Friday, January 20, 2006

University "muslim only" Bank - update

I panned this islamic banking update nugget today and learned that in the wake of 9/11, apparently while we were still sleeping, this institution was founded in July of 2003. Here's how it works. Let's say a jihadi wants to buy a house while waiting for instructions from OBL and living among the infidels in the land of the Great Satan. He is struggling to remain faithful to the RoP and the bastard capitalist infidel want him to pay interest on a home loan. What is a koran abiding jihadi to do? Viola, welcome to University Islamic Financial Corporation. All he has to do is identify the desired property, go to the islamic financial institution for a modern day land contract type home loan. Instead of traditional mortgages, these transactions are set up as lease-to-own or markup deals. In both cases, the bank buys the home and sells it to the customer; bank profit is built into the payments at an agreed-upon price. So much for assimilation into American culture. You'd be interested to know that this same jihadi can obtain a 7-11 business loan without paying interest as well. All the while the profits, made from stupid infidels buying up spoiled lunch meat and outdated milk, are "donated" to the cause in palestine. Nice!

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