Msg. 21924 of 47202 (This msg. is a reply to
21903 by
Zimbler0)
Jump:
No, you are correct, Zim. I have some clients who have Arab investors from the Middle East. They have to go through all sorts of disingenuous contortions to avoid the implication of incurring interest charges in order to placate their Sharia law. Effectively, the interest is still there - it just gets called something else. It's nothing more than hypocritical BS.
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
I really haven't studied Sharia as such . . .
But there is also a prohibition against charging interest under Sharia.
So I looked up how one would buy a house under Sharia - a no interest loan
versus the conventional interest paying mortgage I once had.
It appeared to me, that under Sharia 'they' would start with the
cost of the house then add on what the buyer would pay in interest
and that would be the total debt owed on the house.
So with my mortgage I was able to pay extra, knocking down the interest
and paying a lot less over the long run of the loan. Mr. Sharia loan
would not have that option.
I suspect that if I had missed a payment there would be more interest
for me to pay, plus the late fee penalties. I suspect that
Mr. Sharia loan might have lost his ownership papers if he missed a payment.
I'd appreciate it, if I'm wrong, if someone would
correct me.
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