n one major American city, new rules may force banks to comply with Shariah law on lending and interest.
One of the major tenets of Shariah law is that Muslims cannot pay
interest on loans. In countries with large Muslim populations, there’s
something known as Islamic banking, which manages to get around this
through various machinations.
However, the banks still make less money off of the loans, and under Shariah-compliant banking, there can be no late fees charged.
Needless to say, this would create a massive new layer of bureaucracy for American lending institutions that for some reason wanted to give out loans that would underperform, so even in cities with large Muslim populations, it’s rare to find Islamic lending institutions.
Seattle Mayor Ed Murray wants to see that change, and he’s apparently willing to force banks into Shariah-compliant lending if necessary.
Only 30,000 Muslims live in the greater Seattle area, out of roughly three and a half million residents. However, Seattle’s 28-member housing committee recommended that the city make plans to allow access to Shariah-compliant banking for the Muslim community.
It sounds harmless enough, until you realize that these recommendations will form the basis for legislation that Murray will send to the board.
This means that, if it passes, Seattle will be the first city in America to mandate that its banks allow access to Shariah-compliant financing.
“We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs,” Mayor Murray said during a press conference.
Council for American Islamic Relations Chapter Executive Director Arsalan Bukhari said he has “rough anecdotal evidence” that it’s “fairly common” for Muslims to not seek home loans in spite of the fact that they would qualify, simply because they’re forbidden to pay interest (H/T teaparty.org).
Mayor Murray is (you may not be surprised to learn) a Democrat. During his time in the Washington state legislature, he was the primary sponsor of a bill that established same-sex unions in Washington.
It’s amazing how liberals like Murray can argue for the separation of church and state and Christian values from society in one breath while arguing that American businesses be forced to comply with Shariah law in the next.
I’m not here to pass judgment on Murray’s support of same-sex unions. I am here, however, to wonder why Muslims who wish American businesses to comply with their religious beliefs are somehow more important than Christians wishing for their two thousand-year-old traditions to be upheld.
Take one look at any front page this morning and you’ll probably have your answer.
Please like and share on Facebook and Twitter if you agree Shariah law doesn’t belong in American cities.
However, the banks still make less money off of the loans, and under Shariah-compliant banking, there can be no late fees charged.
Needless to say, this would create a massive new layer of bureaucracy for American lending institutions that for some reason wanted to give out loans that would underperform, so even in cities with large Muslim populations, it’s rare to find Islamic lending institutions.
Seattle Mayor Ed Murray wants to see that change, and he’s apparently willing to force banks into Shariah-compliant lending if necessary.
Only 30,000 Muslims live in the greater Seattle area, out of roughly three and a half million residents. However, Seattle’s 28-member housing committee recommended that the city make plans to allow access to Shariah-compliant banking for the Muslim community.
It sounds harmless enough, until you realize that these recommendations will form the basis for legislation that Murray will send to the board.
This means that, if it passes, Seattle will be the first city in America to mandate that its banks allow access to Shariah-compliant financing.
“We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs,” Mayor Murray said during a press conference.
Council for American Islamic Relations Chapter Executive Director Arsalan Bukhari said he has “rough anecdotal evidence” that it’s “fairly common” for Muslims to not seek home loans in spite of the fact that they would qualify, simply because they’re forbidden to pay interest (H/T teaparty.org).
Mayor Murray is (you may not be surprised to learn) a Democrat. During his time in the Washington state legislature, he was the primary sponsor of a bill that established same-sex unions in Washington.
It’s amazing how liberals like Murray can argue for the separation of church and state and Christian values from society in one breath while arguing that American businesses be forced to comply with Shariah law in the next.
I’m not here to pass judgment on Murray’s support of same-sex unions. I am here, however, to wonder why Muslims who wish American businesses to comply with their religious beliefs are somehow more important than Christians wishing for their two thousand-year-old traditions to be upheld.
Take one look at any front page this morning and you’ll probably have your answer.
Please like and share on Facebook and Twitter if you agree Shariah law doesn’t belong in American cities.
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