Islam, a philosophy in decline??

[bellenuit]

I am converting to Islam to get me an interest free loan.

So called Islamic loans are "interest Free" semantically only. It doesn't mean that you would get the loan at no cost, it is just that the cost of the loan is applied through another method other than interest. For instance, it might be classed as a "service fee".

Personally I have no problem with banks offering loans to muslims who have an issue with being charged "interest" and charging the cost of borrowing by some other method acceptable to muslims, so long as there is no preferential treatment given. In fact I thought there were banks already offering Islam compliant loans.

One can only feel sorry for people who blindly follow the edicts of "their book" no matter how irrelevant it has become, but they are not the only religion whose members, or at least some of whom, are prone to such nonsense. However, we should draw the line with changing our legal system to satisfy practices that reduce our freedoms or create standards that are inappropriate to modern day life, even if the changes only apply to a particular group.

 

[trainspotter]

I will rent it instead of buying it and paying interest on it? Whaaaaaaaaa???

An innovative approach applied by some banks for home loans, called Musharaka al-Mutanaqisa, allows for a floating rate in the form of rental. The bank and borrower form a partnership entity, both providing capital at an agreed percentage to purchase the property. The partnership entity then rents out the property to the borrower and charges rent. The bank and the borrower will then share the proceeds from this rent based on the current equity share of the partnership. At the same time, the borrower in the partnership entity also buys the bank's share of the property at agreed installments until the full equity is transferred to the borrower and the partnership is ended. If default occurs, both the bank and the borrower receive a proportion of the proceeds from the sale of the property based on each party's current equity. This method allows for floating rates according to the current market rate such as the BLR (base lending rate), especially in a dual-banking system like in Malaysia.

http://en.wikipedia.org/wiki/Islamic_banking

What the hell is the difference?

 

[bellenuit]

I will rent it instead of buying it and paying interest on it? Whaaaaaaaaa???



http://en.wikipedia.org/wiki/Islamic_banking

What the hell is the difference?

There is no difference, just wordplay.

 

[trainspotter]

There is no difference, just wordplay.

So if I wanted to then technically I am renting my house from the bank? Does this make my PPOR a tax deduction? As long as I declare Allah is the only Prophet? Too easy man.

 

[bellenuit]

So if I wanted to then technically I am renting my house from the bank? Does this make my PPOR a tax deduction? As long as I declare Allah is the only Prophet? Too easy man.

Actually, I have never looked at the tax implications of Islamic loans. I'm sure the ATO will will not lose out in any case. They never do.

I would also assume that if banks were to provide Islamic loans, they would have to make them available to everyone, not just muslims, otherwise that would be religious discrimination. Thus you can be sure that the ATO would not allow such loans to provide a loophole to avoid tax.

 

[Garpal Gumnut]

A very interesting article from the City Journal.

Is Islam Compatible with Capitalism?
The Middle East’s future depends on the answer.

http://www.city-journal.org/2011/21_3_muslim-economy.html

gg

 

[Dona Ferentes]

there's no philosophy, it's only legalism:

The Taliban's Ministry for the Propagation of Virtue and the Prevention of Vice (PVPV) said on Tuesday it would start implementing a law banning the media from using photos and videos of things with souls – meaning people and animals.

The rules are part of legislation recently announced by Afghanistan’s Taliban government formalising a strict interpretations of Islamic law imposed since it swept to power in 2021.

 

[Garpal Gumnut]

there's no philosophy, it's only legalism:

The Taliban's Ministry for the Propagation of Virtue and the Prevention of Vice (PVPV) said on Tuesday it would start implementing a law banning the media from using photos and videos of things with souls – meaning people and animals.

The rules are part of legislation recently announced by Afghanistan’s Taliban government formalising a strict interpretations of Islamic law imposed since it swept to power in 2021.

These guys are seriously FITH but are surrounded by countries many of whose citizens are as completely FITH as they so I hold out no hope for them.

I've never worked or known an Afghan but many seem in the media after migration quite sensible and pleasant.

Islam plays a lot in to their craziness as did Christianity in the West in the Middle Ages.

gg

 

[Dona Ferentes]

.Islam plays a lot in to their craziness as did Christianity in the West in the Middle Ages.

gg

yes, that may be the case. but then we had a Reformation and Enlightment, amongst many developments MOVING FORWARD

 

[Garpal Gumnut]

yes, that may be the case. but then we had a Reformation and Enlightment, amongst many developments MOVING FORWARD

Exactly. Islam as a military or political entity needs to be defeated by force of arms or the religion itself undergo a Reformation. The latter would be difficult as death is the punishment for anyone who strays from the official line.

Perhaps we could start a Gofund Me for the Transgenders for Palestine to stop off in Kabul on their way to Gaza to intercede with the people of faith and tolerance on the advantages of Western values.

gg