new Muslim bank has no interest payments

Discussion in 'Current Events' started by ScreamingEagle, Jan 3, 2006.

  1. ScreamingEagle
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    ScreamingEagle Gold Member

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    This bank, University Islamic Financial in Ann Arbor caters to Muslims and the Shariah legal code. Is this even legal under FDIC rules?

    Under Shariah law muslims are not supposed to pay interest so on their home loans they pay "rent" plus set up a savings account to pay it off. I wonder if they get to write off their "rent" on their taxes?

     
  2. Annie
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    Annie Diamond Member

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    It appears that the bank does not have FDIC backing, rather it's trying to get accounts that do have the backing, from the holding company. Right up front they say catering to Muslim customers, which sounds like 'others not welcome.' Operating under Sharia laws, which ahem, are not 'the law' of Michigan. Where's the ACLU?:

    http://www.marketwire.com/mw/release_html_b1?release_id=104992
     
  3. ScreamingEagle
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    ScreamingEagle Gold Member

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    Right, if this was a special Christian bank organization operating under separate "Christian laws" the ACLU would be foaming at the mouth.

    If the bank does not have FDIC backing it is just a small private bank that poses no legal problem I suppose. And 15mil is not a whole lot, but it's a start.

    However, it is a problem that Muslim groups think they must economically operate separately from the rest of us according to "their" rules. Whatever happened to the "melting pot"? This is another way how separatist groups begin forming which eventually tear a nation apart. It's just amazing how our freedoms are twisted and used against our country.

    Savage brought up this topic yesterday and may have more to say about it later today on his radio program. I wonder how many muslims will give up their tax write-off to pay "rent" instead of interest...they had better not get the tax write-offs! :fu2:
     

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