you'll love this

you'll love this

PostBy: U235a4 On: Fri Nov 14, 2008 10:12 pm

.....

Shariah-compliant banking, sometimes called Islamic banking, is growing in popularity in the Western and Islamic worlds. But critics say American interest in the system at a time of economic crisis is opening the door to increased Islamic influence in the American banking system. Worse yet, some fear the banks may be helping to finance international terrorism.


http://www.foxnews.com/story/2008/11/13 ... itics-say/
U235a4
 
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Re: you'll love this

PostBy: djackman On: Sat Nov 15, 2008 6:29 pm

In one type of Shariah-compliant mortgage the bank buys a home and then either leases or re-sells it to the purchaser in monthly installments — interest-free, but at a higher price.

The bank's profit and the buyer's payments wind up being similiar to what they would be if the bank charged interest, said Ibrahim Warde, adjunct professor of international business at Tufts University.


Either way they're paying a fee to use someone else's money. Gotta love the weird things some people do in the name of religion.
djackman
 
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