Thanks to True Blue Aussie for this... I believe this is only one step further to Australia being in the hands of the Islamists who want to rule the world. I somehow feel that this is out in the open now whereas there are many more Organisations already under Sharia...just not publicly. As it says further on...this just dipping the toe in the water - yeah right!
My fear is that so many naive Aussies will go for this not understanding exactly what it is they are doing. After all, look how so many are gullible and taking loans they don't understand or credit cards and other contracts such as mobile phones etc. without reading the fine print. No interest they will think - but the interest is built in to the loan...equally we already know that when you deposit money into accounts that are in Sharia compliant banks there is no build up of interest either.
I can see many people being sucked into this because of greed.
Australian bank to introduce Muslim friendly loans and raise awareness of Islamic Finance
http://www.news.com.au/couriermail/story/0,23739,25631424-952,00.htmlhttp://www.news.com.au/dailytelegraph/story/0,22049,25632250-5001021,00.htmlNick Gardner and Warner RussellJune 14, 2009 12:00amONE of Australia's major banks is planning to introduce "Muslim-friendly" loans that do not charge interest, to comply with Sharia law.Instead, the National Australia Bank will structure an Islam-approved line of finance to make money from alternative methods.These include profit-sharing on the transaction, joint-ventures or leasing-type arrangements.For example, to get round the Islamic ban on usury - or unfair lending - a Muslim mortgage often works by the bank buying the property, then selling it to the customer at a profit, with the customer then repaying the entire sum in instalments.
In this way the profit margin is built in from the start. It also has the advantage of making the loan immune from future interest rate rises.NAB said the loans, which will start out small, will have to be cleared by a Sharia Advisory Board to ensure they meet strict criteria before they can be made available to the public."We are dipping our toe in the water with this scheme and thought we may be able to offer this product in high-density Muslim areas," said Richard Peters, head of community finance and development at NAB."We suspect there is demand out there, but we don't know how big it is, so we will trial a few products first."For the trial's purposes NAB will pump $15 million from its not-for-profit finance division into the program, which will distribute the funds through various community finance schemes around the country. The bank will monitor the take-up and assess potential demand.Interest-free loans of up to $1000 will be available to help finance household items, such as washing machines and fridges.The loans would also be available to non-Muslims.The news comes just days after federal Assistant Treasurer Chris Bowen said that Australia could exploit international demand for Islamic finance to create more jobs.
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