! I have neither lent for interest, Nor have men lent to me for interest. Every one of them curses me. (Jeremiah 15:10)
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7 If he has not oppressed anyone, But has restored to the debtor his pledge; Has robbed no one by violence, But has given his bread to the hungry And covered the naked with clothing;
8 If he has not exacted usury Nor taken any increase, But has withdrawn his hand from iniquity And executed true judgment between man and man;
9 If he has walked in My statutes And kept My judgments faithfully -- He is just; He shall surely live!" Says the Lord GOD. (Ezekiel 18:7-9)
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13 If he has exacted usury Or taken increase -- Shall he then live? He shall not live! If he has done any of these abominations, He shall surely die; His blood shall be upon him. (Ezekiel 18:13)
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17 Who has withdrawn his hand from the poor And not received usury or increase, But has executed My judgments And walked in My statutes -- He shall not die for the iniquity of his father; He shall surely live! (Ezekiel 18:17)
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12 "In you they take bribes to shed blood; you take usury and increase; you have made profit from your neighbors by extortion, and have forgotten Me," says the Lord GOD. (Ezekiel 22:12)
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14 " For the kingdom of heaven is like a man traveling to a far country, who called his own servants and delivered his goods to them.
15 "And to one he gave five talents, to another two, and to another one, to each according to his own ability; and immediately he went on a journey.
16 "Then he who had received the five talents went and traded with them, and made another five talents.
17 "And likewise he who had received two gained two more also.
18 "But he who had received one went and dug in the ground, and hid his lord's money.
19 "After a long time the lord of those servants came and settled accounts with them.
20 "So he who had received five talents came and brought five other talents, saying, 'Lord, you delivered to me five talents; look, I have gained five more talents besides them.'
21 "His lord said to him, 'Well done, good and faithful servant; you were faithful over a few things, I will make you ruler over many things. Enter into the joy of your lord.'
22 "He also who had received two talents came and said, 'Lord, you delivered to me two talents; look, I have gained two more talents besides them.'
23 "His lord said to him, 'Well done, good and faithful servant; you have been faithful over a few things, I will make you ruler over many things. Enter into the joy of your lord.'
24 "Then he who had received the one talent came and said, 'Lord, I knew you to be a hard man, reaping where you have not sown, and gathering where you have not scattered seed.
25 'And I was afraid, and went and hid your talent in the ground. Look, there you have what is yours.'
26 "But his lord answered and said to him, 'You wicked and lazy servant, you knew that I reap where I have not sown, and gather where I have not scattered seed.
27 'So you ought to have deposited my money with the bankers, and at my coming I would have received back my own with interest.
28 'Therefore take the talent from him, and give it to him who has ten talents.
29 'For to everyone who has, more will be given, and he will have abundance; but from him who does not have, even what he has will be taken away. (Matthew 25:14-29)
---------------

11 Now as they heard these things, He spoke another parable, because He was near Jerusalem and because they thought the kingdom of God would appear immediately.
12 Therefore He said: "A certain nobleman went into a far country to receive for himself a kingdom and to return.
13 "So he called ten of his servants, delivered to them ten minas, and said to them, 'Do business till I come.'
14 "But his citizens hated him, and sent a delegation after him, saying, 'We will not have this man to reign over us.'
15 "And so it was that when he returned, having received the kingdom, he then commanded these servants, to whom he had given the money, to be called to him, that he might know how much every man had gained by trading.
16 "Then came the first, saying, 'Master, your mina has earned ten minas.'
17 "And he said to him, 'Well done, good servant; because you were faithful in a very little, have authority over ten cities.'
18 "And the second came, saying, 'Master, your mina has earned five minas.'
19 "Likewise he said to him, 'You also be over five cities.'
20 "Then another came, saying, 'Master, here is your mina, which I have kept put away in a handkerchief.
21 'For I feared you, because you are an austere man. You collect what you did not deposit, and reap what you did not sow.'
22 "And he said to him, 'Out of your own mouth I will judge you, you wicked servant. You knew that I was an austere man, collecting what I did not deposit and reaping what I did not sow.
23 'Why then did you not put my money in the bank, that at my coming I might have collected it with interest?'
24 "And he said to those who stood by, 'Take the mina from him, and give it to him who has ten minas.'
25 ("But they said to him, 'Master, he has ten minas.')
26 'For I say to you, that to everyone who has will be given; and from him who does not have, even what he has will be taken away from him. (Luke 19:11-26)
Anonymous Coward
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07/02/2012 02:43 PM
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Re: special ZERO INTEREST mortgages for Sharia-compliant home buyers
0 interest does not mean they do not pay for the loan putin
They pay it in fees instead of interest.
King David
User ID: 18979148
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07/02/2012 02:46 PM
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Re: special ZERO INTEREST mortgages for Sharia-compliant home buyers
that's one way to turn the USA into an islamic country
 Quoting: Anonymous Coward 18995595


If they being Interest free loans, they are welcome in my country, and my home.
King David
User ID: 18979148
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07/02/2012 02:50 PM
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Re: special ZERO INTEREST mortgages for Sharia-compliant home buyers
0 interest does not mean they do not pay for the loan putin
They pay it in fees instead of interest.
 Quoting: Anonymous Coward 17500460


You knew there had to be a catch, however the question is: Do they loan them the entire amount, fees and all, making every payment a payment in principle?

If not, it's still Usury, Islam does not bar Interests, it Bars Usury because it's Christianity.

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