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| Bank Touts Expanded Opportunities for Muslim Home Ownership |
| 2005-01-11 |
| EFL A Chicago bank says it will begin selling its Islamic home-financing products to Freddie Mac -- one of the nation's largest investors in mortgages. The move will expand opportunities for Muslims to become homeowners without violating Islamic restrictions on paying interest, Devon Bank said in a press release. Devon Bank said it uses the Islamic "murabaha" trade model to avoid problems that make traditional loans objectionable to devout Muslims. Under murabaha, the bank buys a house or some other commodity for a client, then sells it to that client for cost plus an agreed-upon profit. Under Islamic law, interest may not be charged on loans. A Murabaha sale involves two separate contracts -- one in which the bank buys the property, and a second in which the bank sells the property to a client, who may then repay the bank in installments. Devon Bank said its Islamic home-financing model complies with both Islamic and U.S. law. It includes residential and commercial real-estate financing, financing for business equipment and trade goods, and construction financing. |
| Posted by:Dragon Fly |
| #13 But prune juice ain't sophistry, ya know. :) |
| Posted by: Angash Elminelet3775 2005-01-11 10:50:11 PM |
#12 #5 .com:Islam will set you, uh, free!So will prune juice, if you drink enough of it. :-D |
| Posted by: Barbara Skolaut 2005-01-11 7:13:29 PM |
#11 cost plus an agreed-upon profitIn other words, interest. Another name, another scheme to figure it, but it's still, in the end, INTEREST. Call a horse a camel all you want; it's still a horse. They're f*cking hypocrites. |
| Posted by: Barbara Skolaut 2005-01-11 7:11:24 PM |
| #10 Melting pot or 57 flavors? You know where John (Duke) Wayne and I stand, partner. Got that, pilgrim? |
| Posted by: Captain America 2005-01-11 6:50:59 PM |
| #9 Devon Bank said it uses the Islamic "murabaha" trade model to avoid problems that make traditional loans objectionable to devout Muslims. What I wanna know is, why is it that just about everywhere Muslims are involved in something, it is always everything and everybody else that is supposed to bend to their will? Interest is perfectly legal here, so get over it. If ya'll can't, go find someplace else to live. Asswipes. |
| Posted by: Bomb-a-rama 2005-01-11 6:20:20 PM |
| #8 steve..lol! The children blow up so quickly. seriously, this has to be binny boy's worst nightmare. Two generations of the American dream and the kids will be surfing the porn and choosing lipstick to match their hair color. |
| Posted by: 2b 2005-01-11 2:38:05 PM |
| #7 All I wanna know is if I can get out of my student loans by converting to islam. Yes, but you have to blow yourself up to qualify. |
| Posted by: Steve 2005-01-11 2:22:08 PM |
| #6 free enterprise, baybee. I don't see much of a problem with this, personally. No doubt the bank sells the house back at a profit equal to the current fixed interest rate. As long as non-muslims can get the same deal without religious discrimination, so what? I'd think the Islamists would find it more alarming than we do. Homeowners make good citizens. |
| Posted by: 2b 2005-01-11 2:20:47 PM |
| #5 Of course. Usury is banned. This was a Jooo plot to enslave you. Islam will set you, uh, free! |
| Posted by: .com 2005-01-11 2:20:44 PM |
| #4 All I wanna know is if I can get out of my student loans by converting to islam. |
| Posted by: Mark E. 2005-01-11 2:13:28 PM |
| #3 Next report: credit worthy report to be replaced with Sharia Law adherence report. |
| Posted by: Captain America 2005-01-11 2:02:12 PM |
| #2 hugs and kisses all around. |
| Posted by: Captain America 2005-01-11 1:59:51 PM |
| #1 Devon Ave - little Pak/India avenue. When they each exploded their first nuke, they celebrated, but they do get along and shop at the same shops. But I haven't read the local papers nor watched the local news in awhile so things might have changed. |
| Posted by: anonymous2u 2005-01-11 1:21:07 PM |