Author Topic: Muslims get interest-free loans  (Read 1292 times)

0 Members and 1 Guest are viewing this topic.

Offline peachy

  • Ultimate Member
  • *****
  • Posts: 12819
  • Gender: Female
Muslims get interest-free loans
« on: June 13, 2009, 09:38:26 PM »


By Nick Gardner and Warner Russell

June 14, 2009 12:00am

ONE of Australia's major banks is planning to introduce "Muslim-friendly" loans that do not charge interest, to comply with Sharia law.

Instead, the National Australia Bank will structure an Islam-approved line of finance to make money from alternative methods.

These include profit-sharing on the transaction, joint-ventures or leasing-type arrangements.

For example, to get round the Islamic ban on usury - or unfair lending - a Muslim mortgage often works by the bank buying the property, then selling it to the customer at a profit, with the customer then repaying the entire sum in instalments.

In this way the profit margin is built in from the start. It also has the advantage of making the loan immune from future interest rate rises.

NAB said the loans, which will start out small, will have to be cleared by a Sharia Advisory Board to ensure they meet strict criteria before they can be made available to the public.

"We are dipping our toe in the water with this scheme and thought we may be able to offer this product in high-density Muslim areas," said Richard Peters, head of community finance and development at NAB.

"We suspect there is demand out there, but we don't know how big it is, so we will trial a few products first."

For the trial's purposes NAB will pump $15 million from its not-for-profit finance division into the program, which will distribute the funds through various community finance schemes around the country. The bank will monitor the take-up and assess potential demand.

Interest-free loans of up to $1000 will be available to help finance household items, such as washing machines and fridges.

The loans would also be available to non-Muslims.

The news comes just days after federal Assistant Treasurer Chris Bowen said that Australia could exploit international demand for Islamic finance to create more jobs.



Offline GGBW

  • Special Member
  • *****
  • Posts: 7197
  • Gender: Female
Re: Muslims get interest-free loans
« Reply #1 on: June 14, 2009, 08:56:45 PM »
Any country which seeks to be secular and wants to protect itself and its society from religion infringing on their culture - ANY religion - should say "No, no, no" when that religion seeks to legislate any part of its religion.

They'll all learn the hard way.

Offline Knight

  • Ultimate Member
  • *****
  • Posts: 16471
  • Gender: Male
  • Knight & JooJee
Re: Muslims get interest-free loans
« Reply #2 on: June 14, 2009, 10:18:42 PM »
hmmm....i guess the bank will make it's profit at the beginning, based on predictions on future interest rates and property value appreciation.


Nevertheless, this should then be available to anyone, not just muslims.
"The moral and religious system which Jesus Christ transmitted to us is the best the world has ever seen, or can see." ~ Benjamin Franklin


Assyrian Voice Forum

Re: Muslims get interest-free loans
« Reply #2 on: June 14, 2009, 10:18:42 PM »

Offline GGBW

  • Special Member
  • *****
  • Posts: 7197
  • Gender: Female
Re: Muslims get interest-free loans
« Reply #3 on: June 15, 2009, 08:05:46 AM »
There's nothing which comes from any religion which doesn't come from somewhere else too.

If you say "yes" to one religion, or one thing from a religion, then you set a precedent that it's ok to introduce religious dogma or theology into government.

And there were plenty of people pre-Christianity who didn't marry more than one.  If we say "We marry one because of Christianity", then Muslims will say "well, we are not Christian, but since you allow religious law like this one, then you must allow ours and we must be able to marry 4."  You cannot say yes to one and no to another unless you concede you are a prejudiced government.


Offline GGBW

  • Special Member
  • *****
  • Posts: 7197
  • Gender: Female
Re: Muslims get interest-free loans
« Reply #4 on: June 15, 2009, 08:30:51 AM »
I don't know, why did Assyrians do that?  Why did native Americans do that?  Why did thousands of other people marry only one without Christianity?

Because that is what their societies decided on.

We don't need to bring Christianity into it, and I've already explained why above.

Offline MXJSPH

  • Special Member
  • *****
  • Posts: 5622
  • Gender: Male
    • Civilised Violence
Re: Muslims get interest-free loans
« Reply #5 on: June 15, 2009, 10:54:02 AM »
Jizya!
"What is love? What is creation? What is longing? What is a star? Thus asks the last man, and he blinks. The earth has become small, and on it hops the last man, who makes everything small"

Friedrich Nietzsche

civilisedviolence.wordpress.com

Offline baklawa

  • Golden Member
  • *****
  • Posts: 9561
  • Gender: Female
  • No puppets allowed
    • Assyrian Aid Society of America
Re: Muslims get interest-free loans
« Reply #6 on: June 15, 2009, 10:59:43 AM »
Wait....interest-free loans?!  Someone get me a hijab I need to get to the bank now!!
"January 2010, the nail in the coffin, the day Zowaa will die." Hilarious prediction posted by "chaldean."
March 2010: Zowaa wins 3 out of 5 seats in the Iraqi Parliament!

Offline Barwarneta

  • Special Member
  • *****
  • Posts: 5887
  • Gender: Female
Re: Muslims get interest-free loans
« Reply #7 on: June 15, 2009, 11:56:44 AM »
Wait....interest-free loans?!  Someone get me a hijab I need to get to the bank now!!

LMAOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

Offline Nuray

  • Senior Member
  • ****
  • Posts: 2889
Re: Muslims get interest-free loans
« Reply #8 on: June 16, 2009, 05:10:35 PM »
So this is supposed to be a way for them to get around the state law in order to ‘comply’ with their religious law. Only the reality is, they’re (Muslims) just going to end up being charged more for what they are seeking to get & then pay it over time, which in the end comes out working the same as an interest loan would.
,

 

Shengal is 100% free of DAESH/Sunni Muslims

Started by Ezidi KurdBoard Religion and Spirituality

Replies: 45
Views: 1908
Last post September 09, 2017, 08:30:45 PM
by Ezidi Kurd
Free iPod - NO JOKE!

Started by rumrumBoard Chit Chat

Replies: 11
Views: 931
Last post January 04, 2006, 12:58:09 AM
by shamirum
Expedia.com free coupon if someone needs it!

Started by uweremyfavoritemistakeBoard Chit Chat

Replies: 10
Views: 893
Last post January 10, 2006, 11:46:22 PM
by BuNzZz
The vatican warns western women not to marry muslims....

Started by manuel50Board News & Current Events

Replies: 30
Views: 3513
Last post January 09, 2006, 12:23:28 AM
by vanity_fair
Two muslims (including a Sheikh) converted to Christianity

Started by ~*Merooona*~Board Culture & History

Replies: 6
Views: 2649
Last post March 06, 2006, 12:45:00 AM
by Enki