Muslim Sharia Law In Seattle? Islamic Interest-Free Mortgage Loans Debated
Some reports are claiming that we will soon see Muslim Sharia law in Seattle, Washington.
The idea of having Sharia law in America has been a shocking headline in recent years, but in this case, Seattle Mayor Ed Murray really is trying to create Islamic interest-free mortgage loans so that Muslims can buy houses in the Seattle area. While some say this is a good idea, others claim the mayor is bending over backwards for the religious beliefs of Muslims.
In a related report by the Inquisitr, the ISIS leader has ordered execution videos to be banned. Unfortunately, the horrendous acts behind the videos are still still being sanctioned.
Mayor Ed Murray’s housing proposal was not entirely focused on bringing Muslim sharia law to Seattle. In fact, the majority of the HALA Action Plan is focused on providing affordable housing via multiple programs. But the part that is becoming hotly debated is the section focused on providing “Sharia-compliant lending” to Muslims.
“For our low – and moderate – income Muslim neighbors who follow Sharia law – which prohibits the payment of interest or fees for loans of money – there are limited options for financing a home. Some Muslims are unable to use conventional mortgage products due to religious convictions. The City will convene lenders, housing nonprofits and community leaders to explore the best options for increasing access to Sharia-compliant loan products to help these residents become homeowners in Seattle.”
Historically, Christian law also regarded charging any interest for loans as sinful. Making unethical monetary loans that unfairly enrich the lender is called usury, but obviously, that practice has long since been discarded in nations where Christians are the majority. Mayor Murray believes Seattle can work together with lenders to produce Islamic interest-free mortgage loans.
“We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs,” Murray said during a press conference, according to the Washington Times.
This announcement set off a wave of anger on social media since it is feared this could lead to Muslim Sharia law in America.
Seattle Mayor Planning to Force Banks to Give Sharia Compliant Homes Loans to Local Muslims http://t.co/QSKZ1XqzMB
— Warner Todd Huston (@warnerthuston) July 17, 2015
Mayor, no Sharia law applies in America!! Stop this unconstitutional junk. http://t.co/fx7VENmVQx
— Bunch (@bunch1243) July 17, 2015
Others said it was unfair for Muslims to be given interest-free mortgage loans solely based upon their religious beliefs.
“But what about the rest of us? No one likes paying interest on loans. Can we all now say it’s against our religion to do so and get special treatment? I hardly think Mr. Murray would bend over backwards for a Christian or a Jew that stated they wished to own an interest free home because of their religious beliefs.”
Writing for My Northwest, Jason Rantz claims this decision by Seattle’s mayor is “great,” since it means “we’re bringing money into the economy.” The article also explains how the Islamic interest-free mortgage loans might work in practice with certificates called “sukuk.”
“Sukuk act much like traditional bonds, delivering payments to investors until maturity. To comply with Sharia, the bonds have to be tied to some sort of physical asset. Instead of interest, investors are being rewarded with a share of the profit derived from the asset.”
Do you think it’s fair for Muslims to be given interest-free mortgage loans based upon Sharia law?
[Image via the Daily Beast]
