Firms Offer Muslims Alternatives To MortgagesTo put it another way, this whole finance business is a bunch of horse shit, because pig shit would be unacceptable to Muslims. If you live in a house with a mortgage or you rent-to-own, stop making payments and you lose your house and your ass is on the street.
Islam forbids charging interest in the belief that it exploits people, but it allows making money off actual goods. Aqbal worked with an Islamic finance company to buy his $300,000 condo. He put in $30,000 and the finance company put in the rest, so they essentially bought it together. Instead of paying a mortgage, Aqbal will pay rent until he eventually buys the company out of its share. The company charges a fee for Aqbal's exclusive use of the house, but considers that profit, not interest. It'll end up costing practically the same as a mortgage; the methodology is what's different.
'You have essentially the same type of product,' says Hussam Qutub of Guidance Financial, an Islamic finance firm. He uses the analogy of a potato chip fried in pig fat — pork is forbidden to Muslims — and a potato chip fried in something more acceptable, like vegetable oil.
You can put lipstick on a pig or garters on a goat but they still won't let you bring it as your prom date. Trust me on that one.
4 comments:
Maybe the livestock needed a bath as well in order to be a "proper" date?
If I convert to Islam can I quit paying interest on my mortgage and claim religious persecution if they try to foreclose?
Try it and let me know how it goes.
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