3 Wood: Back in the Saddle

AEROSMITH: Back in the Saddle

Our very own 3 Wood is back in the saddle again
and looking at "Sharia Mortgages":

Sharia-compliant mortgages are here - and they're not just for Muslims

Huma Qureshi explains the ins and outs of the Islamic home loan market

Here's 3 Woods word on that article:


The whole sharia-compliant banking concept is just a different way of labeling something (in this case, interest) to get around a technicality. The examples given in the article all are variations of the ultimate purchaser buying the bank out of the bank's ownership position at a profit. In essence, the bank owns the property, marks it up for a profit and then sells it to the mortgage holder calling the fixed mortgage payment all principle.



It really does not change anything except getting around the prohibition against paying "interest". Believe me, the bank is still going to make a profit, regardless of what you call it. It will be very interesting to see how the lack of mortgage interest to deduct will be treated going forward in the U.S. for people with sharia compliant mortgages. As you know, mortgage interest of your primary residence is tax deductible but not principle payments. I'm just waiting to hear that this is being challenged in court as discriminatory against people with sharia compliant deals.

~ 3 Wood




Naturally I have something to add:


In my opinion ~


The issue here is one of cultural capitulation


and the replacing of the terms and definitions used in what used to be Western society with Islamic ones


This whole sharia finance crap is step one in getting us to accept SHARIA LAW proper
starting with MONEY, naturally


which the Oil Ticks have the most of.....


and since MONEY is 99% of Western People's GOD nowadays (next to the SELF)

They begin even now to happily bow to their Islamic Overlords.

Or Overlards.

Depending of course on individual girth.

So, Huma Qureshi can bite me, and Mo was a pedophile!

~ BZ

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