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November 2008

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Subject:
From:
Syed Ahmad <[log in to unmask]>
Reply To:
TechNet E-Mail Forum <[log in to unmask]>, Syed Ahmad <[log in to unmask]>
Date:
Fri, 28 Nov 2008 09:57:48 -0600
Content-Type:
text/plain
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text/plain (72 lines)
Almost half of my extended family in the US has always paid cash for their
homes. Some were well to-do to begin with but most were not. But as they did
not have any mortgage or car payment to deal with every month, they spent
the extra cash to continue building their worth, slowly but steadily. They
do not contribute to the banks, but they do support social causes and people
in need, and contribute to the economy in general. Some of them do own
mortgage free $750+ homes in San Francisco and DC areas.

It is a personal choice to be interest free. It does need sacrifice in the
beginning. One of them opted to live in a trailer until he had accumulated
enough to buy a house but not each of them had to sacrifice as much. Some
laughed at the trailer-dweller but no more after he paid cash for his first
home. Once you are over the first hump, you are care free. 

Being a Muslim, I do know many Muslims who live interest-free but I am sure
there are people from every religion who do not want to give free money to a
bank. I also realize that not everyone can do this. That is where regulation
and morality comes in. As an example, a bank would raise the interest rate
of a borrower on a late payment, thus making it even more difficult to
manage his worsening financial situation rather than working with him to
find favorable ways for him to get him out of his agony. 

Here is the recipe: Study hard, get good grades and go to a college who pays
your full tuition. Do not run to buy a new home and dream car as soon as you
get a job or internship. Live humble until you accumulate cash for what you
"need."

I have lived most of my life in the US, so I cannot confirm or deny Rudy's
comments.

-----Original Message-----
From: TechNet [mailto:[log in to unmask]] On Behalf Of R Sedlak
Sent: Wednesday, November 26, 2008 1:44 PM
To: [log in to unmask]
Subject: Re: [TN] A Modern Parable - "No interest" loans

The Muslim societies have developed an interesting way around "paying
interest".   The banks actually purchase the item the customer wants.   Then
they mark the price up a lot, and turns around and sells it to the customer
at the higher price, on a "no-interest" loan.  Thus apparently,
"no-interest" is paid.

Rudy Sedlak



      

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