Article

2011-10-19 Great White North

Sharia-compliant mortgage lender in receivership

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by ryuge 2011-10-19 11:09|| || Front Page|| [3 views ] Top

#1 he estimated up to 2 percentage points more than if hed gone through a bank but was happy to pay the price because my conscience was satisfied.

Dummy.

Posted by JohnQC 2011-10-19 13:08|| 2011-10-19 13:08|| Front Page Top

#2 from the Company web site

"...Islamic finance is based on the Abrahamic principles of fairness, justice and equality. Islamic finance promotes trade and forbids usury, interest and uncertainty. Compared to conventional finance, Islamic finance is more secure, more balanced and is open to all..."

Posted by Lord Garth 2011-10-19 13:41|| 2011-10-19 13:41|| Front Page Top

#3 Wait for the Credit Union that was supplying the money to go broke as a result of this. It might, just might, be the first shot of a downward trend in real estate in Toronto, or as it's known in the rest of Canada, "The Centre Of The Universe".

OH NOES!!! I though real estate always went up in value!

Personally, I'd like to see them all go "boom" just to hear the whining. And gloat. A lot.

Posted by Canuckistan sniper 2011-10-19 13:56|| 2011-10-19 13:56|| Front Page Top

#4 "...Islamic finance is based on the Abrahamic principles of fairness, justice and equality.

As opposed to evil Western arithmetic.

Those clients have rights and they have obligations, and those are unchanged,

Since, in this scheme, the lender owns the house and rents it to the buyer, does this mean the 'homeowners' are now 'homeless'?

Posted by SteveS 2011-10-19 14:26|| 2011-10-19 14:26|| Front Page Top

#5 I think it means the tenants have a new land lord and no equity.

Posted by Nimble Spemble 2011-10-19 14:36|| 2011-10-19 14:36|| Front Page Top

00:05 JosephMendiola
23:46 Iblis
23:42 JosephMendiola
23:32 Bright Pebbles
23:22 JosephMendiola
23:19 Water Modem
23:18 JosephMendiola
23:13 Pappy
23:08 JosephMendiola
23:05 JosephMendiola
23:04 trailing wife
22:33 rammer
22:22 Procopius2k
22:20 Procopius2k
22:18 Frank G
22:14 bigjim-CA
22:09 bigjim-CA
22:06 bigjim-CA
22:03 JosephMendiola
21:32 Frank G
21:29 Frank G
21:08 Thing From Snowy Mountain
21:07 JosephMendiola
21:06 Rifle308