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Halal housing

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AN interest-free housing project aimed at the Muslim community and boasting 100 per cent halal housing has sparked a major row, with critics labelling it a discriminatory plan that could lead to a Muslim enclave.

Qartaba Homes' plan offers "100 per cent Halal housing to the growing Muslim community of Australia" in the heart of the northwestern Sydney suburb of Riverstone.

While the company has insisted people from all religious backgrounds are free to take up the offer, it advises that the loans are "100 per cent Halal" and a "chance to escape Riba (interest)" because interest is a sin under Islamic law.

Qartaba Homes director Khurram Jawaid said it was the real estate deal of a lifetime, open to Australians of all faiths and backgrounds, but the state MP for Hawkesbury Ray Williams said the project was divisive.

"I can only imagine the repercussions if a developer were to advertise a new Judeo-Christian housing estate; they would be hung, drawn and quartered," Mr Williams said.

http://www.couriermail.com.au/news/national/plan-for-muslim-housing-enclave-in-sydney-suburbs/story-fndo1uez-1226549857355

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The developers say the project is not exclusive to any one faith. The loans are "halal" (no interest) which undermines the banks. What is the problem again?

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What a crock of sh#t that they don't pay interest! The institution will buy the place. The 'tenants' will then pay a monthly rental that (strangely enough) matches a corresponding monthly P&I loan repayment at market interest rates. At the end of 20 years or so, the tenants get to keep the property.

But no interest was ever paid! rolleyes.gif

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What a crock of sh#t that they don't pay interest! The institution will buy the place. The 'tenants' will then pay a monthly rental that (strangely enough) matches a corresponding monthly P&I loan repayment at market interest rates. At the end of 20 years or so, the tenants get to keep the property.

But no interest was ever paid! rolleyes.gif

Not much info on their website. It would be fairly easy to do a comparison with a loan calculator. I did however see some vague mention of "development costs"

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What a crock of sh#t that they don't pay interest! The institution will buy the place. The 'tenants' will then pay a monthly rental that (strangely enough) matches a corresponding monthly P&I loan repayment at market interest rates. At the end of 20 years or so, the tenants get to keep the property.

But no interest was ever paid! rolleyes.gif

I believe that is how it works.

I also believe these 'loans' have a higher rate of 'interest' and a lower 'LVR' than an infidels finance arrangement.

That's about the financing of the house, but what makes this development Halal? Do the houses have to face Mecca?

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What a crock of sh#t that they don't pay interest! The institution will buy the place. The 'tenants' will then pay a monthly rental that (strangely enough) matches a corresponding monthly P&I loan repayment at market interest rates. At the end of 20 years or so, the tenants get to keep the property.

But no interest was ever paid! rolleyes.gif

I've run into Islamic financing a little bit professionally and you're exactly right Cobran - that is how it works. It's basically an instalment purchase/hire purchase arrangement and of course the cost of finance is built into each payment, but is not given the label 'interest'...

It might, semantically, be 'interest' free finance, but it is not cost-free finance (you've got to go to the home of the infidels in the US to get that, ironically)!

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The developers say the project is not exclusive to any one faith. The loans are "halal" (no interest) which undermines the banks. What is the problem again?

very much 'smokes & mirrors' financing!

Rawabi rises: new West Bank city symbolises Palestine's potential

..."Islamic financing", in which interest payments – forbidden to Muslims – are replaced by service charges...

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Insha'Allah for service charges. One cannot sin. Usury is a sin under christianity but it never caught on either. Arguably the jews are the only honest folk. tongue.gif

They were forced to make a living by lending money and charging interest since they were forbidden by the local emperor/king from studying many professions & jobs.

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They were forced to make a living by lending money and charging interest since they were forbidden by the local emperor/king from studying many professions & jobs.

One of my all time favourite "whoops" moments. From memory money lending was considered a sh*t job and so they were allowed/forced to do it. Societies such as Bielwystok which didn't do that didn't have the same issues later. Although of course being significantly Polish _and_ Jewish during the Russian/German dick swinging competition in WWII had a few unexpected consequences for that town.

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