Halal Mortgage Mis-Selling

Posted: June 9, 2015 in Debt, Economics, Islamic Finance
Tags: , , , , , ,

Here is a link to an old article written by Dr. Sahib Mustaqim Bleher, in 2004, however it still stands as a good response to the official arguments put forward commercial banks operating such products.

This is the slippery slope to the destruction of the spirit of Islam, replacing it with a commercialised remnant of ritual practices

I find it useful that the oft abused verse of 2:257 has been countered with the interpretations of 4:46 and 9:37

I feel I should also make a general comment that any argument which relates to the technical workings of the product and its contractual terms should always be put into the wider context of the exact nature of debt and money, which this article rightly does.

A further point is that although the terms have been redefined with these kinds of instrument, there is no argument that a percentage is being applied to a principle sum on a compound basis, doubling and multiplying indefinately (3:130)…..RIBA by any other name

I am in no way supporting the organisation with which the author is involved, named on this website, however another piece which seems to be of some worth is the policy on economics. Of course the most glaring point which I would take issue with, is that nothing can be implemented within the confines of a State structure, itself a post colonial construct which feeds the overriding system, not replaces it;

http://www.mustaqim.co.uk/ipb-archive/policies/economy.htm

 

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