[$tinkle]

Minn. State Agency Offers Islamic Mortgages

MINNEAPOLIS (AP) ― For many Minnesota Muslims, it's been virtually impossible to buy a home, because Islamic law forbids the paying or charging of interest. To help close the home ownership gap among Muslim immigrants, the state's housing agency has launched a new program offering Islamic mortgages.

Islamic law does make exceptions to the ban on interest, if one's family is at stake. But the exceptions are open to interpretation and for many observant Muslims, conventional mortgages are strictly taboo.

Nawawi Sheikh is one of them. The Somali-American said he and his wife just couldn't go against their beliefs, even if it meant giving up their dream of owning a home. Still, he grew tired of moving from one rented apartment to another.

"One thing I hated was moving. I don't like to move all the time," he said.

He has no plans to move again anytime soon. Sheikh is the first home buyer to get a loan through the state's New Markets Mortgage Program. That's because, program manager Nimo Farah said, he has all the makings of a successful homeowner.

"I had lots of applications, but he's the first one, because really, he was ready. He has been working at the same job for quite a while; he took care of his credit; he had the right size family, and he had all his documents together," she said. "He was basically ready to go."

The program is targeted at low-to-moderate income families. Qualified applicants have to complete first-time home buyer education classes. The goal is to help Muslim home buyers build wealth and reap the benefits of home ownership.

Here's how the mortgage, known as Murabaha financing or "cost plus sale," works:

The state buys a home and resells it to the buyer at a higher price. The down payment and monthly installments are agreed to up front at current mortgage rates.

The deal is identical to a thirty-year fixed-rate loan, except there's no additional interest, because the higher up front price factors in payments that would have been made over the life of a traditional mortgage.

A handful of private banks and lending institutions offer Islamic mortgages in the U.S., but Minnesota Housing is the first state agency to offer such a product. The program is the brainchild of Hussein Samatar, director of the African Development Center in Minneapolis.

"The process is different, but the outcome will look the same," Samatar said. "We wanted to be as conventional as possible, while respecting the tenets of Islam."

any bets TN will put Laura in a burqa?

 

[Secret Squirrel]

So wait...uh....umm....

They just don't call it interest and it's ok? Sounds a little easy to me...

 

[$tinkle]

So wait...uh....umm....

They just don't call it interest and it's ok? Sounds a little easy to me...

almost as sneaky as jews



almost

 

[ohio]

Because it's stinkle, I'm assuming he's complaining about Muslim's getting unfair priviledges or being treated with kid gloves, but I'm not seeing the angle here...

 

[Secret Squirrel]

I just see it as a spade being called a diamond...

...er somethin'....

 

[$tinkle]

Because it's stinkle, I'm assuming he's complaining about Muslim's getting unfair priviledges or being treated with kid gloves, but I'm not seeing the angle here...

i don't see it as a privilege to look like a fool - they're still paying the interest all the while looking "pious"

can you think of anything more deserving of ridicule?

i don't see a glaring church/state issue here, but thin-skinned aclu types could make hay out of it, stating gov't resources are being used to appease a certain religion

 

[X3pilot]

How is interest forbidden by Islamic law that was written by Allah way back when?

It couldn't be that another religious group would bend their laws and beliefs to benefit their agendas could it?

 

[Defenestrated]

The aclu is great because it pisses so many people off, I hope they sue for the lolz.

 

[syadasti]

How is interest forbidden by Islamic law that was written by Allah way back when?

It couldn't be that another religious group would bend their laws and beliefs to benefit their agendas could it?

That was on NPR recently:

http://www.npr.org/templates/story/story.php?storyId=101389895

 

[Silver]

can you think of anything more deserving of ridicule?

Have you ever seen the prayer before a NASCAR race?

i don't see a glaring church/state issue here, but thin-skinned aclu types could make hay out of it, stating gov't resources are being used to appease a certain religion

There may be something there. It would be interesting to look at the economics of it, and if it made sense, to have an atheist apply to the same program.

 

[$tinkle]

Have you ever seen the prayer before a NASCAR race?

can't say that i have; but if you get that big a gaggle of fat white southerners, that's probably the best thing to come of it

There may be something there. It would be interesting to look at the economics of it, and if it made sense, to have an atheist apply to the same program.

i certainly think there's a legal argument worthy of a judges ear based on that alone. this could turn into something (state resources used for a religious purpose), which could result in church start-ups of all religions no longer being allowed to meet in public schools.

 

[Cant Climb]

can't say that i have; but if you get that big a gaggle of fat white southerners, that's probably the best thing to come of it
i certainly think there's a legal argument worthy of a judges ear based on that alone. this could turn into something (state resources used for a religious purpose), which could result in church start-ups of all religions no longer being allowed to meet in public schools.

State resources...?.....it's probably just typing numbers into an Excel spreadsheet...

 

[$tinkle]

State resources...?.....it's probably just typing numbers into an Excel spreadsheet...

like a great deal of gov't work, it's simply: "just put tab A into slot B"

also like a great deal of gov't work, it has to be justified, usually through a series of pre-meetings to determine the correct audience for the sub-committee, which will be met w/ politicising & posturing, finally resulting in a news conference, radio spots, and lawsuits, and fishing for book deals (ed: i haven't even talked about updating existing legislation)

all on the public dime

 

[Cant Climb]

like a great deal of gov't work, it's simply: "just put tab A into slot B"

also like a great deal of gov't work, it has to be justified, usually through a series of pre-meetings to determine the correct audience for the sub-committee, which will be met w/ politicising & posturing, finally resulting in a news conference, radio spots, and lawsuits, and fishing for book deals (ed: i haven't even talked about updating existing legislation)

all on the public dime

True. So they might be a little busier until it is set up snd people are informed.....

If there is no monetary advantage i'm glad to see this guy getting into a house where he can raise his family...

 

[$tinkle]

If there is no monetary advantage i'm glad to see this guy getting into a house where he can raise his family...

for that matter, why he can't stay at an apt, or rent a house?

also, i'm not sure if this program offers an unfair advantage to someone (i.e., i got turned down going through the process used by infidels, i can has little mosque on the prarie?)

 

[ohio]

i don't see it as a privilege to look like a fool - they're still paying the interest all the while looking "pious"

can you think of anything more deserving of ridicule?

And orthodox Jews put up string and have servants turn lights on/off so they can be "pious" on the sabbath. I'm sure Silver has some choice examples from Christianity as well.

If you're looking for agreement that fundamentalists are idiots, you've got it, but you already knew that.

 

[$tinkle]

And orthodox Jews put up string and have servants turn lights on/off so they can be "pious" on the sabbath. I'm sure Silver has some choice examples from Christianity as well.

and i'm sure those were "pearls of wisdom" he was swallowing from teh jesuits as a wee lad

 

[Cant Climb]

for that matter, why he can't stay at an apt, or rent a house?

also, i'm not sure if this program offers an unfair advantage to someone (i.e., i got turned down going through the process used by infidels, i can has little mosque on the prarie?)

Maybe the guy thinks he is getting a deal or maybe his religious convictions are true, either way if he isn't getting monetary benefit it doesn't matter....

Buying houses right now is good thing.

 

[Silver]

If you're looking for agreement that fundamentalists are idiots, you've got it, but you already knew that.

He's living it...

 

[Defenestrated]

The only reason devout Muslims are perplexing to us is because we are already overexposed to christian evangelicalism.

Speaking objectively, both groups are full of equally odd, base, and closed minded individuals.

 

[valve bouncer]

I'm confused el-Stinko. A service popped up to meet a need. Is that not the essence of capitalism or in this case, government responding to the needs of its citizens, or am I missing something? Why would conservatives be against this?

 

[$tinkle]

I'm confused el-Stinko. A service popped up to meet a need. Is that not the essence of capitalism or in this case, government responding to the needs of its citizens, or am I missing something? Why would conservatives be against this?

b/c they're somali muslims, which is a twofer: muslims and affirmative action

next thing you know, they'll be scoring deals on mobile homes. you know how much RDX you can pack into a cracker box? they'll park that thing on the infield at the indy 500 & cooter brown won't be the wiser

this is a matter of nat'l security, slick

 

[Secret Squirrel]

b/c they're somali muslims, which is a twofer: muslims and affirmative action

next thing you know, they'll be scoring deals on mobile homes. you know how much RDX you can pack into a cracker box? they'll park that thing on the infield at the indy 500 & cooter brown won't be the wiser

this is a matter of nat'l security, slick

Your custom title has never been so apt...

 

[Defenestrated]

I don't know about indy racing but you can definitely rule out NASCAR. If terrorists bombed a NASCAR event it would be the end of the Middle East as we know it.

Either it would be glass or it would be under siege by the freshly volunteered unwashed American horde in its foul entirety.

 

[$tinkle]

i know the differences between indy & nascar like bush knew the differences between shia & sunni

 

[Secret Squirrel]

i know the differences between indy & nascar like bush knew the differences between shia & sunni

One's high brow...the other, not so much...


actually, strangely enough, it is kinda like shia & sunni..

 

[$tinkle]

brickyard == mecca
daytona == detroit