Yeah, it's really dumb. The banks basically pay some Muslim Imam DEI bux to get their blessing and then they're good to go offering Islamic compliant loans.
On a normal mortgage you pay principal and interest amortized over many years.
With an Islamic mortgage, when you purchase a property, you have the purchase price of the property and then a bank fee. That bank fee is then split over many years. Exactly like interest. But it's a fee.
that's fine, pass it into law. Go ahead. They'll discover immediately that they can't get loans lol.
Canadian banks have already bent the knee and offer haram mortgage loans (that I can't be bothered to learn the loophole).
From what I recall, they just tack on the interest that would have accrued to the total and pretend there's no interest being charged
Yeah, it's really dumb. The banks basically pay some Muslim Imam DEI bux to get their blessing and then they're good to go offering Islamic compliant loans.
On a normal mortgage you pay principal and interest amortized over many years.
With an Islamic mortgage, when you purchase a property, you have the purchase price of the property and then a bank fee. That bank fee is then split over many years. Exactly like interest. But it's a fee.
I've over simplified, but that's basically it.
Muzzies, like Jews, believe God is easily fooled.