MINNESOTA: FIRST STATE TO OFFER ISLAMIC MORTGAGES

The Sheikh family signs papers to close on their first home. (Photo courtesy African Development Center)

 

Parallel systems in America? Since when and why? Galloping sharia. Vile, all of it. It's a usurpation of the the American way.

New Islamic mortgages now available in Minnesota NPR hat tip Chuck

For many Minnesota Muslims, it's been virtually impossible to buy a home, because Islamic law forbids the paying or charging of interest.

Awwwwwwwwwwwwwwwwww. So why did they come to America if they had no desire to integrate into the fabric of American society?

The African Development Center, with support from the state's housing agency, is now offering Islamic mortgages as a way to help close the home ownership gap among Muslim immigrants.

Minneapolis, Minn. — 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.

So why come here? Why not buy their home in the Islamic home countries?

Nawawi Sheikh is one of them. The Somali-American says 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 says.

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 says, 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.

So the interest is in there but called something else. What bullshit. It's interest by any other name, but it's still interest.

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 says. "We wanted to be as conventional as possible, while respecting the tenets of Islam."

I think I am going to puke.

Comments

[PersonOfTheBook]

"Minnesota Housing is the first state agency to offer such a product."

We need to sue the Minnesota Housing Authority for violating the separation of "religion" and state. WHERE IS THE ACLU WHEN WE ACTUALLY DO NEED THEM?

"he grew tired of moving from one rented apartment to another."

Wonder why he kept moving from one apartment to another? Didn't pay his rent? Caused trouble in the neighborhood?

[Stefano]

Poor America: soon you'll be just like the British Califate, with two different laws for the people: the regular one, based on rights & duties for the non-believers (sic), and the Shari'a, to help improve the muslim occupation of the entire country. I pray everyday this never happens. Hopelessly.

[siddah]

What is going on in MN? Too bad if he didn't like the system...Now we are (hopen')changing some more? It's impossible for me to buy also...at these rates...that's why I rent!

[joe]

"So the interest is in there but called something else. What bullshit. It's interest by any other name it's still interest."

Prostitution is also called something else too,
"temporary marriage"
Prostitution by any other name is still Prostitution
That dower, a small present to the wife from the husband, how sweet.

[Ron Russell]

In recent weeks I, too have often thought of Obama being like the Pied Piper of Hamlet, but thats letting him off to easily. He is more like the western Snake Oil salesman. The crowds hang on his every word, and the words come and flow over the masses and he fills the crowds with hope and joy with his words and mere presence. He promises a new America an Utopian ideal where the state has all the solutions to our problems. All want a taste of his wonderous elixer and they gather at his door to look with amazement at all the wonderful things on his shelf--hope,change,free college,free health care, and dare I say free money. Its gone way pass, 40 acres and a mule, a chicken in every pot,---he promises something that can only come from within--hope!!! And the crowds adore and love him, and raise him up to the clouds.

This man, this great leader is a danger to American and to those who say he only wants fix a broken economy, I must say, bullshi..t. This man wants capitalism to fail so he can install his brand of extreme socialism (not the European varity),but rather the Magube kind---I have to say it--Kenyan Keynesianiam.

[WesternMilitant]

"So the interest is in there but called something else. What bullshit. It's interest by any other name, but it's still interest."

Exactly. Else why lend money to others? Besides, you have to make up for those who do not pay back, and the opportunity cost of not spending the money now on something you want, rather than give it to another person. There really is no way to get around profit. Communism and its little brother socialism try all the time, and FAIL.

[Isabellathecrusader]

That's funny...in the Washington, D.C. area plenty of Muslims have bought houses, and they bought them with regular old infidel mortgages, just like everybody else. They did not buy them with cash because if they did they would not be going through the foreclosure process like so many other people.

Muslims lie.

[Doda McCheesle]

I seriously doubt there is anything in "islamic law" prohibiting the paying of interest at least pertaining to doing business with non-muslims. Thousands of muslims have mortgages and credit cards and car loans etc. with interest.

This "we can't pay interest" is just another load of outright crap in their "let's make up shit to f with these silly ignorant infidels" game that especially is being done in the Minnesota area, what with the Target clerks who claim they can't handle a package which has pig product inside while ringing up infidel sales, they can't have alcohol or guide-dogs in their cabs...bullshit bullshit bullshit.

[RISE_UP]

So disheartening to see how STUPID some people in the U.S.A. are. All the people dredged up to vote for Obama with no sense of anything at all and don't even know who their damm mayor is, let alone the political intel.
If we survive this lying pos muslim President, I hope a push is made for a test before allowing anyone to vote. Just to see if there is anything in that mutant skull.
AND the next thing is...close the damm borders. Stop muslim from coming here.and make it so uncomfortable, the ones here now LEAVE ..

[FeFe]

Is there no foundation that will sue on grounds of church and state? I know the ACLU wont but is there anyone else in America to uphold our nation?

[LibertyFirst]

Whoa doggies!! Let's say this dude defaults on his "interest free" mortgage and trashes the house? Have the Minnesota taxpayers just bought a house that has no resale value?