oh! comon!!
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This is weird ! I love the BBC news ... halal mortages[^] and related stories ...
Islam has no objection to wealth creation, but says it must be based on partnerships and fairness where risks and rewards are shared. In the eyes of Islamic scholars, interest is an excess payment from one party to another which is unrelated to the value of the goods traded. Mortgage interest is therefore unacceptable because one party gains at the other's expense without any regard to the price paid for the home.Interest is an excess payment for any religion, even the jedi one !! Can I declare myself muslim so I can get a lower mortage ? Max. -
This is weird ! I love the BBC news ... halal mortages[^] and related stories ...
Islam has no objection to wealth creation, but says it must be based on partnerships and fairness where risks and rewards are shared. In the eyes of Islamic scholars, interest is an excess payment from one party to another which is unrelated to the value of the goods traded. Mortgage interest is therefore unacceptable because one party gains at the other's expense without any regard to the price paid for the home.Interest is an excess payment for any religion, even the jedi one !! Can I declare myself muslim so I can get a lower mortage ? Max.Maximilien wrote: Can I declare myself muslim so I can get a lower mortage ? You don't get a lower mortgage though, you end up paying far
years until they have repaid enough to pay both the original value of the property and the mortgage value, with the rent on top. If you are looking for a low rate mortgage in the long run you most certainly don't want to apply for one of those! One quote that stand out and makes me laugh in thge "most unlikely" category:"But Mr and Mrs Taj are among a growing number of young couples who want to turn to the two lenders in the UK offering Sharia compliant mortgages - the United Bank of Kuwait and the West Bromwich Building Society."
David Wulff http://www.davidwulff.co.uk
David Wulff Born and Bred.
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This is weird ! I love the BBC news ... halal mortages[^] and related stories ...
Islam has no objection to wealth creation, but says it must be based on partnerships and fairness where risks and rewards are shared. In the eyes of Islamic scholars, interest is an excess payment from one party to another which is unrelated to the value of the goods traded. Mortgage interest is therefore unacceptable because one party gains at the other's expense without any regard to the price paid for the home.Interest is an excess payment for any religion, even the jedi one !! Can I declare myself muslim so I can get a lower mortage ? Max.It is not the interest rate that is in cause. But after reading the article, I come to the conclusion that mortgage are somewhat compliant with the Islamic law: Bank: Risk: lose the capital. Reward: More wealth. Borrower: Risk: Lose the house. Reward: A house that you couldn't afford without the mortgage. Or maybe i miss something? Michel It is a lovely language, but it takes a very long time to say anything in it, because we do not say anything in it, unless it is worth taking a very long time to say, and to listen to.
- TreeBeard -
Maximilien wrote: Can I declare myself muslim so I can get a lower mortage ? You don't get a lower mortgage though, you end up paying far
years until they have repaid enough to pay both the original value of the property and the mortgage value, with the rent on top. If you are looking for a low rate mortgage in the long run you most certainly don't want to apply for one of those! One quote that stand out and makes me laugh in thge "most unlikely" category:"But Mr and Mrs Taj are among a growing number of young couples who want to turn to the two lenders in the UK offering Sharia compliant mortgages - the United Bank of Kuwait and the West Bromwich Building Society."
David Wulff http://www.davidwulff.co.uk
David Wulff Born and Bred.
David Wulff wrote: Sharia compliant mortgages So, if you miss a payment do they bury you in the sand, up to your head, then stone you to death or just cut off the hand that should have written a check? Mike
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This is weird ! I love the BBC news ... halal mortages[^] and related stories ...
Islam has no objection to wealth creation, but says it must be based on partnerships and fairness where risks and rewards are shared. In the eyes of Islamic scholars, interest is an excess payment from one party to another which is unrelated to the value of the goods traded. Mortgage interest is therefore unacceptable because one party gains at the other's expense without any regard to the price paid for the home.Interest is an excess payment for any religion, even the jedi one !! Can I declare myself muslim so I can get a lower mortage ? Max.I think one group of Muslims is just abusing another group in this case. Islamic finanial practices were originally based around trade arrangements that didn't have such values of tender. The whole idea was for people to be selfemployed, and sponsered into business by the wealthy. Thus it was virtually impossible for a small business person to end up bankrupt. Changing the halal practices to be appropriate in London is just abusing the system. In the old theory if Mr Taj lost his job or some other calmality struck his rent would be continued to be paid for him, as the lender assumes the risk as well. One thing I do particularly like about this practise is in the western world when you enter a shop a salesperson is determined to make a sale whether a customer can afford it or not. Consequently the western world folk live in debt. Under halal practises you "do not" sell on credit to some one who can not afford the product. Maximilien wrote: Can I declare myself muslim so I can get a lower mortage ? You don't have to be Muslim to get a Halal mortgage, you just need to find a lender who practises it. I have a business property that is purchased through an Indonesian halal finance scheme. Since there is a large risk factor with this property it made sense to use halal rather than western financing. :-) Regardz Colin J Davies
Sonork ID 100.9197:Colin
You are the intrepid one, always willing to leap into the fray! A serious character flaw, I might add, but entertaining. Said by Roger Wright about me.
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This is weird ! I love the BBC news ... halal mortages[^] and related stories ...
Islam has no objection to wealth creation, but says it must be based on partnerships and fairness where risks and rewards are shared. In the eyes of Islamic scholars, interest is an excess payment from one party to another which is unrelated to the value of the goods traded. Mortgage interest is therefore unacceptable because one party gains at the other's expense without any regard to the price paid for the home.Interest is an excess payment for any religion, even the jedi one !! Can I declare myself muslim so I can get a lower mortage ? Max.In Islamic terms, the rent is not another name for interest: It is seen as a fair payment for use of the property rather than a charge for borrowing money Semantics, nothing but semantics. Mike Mullikin :beer:
Well, I'm sure I'd feel much worse if I weren't under such heavy sedation. - David St. Hubbins, Spinal Tap
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This is weird ! I love the BBC news ... halal mortages[^] and related stories ...
Islam has no objection to wealth creation, but says it must be based on partnerships and fairness where risks and rewards are shared. In the eyes of Islamic scholars, interest is an excess payment from one party to another which is unrelated to the value of the goods traded. Mortgage interest is therefore unacceptable because one party gains at the other's expense without any regard to the price paid for the home.Interest is an excess payment for any religion, even the jedi one !! Can I declare myself muslim so I can get a lower mortage ? Max.Maximilien wrote: Can I declare myself muslim so I can get a lower mortage ? Actually, you will end up paying a lot more, and need a 20% deposit. The whole thing seems like a major rip off to me. I was surprised to see that 2 banks have actually gone into it as well now, but it sounds like they are also just making extra cash off these guys. The graphic designer in our team is a muslim (not a fanatic), and very religious. He is 33 and married, but can't buy a house because of this situation. Very sad. Not that he has any objections, but I was shocked when he told me that he can only take a mortgage out from his church (well, whatever they're called) elders. Seems like just a way to make money out of their own people. Disgusting actually. X|
I knew it would end badly when I first met Chris in a Canberra alleyway and he said 'try some - it won't hurt you'..... - Christian Graus on Code Project outages A moment of silence please. A programmer's best friend has passed beyond that great exception in the sky.... - Mark Conger on "The coffee machine has died"
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Maximilien wrote: Can I declare myself muslim so I can get a lower mortage ? Actually, you will end up paying a lot more, and need a 20% deposit. The whole thing seems like a major rip off to me. I was surprised to see that 2 banks have actually gone into it as well now, but it sounds like they are also just making extra cash off these guys. The graphic designer in our team is a muslim (not a fanatic), and very religious. He is 33 and married, but can't buy a house because of this situation. Very sad. Not that he has any objections, but I was shocked when he told me that he can only take a mortgage out from his church (well, whatever they're called) elders. Seems like just a way to make money out of their own people. Disgusting actually. X|
I knew it would end badly when I first met Chris in a Canberra alleyway and he said 'try some - it won't hurt you'..... - Christian Graus on Code Project outages A moment of silence please. A programmer's best friend has passed beyond that great exception in the sky.... - Mark Conger on "The coffee machine has died"
It does cost the bank more, as they have to pay the stamp duty as the house is being bought and sold twice, combined with the fact that they are then landlords, and the regulations etc that come with that. e.g. having to get the gas checked once a year etc.
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This is weird ! I love the BBC news ... halal mortages[^] and related stories ...
Islam has no objection to wealth creation, but says it must be based on partnerships and fairness where risks and rewards are shared. In the eyes of Islamic scholars, interest is an excess payment from one party to another which is unrelated to the value of the goods traded. Mortgage interest is therefore unacceptable because one party gains at the other's expense without any regard to the price paid for the home.Interest is an excess payment for any religion, even the jedi one !! Can I declare myself muslim so I can get a lower mortage ? Max.Maximilien wrote: Can I declare myself muslim so I can get a lower mortage ? No, of course you need to declare the bank owner to be muslim. If he's from the US, just threaten it to him, you see it works out nicely :cool:
skulls don't kiss a machito [sighist]
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David Wulff wrote: Sharia compliant mortgages So, if you miss a payment do they bury you in the sand, up to your head, then stone you to death or just cut off the hand that should have written a check? Mike
I'm sorry but I don't find that to be even remotely funny. :|
David Wulff http://www.davidwulff.co.uk
David Wulff Born and Bred.