NAB to introduce Muslim-friendly loans (4 Viewers)

[jb_nc]

So let me get the right; If I want to purchase a $1000 fridge the bank will buy it for me. BUT, they will sell it back to for......$2000. If the loan is over a 1 year period ill be paying $2000/52 = $39.00 pw in repayments?

I dont understand how this is soooooooooooooo much differnt from what we already have.

You are not allowed to charge interest in Islam.

This was also the case until the Renaissance for Christians.

 

[High_Pride]

They're already selling Halal meals at McDonalds. Nothing new here.

 

[jb_nc]

I see nothing wrong with the actual process, looks fine to me.

What worries me is that I do not want Sharia Law to become manifest in Australia - it can piss off. First this, then something else, then people will be asking for separate religious Sharia courts (there are already lobby groups requesting this). We're all equal, we should all go to the same civil/criminal courts. :mad1:

YES

one company allowing loads because they have found a niche in the market...

...leads to full blow government sanctioned sharia courts for those that choose them

go home jew

 

[JonathanM]

YES

one company allowing loads because they have found a niche in the market...

...leads to full blow government sanctioned sharia courts for those that choose them

go home jew

Now, don't go jumping to such huge conclusions. You see I put in a margin for error, saying it would lead to 'another' thing which would lead to Sharia courts. You just took it too far. Not cool.

 

[withoutaface]

Don't actually have an issue with this beyond the fact that it seems very much like cheating. The bank is still making the exact same money it would under a fixed interest loan, with the same kind of guarantees, repayments, etc, except they've just branded it something else to avoid falling under the 'usury' clause in the Quaran. My question to a muslim is how this is any different to the kind of 'unearned money' you'd get using interest because this is in its spirit (if not in its semantics) the same thing.

 

[Catolyo]

I don't really see the problem, as long as the loan is available for everyone, it is quite fair, and isn't this kind of better anyway? Your won't have to worry about rising interest rates and such, I think, possibly, it would make everyhting easier. But I agree that it shouldn't be called a 'Muslim loan'.

 

[Venetiad]

Fixed Rate loan which counts all interest in advance. Meh, okay.

But, like with JonM, my problem lies with our secular society becoming more religion oriented. Do no want/like. If this goes on to allow only certain groups the privelage of whatever, we've lost any sense of multiculturalism. We'd be like Apartheid South Africa. Thats something which the world doesn't need to return to, specifically in Australia.

 

[russs]

I've read on this already, the loans are available to non-muslims too.

Then again, sharia law has NO place in Australia, as my opinion. Muslims can practice sharia law all they want, in their own settings/countries but it has absolutely no place in secular Western societies.

 

[khorne]

I think the best part about religion....are the flame wars online...

 

[shinji]

I think the best part about religion....are the flame wars online...

If you're not going to say anything that contributes to the discussion, don't say anything at all.

I agree with Russ though, why must they introduce such a scheme? I mean, no doubt we are a multicutural society; but making a loan specifically so muslisms are able to acquire loans -- is just plain idiotic. Why should Australia have to change so people can integrate? Others should change so they integrate into society; they did make the choice to come to Australia.

A question, does this mean it's illegal under sharia law for people to collect interest on deposits in the bank?

 

[khorne]

If you're not going to say anything that contributes to the discussion, don't say anything at all.

I contributed my opinion you berk. I pointed out how all religion threads lead to this etc.

 

[SAVAK]

listen, the term 'Islamic banking' is just another name. IT IS STILL INTEREST, CALL IT PROFIT/LOSS, TIME VALUE OF MONEY OR WHAT EVER THE FUCK YOU WANT. AT THE END OF THE DAY IT IS STILL INTEREST NO MATTER WHAT. In a way it is different to the extent that if you buy a house for 200K the risk factor is shared. ie, know one can determine the future of the housing market, but if it goes bust both the bank is screwed and the client. get that. now fuck off.

 

[Sicherhetsdient]

hmm

 

[aussie-boy]

Are these Muslims so retarded that they think their all knowing and all powerful God is too dumb to realise that they are still paying interest, just with a different name???

Alternatively, they are not stupid - maybe they are just too lazy to follow their religion, or don't even believe in God! Maybe they are only conveniently 'Muslim' in order to receive moral kudos from their peers, in which case I reckon they should have no choice but to (god forbid) brave the secular Australian banking system without some religious bullshit to guide them through.

 

[Jessica14]

^ A post like that agrees with your username.

 

[Sicherhetsdient]

Australian "secular" banking system.


omfg.

 

[lala2]

I wonder how banks do business in the Muslim world then. They must all be not for profit and from the good of their hearts. Or does everyone rent all their possessions then?

 

[shinji]

I contributed my opinion you berk. I pointed out how all religion threads lead to this etc.

lol wtf is a berk man?

and how is your opinion of how "talks of religion leads to this" relevant to the subject at hand?

This is about NAB introducing a loan based off religious laws. NOT how talks of religion leads to racial condescending comments.

 

[banco55]

I wonder how banks do business in the Muslim world then. They must all be not for profit and from the good of their hearts. Or does everyone rent all their possessions then?

Well there's a reason that non-islamic countries like China, Korea, Japan, the West etc. use old fashioned interest loans. Because they are more efficient the the contrivances that the muslims use to try to pretend they are not charging interest.

 

[Graney]

Don't actually have an issue with this beyond the fact that it seems very much like cheating. The bank is still making the exact same money it would under a fixed interest loan, with the same kind of guarantees, repayments, etc, except they've just branded it something else to avoid falling under the 'usury' clause in the Quaran. My question to a muslim is how this is any different to the kind of 'unearned money' you'd get using interest because this is in its spirit (if not in its semantics) the same thing.

This.

It's a really stupid, convoluted and nonsensical way to the same ends. If usury is immoral, so is this. The principle is identical.

Muslims need to move on and accept that charging interest on loans is harmless and sensible business practice in the 21st century.