Friday, June 02, 2006
Shariah Through Banking
Once all the banks have become Shariah compliant due to the refusal of Muslims to use the filthy infidel banking methods that you and I use, what next? Will the UK implement Shariah courts because of the Ummah's refusal to follow British law?
The Islamic mortgage market has grown considerably over the past few years, with more Muslim borrowers now able to take out a mortgage in the UK, compliant with Sharia law.
Following a period where Muslim borrowers were under represented in the market, a host of lenders and intermediaries alike are beginning to realise the need to appeal to this market, despite its significant differences from the conventional mortgage market.
Market differences
Sharia law forbids the paying or receiving of interest, or Riba, making most of the mainstream mortgage products unsuitable for Muslim borrowers. However, due to increasing demand in this area, lenders have changed their product designs and adopted specific Sharia principles to the market to give Muslim borrowers the opportunity to buy a property, while complying with Muslim law. Under Sharia law, two options are available to potential homeowners: Ljara and Murabaha loans.
[..]
Bristol & West, West Bromwich Building Society, Lloyds TSB, Bank of Ireland and HSBC have all launched Islamic Sharia mortgage offerings.
Read The Rest...
Comments:
http://www.islamic-bank.com/islamicbanklive/PersonalFinance/1/Home/1/Home.jsp
what a joke.
Post a Comment
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this islamic banks sure charging intrest rates. http://www.islamic-bank.com/islamicbanklive/PersonalFinance/1/Home/1/Home.jsp
what a joke.
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