Polygamy in the UK

[Gluestick]

Has it occcurred to anyone else, that when Shari'a law is rolled out, one can avoid credit card and bank interest on the basis that under Islamic rules, usury is forbidden?

Call me Mohamed!

[:-))]

[tegwini]

Yes Gluestick, no interest on debt sounds great (how do they do it?),  - but would we want to take on board all the other stuff?  (It would  certainly  kill off the City of London's predominance as the world's financial heart ).

Trouble is, the middle name of the British should be  'compromise',   and sadly that is often seen as a weakness by those who don't really understand us.  The pace at which the UK is changing is quite scary-  and we continually give in to demands & weaken our own future & that of our children & grandchildren.

Tegwini

ps - Gluey - watch out for misusing the name of  Mr M ......, they might send someone around to visit you!

[powerdesal]

[quote user="Gluestick"]

Has it occcurred to anyone else, that when Shari'a law is rolled out, one can avoid credit card and bank interest on the basis that under Islamic rules, usury is forbidden?

Call me Mohamed!

[:-))]

[/quote]

As you may have noticed, I live in an Islamic Country, in fact Sharjah Emirate is particularly Islamic (no pork or alcohol sold in Sharjah) but.....If I get a bank loan I pay interest, in fact I did not more than a couple of years ago. Where money is concerned the Sharia rules are somewhat flexible !!!!!!!!!

[Anton Redman]

Some years ago the UK Government put through changes in the UK stamp duty legislation to avoid stamp duty being paid twice by Muslims who had arranged what were in economic terms interest bearing mortgages. I used to know the grim detail of how the deals are structured but basically it involves saying you are paying rent and after a time of paying the rent the house signed over to you.  

[Gluestick]

I'm really being mischievous.

In the late 70s Steve, I was involved in a number or ME projects and in particular a big one for the then ruler of Qatar; Sheik Bin Jabber Bin Jassem Al Tharni.

The tough one was securing real estate ownership through effective Qatar National Bank guarantees which would be accepted by a correspondant bank in the City of London.

And, of course none of the financing in either direction could be interest bearing!

Still, that's what Zero Bonds were invented for!