Seattle Mayor Pursues Sharia-Compliant Financing
Seattle Mayor Ed Murray is looking for ways to boost his city’s housing market, and one of those ways could include special rules for Islamic home buyers. Under Sharia Law, Muslims are forbidden from paying interest, a rule that makes it difficult for them to procure traditional loans.
“We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs,” said Murray.
Sharia-compliant loans have become big business in the U.S. and elsewhere. Over the past thirty years, this small sector of the financial industry has grown to encompass more than $1.6 trillion in assets worldwide. And as more and more Muslims move to Western countries, analysts expect that the demand for Sharia financing will grow.
There are a number of specific mechanisms that allow financial institutions to offer interest-free financing without losing their profit. One of the most common ways involves creating sukuk bonds that are tied to a physical asset of some kind. Bond holders are issued a share of the profit of said asset to make up for the lack of interest payments. Other prohibitions typically require that the money not be spent on things like alcohol, porn, or pork.
What an Enticement
Not that this is some grand scheme, but what a recruiting tool this could be for the kind of hardcore Muslims who believe in Sharia Law! Instead of singling out depressed loners, Muslim extremists can begin pointing out the financial benefits of joining the cult. You’ll have Westerners making token conversions just to take advantage of the better loan terms. Half the population of America will be Muslim by the end of the decade.
Okay, so that’s probably not a likely scenario, but it is a reminder that actions have (often unintended) consequences. You can’t blame housing institutions for trying to make a buck however they can, but should politicians really be trying to make their cities a destination for fundamentalist Islam? If you’re a Seattle resident, do you want your city to become known as a Sharia hotspot? Ask Britain, France, and other European countries how that works out.
A Grave Threat
Can you imagine if mayors had been trying to entice Nazis in the 1930s to buy property in their cities? Muslims who adhere to Sharia Law are not necessarily terrorists, but nor are they the “moderates” that we hear so much about from the left. This is a system of rules and regulations that oppresses women, homosexuals, Jews, and anyone else that is not a male Muslim. It doesn’t seem like the left’s cup of tea, but they’ll defend anything as long as it’s opposed to Christianity.
Sharia Law has nothing in common with Western values, and it is frightening to see it legitimized inside the United States. Special loans may not seem like a big deal, but it puts us on a path that could easily end with Sharia courts, Sharia laws, and Sharia neighborhoods. This is how you lose a culture. This is how you invite extremism into your country.
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