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Originally Posted by Flagg
Isn't sharia/Islamic compliant lending just a paper flim flam fixed interest loan in other words?
I thought they got around it by calling the interest bill "fees" loaded onto property price?
Basically, a marketing wrapper to make It ok for Muslims to borrow money and pay interest by other means?
Any which way it rolls, if it's public funds/program, isn't it discrimatory and illegal for it to be offered to a single group based on religion?
Private funds, who cares. Every day various family/ethnic groups pool their funds for the family/community good rather than go to banks.
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FWIW, the Fox News piece includes the following.
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Here's how a Sharia-compliant sale might work between a bank and a Muslim homebuyer: The bank agrees to buy and hold clear title to the house, then enters into a contract to sell the house at an agreed-upon mark-up price that includes profit. The buyer agrees to pay the sale price in installments, or one lump sum. The markup rate is calculated to compete with prevailing interest rates, so the buyer's monthly payment is roughly equal to what a traditional lender might charge for a loan that combines principle and interest.
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