Economics

Yet Muslims need money and banks need to make a living. Systems are devised to get round the ban. For example, instead of a Muslim holding a mortgage for a house, the bank can own the house and make arrangements for the Muslim gradually to buy it off the bank over a period of years. HSBC now boasts of "Our Sharia Board" stuffed with learned sheikhs and Justices from Arabia and Pakistan. Isn't all this an encouraging example of how the resourcefulness of modern free societies can achieve tolerance and market efficiency?

But when you look a little further into the... Islam is not an exotic addition to the English country garden

Although this link is from May 27, 2002 it is still relevant Guardian Unlimited Money | Ethical money | Islamic banking holds mainstream appeal

Quote

About three million Muslims live in Britain, but so far they have had little opportunity to adopt banking practices which accord with Islamic tenets.

There is pent-up demand," said Iqbal Khan, chief executive office of Amanah Finance, HSBC's Islamic banking arm, based in Dubai. "We have regularly received enquiries regarding the availability of Islamic finance products, in particular Islam-compatible finance to purchase both residential and commercial properties. The needs of these Muslims need to be served immediately." EndQuote

Firstly, it is interesting that a figure of 3 million Muslims is quoted here - that's approximately twice the officially acknowledged figure.

Secondly, since that article was written, more and more facilities have been made available for Muslims. Why did their needs have to be met immediately?

Thirdly, the Telegraph link above states, correctly, that Sharia law does NOT say that no interest can be charged or paid. So why has everyone bent over backwards to accommodate and service them when they are, at best, exaggerating their need?

Fourthly, because the bank buys the house the mortgage owner pays rent and not a mortgage repayment. Since it is rent it will be fully paid if and when the person becomes unemployed or sick. In other words the state will always pick up the tab and repossession cannot happen. However, if you become unemployed or sick and you have got a conventional mortgage, then the state will only pick up a percentage of your mortgage and you have to find the balance. That is why sickness or unemployment frequently leads to repossession. Either the full payments of an Islamic mortgage should not be met or a normal mortgage should be honoured as is an Islamic one. Just one more example of the absolute unfairness and inequality of the two systems. It is a fact that a Muslim can take out an Islamic mortgage and the state will pay every penny if he is on benefit - EVERY PENNY!

Gloriana, Ken, Elizabeth

PS Another bit of Sharia law, which will financially benefit the Muslims, is being discussed between the Home Office and the Inland Revenue. This is recognising the existence of second and subsequent wives, thereby changing the rules on inheritance tax.

Muslim second wives may get a tax break

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