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Posted by John Galt on July 19, 2008, 4:28 am
> On Fri, 18 Jul 2008 20:27:27 -0700 (PDT), "Buff-Meister
> "BUFFETTHATER"" wrote:
>
>>one of my fav singers and a great and honored man took
>>the cash award and will use in to further moslem studies
>>in the middle east.
>>Western nations like america have to learn to stop being
>>such religious bigots.
>
>>If he is saudi, he might just invest it in CityBank, LOL.
>
> I think he'd invest in an Islamic bank because of the prohibition on
> "riba" (interest).
>
> They manage to do loans without interest. One of the things they do is
> joint ownership (starting at a low level, then each additional payment
> gives you a bit more ownership).
Plus they overpay for the asset. I had a friend (Muslim) who was thinking
about buying a townhome I owned once. He wanted to agree on a price with me
that was more than the market price for the house. Then, he would give me a
substantial down payment (30-40%) and then pay the balance over 5 or 6 years
by simply dividing it over the agreed upon number of months. This led to a
lively discussion on how the NET EFFECT of his way and ours was the same
(the interest representing the amount over and above the market price to be
paid) and after that, it was a standard lease/purchase agreement.
JG
>
> That's the opposite of Western banking, where you own it all but you
> have a promissory note with interest.
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