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Banks cater to expanding Muslim population
The Washington Times ^ | 1-23-06 | Tom Ramstack

Posted on 01/23/2006 11:41:28 AM PST by JZelle

A financial firm plans to open an office in Fairfax County in early March to sell mutual funds to the Washington area's Muslims, joining banks and investment houses that find the growing U.S. Islamic population can no longer be ignored. Saturna Capital Corp. plans to sell its Amana mutual funds to the Washington area's approximately 200,000 Muslims who want to avoid violating Islamic law with their investments.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: immigration; investments; islam; muslims; mutualfunds; nomuslimsallowed

1 posted on 01/23/2006 11:41:31 AM PST by JZelle
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To: JZelle

Muslim banking is interesting. They believe charging interest is wrong. Instead, they share the risk of the entrepreneur by providing a loan and instead of interest, they take profit sharing in the business they help fund.


2 posted on 01/23/2006 11:44:46 AM PST by Lunatic Fringe (North Texas Solutions http://ntxsolutions.com)
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To: JZelle
No Piggy Bank for You!!
3 posted on 01/23/2006 11:45:00 AM PST by msnimje (What’s the deal with all the self-appointed, holier than thou, correcto maniacs on Free Republic??)
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To: JZelle
Let the pigs sell their wives asses to the muslims.
4 posted on 01/23/2006 11:46:10 AM PST by mmercier (something under the bed is drooling...)
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To: JZelle
For Muslims, either earning or paying interest is "considered one of the greatest sins," Mr. Loundy said.

Unresolved under Internal Revenue Service rules is whether Muslim taxpayers can claim an interest deduction on their homes or businesses when they are not paying interest.

Huh? Just how do get one but not the other?

• In Ann Arbor, Mich., a bank that has offered special services for Muslims for two years recently formed a subsidiary specifically for them.

And just how does a bank get to do this? Does an infidel have the same access? Can banks now have "special services" only for Christians?

5 posted on 01/23/2006 11:48:51 AM PST by 2banana (My common ground with terrorists - They want to die for Islam, and we want to kill them.)
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Comment #6 Removed by Moderator

To: 2banana
Can banks now have "special services" only for Christians?

Do Christians have special banking needs?

And just how does a bank get to do this?

Umm, because this is America and people can still open a business that caters to the specific needs of its customers. This is still America, land of the free, despite many FReepers "No Muslims Allowed" philosophy.

7 posted on 01/23/2006 11:53:46 AM PST by Lunatic Fringe (North Texas Solutions http://ntxsolutions.com)
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To: JZelle

Funny I thought Muslims did not allow interest.


8 posted on 01/23/2006 11:58:46 AM PST by funkywbr
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To: funkywbr
Funny I thought Muslims did not allow interest.

I've heard about all the hoops they jump through to pretend that the financial arrangement they use to get money from a bank to buy a house isn't a mortgage with interest. I suppose that if it is complicated enough, Allah's accountants won't be able to figure it out and it isn't a sin. < /sarcasm>

9 posted on 01/23/2006 12:00:40 PM PST by KarlInOhio (Hey Fat Ted: Alito is the judge, Mojito is what you're drinking. Try to remember the difference.)
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To: Lunatic Fringe
Umm, because this is America and people can still open a business that caters to the specific needs of its customers. This is still America, land of the free, despite many FReepers "No Muslims Allowed" philosophy.

The Feds might have something to say about that:

§ 338.3 Nondiscriminatory advertising.

(a) Any bank which directly or through third parties engages in any form of advertising of any loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling or any loan secured by a dwelling shall prominently indicate in such advertisement, in a manner appropriate to the advertising medium and format utilized, that the bank makes such loans without regard to race, color, religion, national origin, sex, handicap, or familial status.

And ETC. for all whole host of other nondiscrimination laws...

10 posted on 01/23/2006 12:01:02 PM PST by 2banana (My common ground with terrorists - They want to die for Islam, and we want to kill them.)
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To: funkywbr

They often get around it through wordplay; they'll pay interest but call it a "fee" or "rent", etc. That's how it works for some banks in Britain, anyway, which was the first Western country to really institute "Islamic" banking.


11 posted on 01/23/2006 12:01:32 PM PST by Lejes Rimul (I was right about Iraq all along. Told you so.)
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To: 2banana

Nobody's saying Christians won't be served. But the bank is probably in a 100% Muslim district, so the tellers, etc., will try and be as "Islamic" as possible. It's no different than banks that are proud to speak Spanish.


12 posted on 01/23/2006 12:03:13 PM PST by Lejes Rimul (I was right about Iraq all along. Told you so.)
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To: JZelle
After reading the article in full, its pretty clear they are playing semantics.

I.E. its still interest, just using a different name and playing games.

Any serious muslim cleric would see this for what it is.

Just because you call something by another name, and spin it like a wheel, does not make it so.

13 posted on 01/23/2006 12:03:21 PM PST by Sonny M ("oderint dum metuant")
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To: Lunatic Fringe
The Christian Church used to believe this as well back in the Dark Ages. In fact, the Templars used to charge people and call it "rent" or "fees" some other name to get around calling it "interest". Its how banking works. We eventually grew out of our Dark Age time and went through the Renaissance.
14 posted on 01/23/2006 12:04:14 PM PST by KC_Conspirator
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To: 2banana

Actually, it is open to everyone. So if you want a Muslim-style mortgage (ie, bank being the owner, you paying rent-to-own monthly payments) I'm sure they'll give you one.

Bank still makes profit, so whatever they wanna call it, it's "interest" in some form or other. There's a return on capital involved one way or the other.

Unless I don't understand this and only time bank gets paid (ie, makes profit) is when the house is sold for higher value.


15 posted on 01/23/2006 12:05:18 PM PST by farlander
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To: JZelle
Hmmmm. I wonder if 72 virgins are an appreciable asset and can you ammortize their cost?
16 posted on 01/23/2006 12:05:28 PM PST by Reaganesque
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To: Lunatic Fringe

Lovely. So instead of a loan, you get equity financing ? And everything that entails, such as, sharing in control of the business, etc ? What if don't want a partner ? Guess I'm out of luck.


17 posted on 01/23/2006 12:06:40 PM PST by farlander
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To: JZelle
Headline should have been "Banks cater to expanding exploding Muslim population."
18 posted on 01/23/2006 12:06:52 PM PST by Cyclopean Squid (Moderates do not make history)
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To: Lejes Rimul

Or "damages." You have to pay the debt RIGHT NOW, and if you don't you have to pay "damages" to the creditor. Lots of ways around this.


19 posted on 01/23/2006 12:08:32 PM PST by Little Ray (I'm a reactionary, hirsute, gun-owning, knuckle dragging, Christian Neanderthal and proud of it!)
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To: JZelle
The growing U.S. Islamic population can no longer be ignored

No truer words were ever spoken...

20 posted on 01/23/2006 12:16:14 PM PST by joesnuffy (A camel once bit our sister.. but we knew what to do.. we gathered rocks and squashed her!)
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To: joesnuffy

They should not be ignored. They should be under surveillance.


21 posted on 01/23/2006 12:17:37 PM PST by sheik yerbouty ( Make America and the world a jihad free zone!)
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To: 2banana

That would be a violation of FDIC laws.


22 posted on 01/23/2006 12:21:37 PM PST by massgopguy (massgopguy)
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To: Lunatic Fringe
Do Christians have special banking needs?

The purchase of indulgences from the Bank of Tetzel? ;-)

23 posted on 01/23/2006 12:24:02 PM PST by peyton randolph (As long is it does me no harm, I don't care if one worships Elmer Fudd.)
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To: Lunatic Fringe
Muslim banking is interesting. They believe charging interest is wrong. Instead, they share the risk of the entrepreneur by providing a loan and instead of interest, they take profit sharing in the business they help fund.

Isn't that called 'loansharking'?

24 posted on 01/23/2006 12:24:03 PM PST by Paul C. Jesup
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To: 2banana
Unresolved under Internal Revenue Service rules is whether Muslim taxpayers can claim an interest deduction on their homes or businesses when they are not paying interest.

And just why is the US bending over backwards (or forwards, perhaps) to make life in America easier for Islamic swine?

25 posted on 01/23/2006 12:25:51 PM PST by white trash redneck (Everything I needed to know about Islam I learned on 9-11-01.)
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To: Soul_of_Chogokin
America is going to regret allowing so many muslims in this country.

Nah. By the time there are enough muslims in America to cause the kinds of problems the Europeans are having, the Mexicans will have taken over. Won't be our problem anymore. :)

26 posted on 01/23/2006 12:26:34 PM PST by America_Right (Sen. George Allen in '08! Get the name out there!)
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To: JZelle
The Banker’s Pledge of Allegiance

We pledge allegiance, to the money
Of the worldwide global economy
And to its riches, for which we scam
One financial system, under IMF
With interest and collateral from all.

27 posted on 01/23/2006 12:38:58 PM PST by OB1kNOb (.....And you KNOW what I'm talkin' 'bout !!! - Hitlery)
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To: JZelle

Free "det cord" if you open a checking account, a crate of 7.62 if you buy a CD.


28 posted on 01/23/2006 12:49:38 PM PST by gaijin
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To: Lunatic Fringe
Do Christians have special banking needs?

Yes, we need instant credit at zero percent with no minimum monthly payment ;)

From Shakespeare's Hamlet:

Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine ownself be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.

29 posted on 01/23/2006 1:25:47 PM PST by Sender (As water has no constant form, there are in war no constant conditions. -Sun Tzu)
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