Jonathan Brown Slavery Lecture: Islamic Sharia Protects Slaves, National Review, islamic mortgage.#Islamic #mortgage


National Review

The one and only.

On February 7, Georgetown University’s Professor Jonathan Brown used his clout as an endowed chair to deliver a defense of the Islamic practice of slavery, which he claimed to be entirely different than slavery in the West.

Brown pointed out some interesting facts, such as the high position of “privileged Sultanic slaves” at certain points in Turkey. But they were obscured by his attempt to qualify — and even defend — the ownership of other humans that was rampant in the Islamic world just as it was in the West. Brown even went as far as defending “non-consensual sex” that most would now term “sex-slavery,” because it was not expressly forbidden through much of Islamic history. The full lecture is embedded below:

A Muslim student who attended, Umar Lee, was so incensed about what he called a “90 minute defense of slavery” that he wrote about it on the site Student Voices:

While the lecture was supposed to be about slavery in Islam, Brown spent the majority of the lecture talking about slavery in the United States, the United Kingdom and China. When discussing slavery in these societies Brown painted slavery as brutal and violent (which it certainly was). When the conversation would briefly flip to historic slavery in the Arab and Turkish World, slavery was described by Brown in glowing terms. Indeed, according to Brown, slaves in the Muslim World lived a pretty good life.

I thought the Muslim community was done with this dishonest North Korean style of propaganda. Obviously not. Brown went on to discuss the injustices of prison labor in America and a myriad of other social-ills. Absent from his talk (until challenged) was any recognition of the rampant abuse of workers in the Gulf, the thousands of workers in the Gulf dying on construction sites, the South Asian child camel-jockeys imported into the United Arab Emirates to race camels under harsh conditions, or the horrific conditions of prisoners in the Muslim World (the latest news being 13,000 prisoners executed in Syria).

Lee had no prior experience with Brown and his biased approach to Islamic history, but if he had, he may not have been able to even see the lecture. Jihad Watch’s Andrew Harrod was expelled from the room because he had previously written critically of Brown’s defenses of Islam.

What kind of logic did the professor use to defend his coreligionists from their past with slavery? By relativizing the idea of freedom:

We usually think of slavery as something that exists in a dichotomy with freedom. But what does freedom mean? As the legal scholar Vaughan Lowe jibes, inverting Rousseau’s famous line about man’s natural state of freedom, “Man is born in chains, but everywhere he thinks himself free.” I think this is a very astute observation . . . We all think we are free. Almost no human being is free of dependence on others and on society as a whole — almost everyone is forced to work in order to earn wages to buy food.

Slavery, of course, does exist in dichotomy with freedom. It is not the same as working to pay for food; it is the state of being owned by other people. All historical evidence points to this latter definition being widely practiced in the Islamic world. Nevertheless, Brown claims that Sharia has rules about treating slaves, and therefore Islamic slavery cannot be compared to the “real” slavery in the West.

Brown also defended sex slavery. Questioning the validity of consent as the standard for morally correct sexual activity, he said:

For most of human history, human beings have not thought of consent as the essential feature of morally correct sexual activity. And second, we fetishize the idea of autonomy to the extent that we forget, who is really free? . . . What does autonomy mean?

Pointing out that women in the Islamic world had duties, Brown compared his responsibility of a mortgage to sexual bondage. He summarized: “We are all born into and live in a network of relationships and responsibilities and duties. We [modern Americans] have an obsession with the idea of ‘autonomy.’”

Georgetown has been coming to grips with its own connections to slavery in recent months. In September the university announced that, because it profited from the sale of slaves, it would “offer a formal apology, create an institute for the study of slavery and erect a public memorial to the slaves whose labor benefited the institution.”

Brown takes a much less absolutist view on slavery, to say the least. But his standing at Georgetown does not seem to be in any danger, since he has an endowed chair paid for by Al-Waleed bin Talal, a Saudi prince.


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CryptoLocker ransomware spreading fast

Fraudsters are spamming millions of people with emails that appear to be from banks and other financial institutions that carry CryptoLocker ransomware. The National Crime Agency (NCA) says the emails have been sent to millions of people.

Encrypts the files on your PC

The emails carry malicious files that disguise themselves as correspondence (for example, a voicemail, fax, details of a suspicious transaction or invoices for payment). The emails actually carry CryptoLocker ransomware. Once installed CryptoLocker works by encrypting personal files such as, photos, music, office documents etc. Once the files have been encrypted CryptoLocker displays a screen with a countdown timer and a demand for the payment.

The NCA’s National Cyber Crime Unit (NCCU) says you should never send the payment of a ransom to criminals as there is no guarantee that they would honor the payments in any event.

CryptoLocker prevention advice

  • Do not to click or download unsolicited email attachments.
  • Update your Antivirus software and operating systems regularly.
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  • Where a computer becomes infected it should be disconnected from the network, and professional assistance should be sought to clean the computer.

Various antivirus companies offer remedial software solutions (although they will not be able to restore encrypted files).

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What Is an Islamic Mortgage or No Riba Mortgage? #mortgage #rates #forecast


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Islamic Mortgage

By Huda. Islam Expert

Updated July 21, 2016.

Many Muslims, especially those living in non-Muslim countries, give up on the idea of ever owning their own home. Many families choose to rent for the long-term rather than participate in a bank loan which involves the taking or paying of interest. In recent years, however, the market has opened up to Islamic, or no riba . mortgage offerings which are compliant with Islamic law .

What Does Islamic Law Say?

The Qur an is very clear about the prohibition against usury-based business transactions (riba ):

Continue Reading Below

Those who devour usury cannot stand. That is because they say, trade is only like usury; yet Allah has allowed trade and forbidden usury. Allah does not bless usury, and He causes charitable deeds to prosper, and Allah does not love any ungrateful sinner. Oh you who believe! Be careful of your duty to Allah and relinquish what remains due from usury, if you are believers. If the debtor is in difficulty, grant him time until it is easy for him to repay. But if you remit it by way of charity, that is best for you if you only knew. Qur an 2:275-280

O you who believe! Do not devour usury, making it double and redouble, and be careful of (your duty to) Allah, that you may be successful. Qur an 3:130

In addition, the Prophet Muhammad is said to have cursed the consumer of interest, the one who pays it to others, the witnesses to such a contract, and the one who records it in writing.

The Islamic judicial system is committed to fairness and equity among all parties. The fundamental belief is that interest-based transactions are inherently unfair, giving a guaranteed return to the lender without any guarantees for the borrower.

Continue Reading Below

The basic principle of Islamic banking is the sharing of risk, with shared responsibility for profit and loss.

What Are the Islamic Alternatives?

Modern banks usually offer Islamic financing of two main types: murabahah (cost plus) or ijarah (leasing).

Murabahah: In this type of transaction, the bank purchases the property and then re-sells it to the buyer at a fixed profit. The property is registered in the buyer s name from the beginning, and the buyer makes installment payments to the bank. All costs are fixed at the time of the contract, with the agreement of both parties, so no late payment penalties are permitted. Banks usually ask for strict collateral or a high down payment in order to protect against default.

Ijarah: This type of transaction is similar to real estate leasing or rent-to-own contracts. The bank purchases the property and retains ownership, while the buyer makes installment payments. When payments are complete, the buyer gains 100% ownership of the property.

8 Integral Rules of Business and Economics in Islam


Help to Buy extended to include ‘Islamic Mortgages’ – News stories #fixed #rate #loan


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Help to Buy extended to include ‘Islamic Mortgages’

The government’s Help to Buy mortgage guarantee scheme can now also be used by providers of Home Purchase Plans, the Financial Secretary to the Treasury, Sajid Javid, announced today (11 February 2014). Home Purchase Plans (HPPs ) are a Sharia law compliant alternative to mortgages and are often known as ‘Islamic Mortgages’.

The Help to Buy scheme has already helped thousands get on or move up the housing ladder, and the government remains committed to making the aspiration of home ownership a reality for as many households as possible.

In line with this, the government has been looking at how to open up access to the Help to Buy mortgage guarantee scheme, so that providers of HPPs can also benefit. From today the rules have been amended to enable banks that sell HPPs to purchase a government guarantee for them. Additionally, the Islamic Bank of Britain have stated their intention of participating to offer Home Purchase Plans under the scheme.

This will be particularly supportive to some Muslim homebuyers who have been unwilling to use a traditional Help to Buy mortgage because of their religious beliefs. However, the inclusion of HPPs in the Help to Buy scheme introduces more choice for all consumers and perspective homebuyers.

Sajid Javid said,

I am delighted Home Purchase Plans will now be available under the Help to Buy scheme. This gives even more choice to hardworking families across the UK trying to fulfil their home owning aspirations.

Under an HPP, a property’s ownership is split between the customer and the bank. After buying a portion of the property with their initial deposit, the purchaser of the property pays regular instalments to the bank, covering rent for the portion they do not own and an acquisition payment. In this way, a customer gradually buys the property from the bank and eventually becomes the sole owner.

In order to purchase the government guarantee, banks will have to satisfy the same stringent criteria for an HPP as for a normal mortgage. HPPs sold in the UK are also subject to regulation by the Financial Conduct Authority (FCA), in much the same way as mortgages.

The Help to Buy extension builds on the government’s commitment to support the UK Islamic finance market, worth around £11 billion each year, and retain London’s position as the premier western Islamic financial centre. At last year’s World Islamic Economic Forum in London – the first outside the Islamic world – the government announced its intention to issue a sovereign Sukuk, or Islamic bond, for the first time. It also eased lending restrictions on and oversaw the introduction of two new financial products, Islamic student and start-up loans. This follows the establishment of Islamic-compliant student and start-up loans, to encompass all faiths, and the setup of an Islamic Index on the London Stock Exchange.

The action and innovation on consumer financial products, including home loans, student loans and business loans among others, will ensure that all sections of society can help drive growth in the economy and support the UK in the global race.

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Islamic Finance

IJARA / IJARAH – Lease To Own

The term Ijara literally means rent, the Sharia process is known as Ijara-wa-Iqtina. rent with an acquisition or rent to own. The process of Ijara can be used for equipment as well as property. This Islamic finance process is very simple. A single asset Trust is created whereby the Trust purchases the property, and then leases the property to the customer. A portion of each monthly payment goes towards ownership, until the customer owns 100%.

The basic difference between a Sharia Ijarah-wal-iqtinah Islamic loan process and a conventional lease is the Ijarah process obligates the Trust (seller) to sell the property to you under a Promise to Purchase. While the same contract entitles the customer to purchase the property, the customer is not obligated to do so.

How The Purchase Price Of The IJARA Transaction Determined

The purchase price agreed to in the Promise to Purchase is equal to the original purchase price less the down payment made by the customer plus $1.00. For example, if the value of the property is $200,000 and the customer makes a $40,000 down payment, the initial amount the customer has to pay the investor for 100% ownership is $160,001. As the customer makes more payments, this amount reduces, until the final ownership payment of $1.00 is reached.

How The Monthly IJARA Rent Payments Calculated

The initial Ijara Islamic finance amount financed by the customer earns profit for the investor through monthly rental payments. Traditional amortization calculations are utilized to determine the exact monthly payment. The mathematical formulas are acceptable as there are no Sharia issues with these calculations. The major difference between a traditional mortgage amortization and an Ijara transaction is that the Ijarah transaction is based upon a reverse amortization calculation.

While it may appear contrary to the Sharia, it is acceptable to describe the profit on an Islamic finance transaction as a percentage. The following example highlights the acceptability of quoting the profit as a percentage in an Ijara transaction:

  1. Suppose you have a $100,000 in cash.
  2. You purchase a home and pay cash for the home.
  3. You rent the home to a tenant for $250 per month
  4. At the end of the year you have collected $250 x 12 or $3,000 in rent
  5. That $3,000 in rent is a 3% return on your $100,000 investment
  6. This 3% is rent on property which is Trade (Bey)

Is that 6% Rent or Riba. well it is clearly it is Rent since it is based upon a business transaction. Now let’s look at a traditional mortgage interest transaction:

  1. Starting with the same $100,000 cash.
  2. You give someone the money.
  3. They proceed to purchase the same home with those funds.
  4. They pay you the same $250 per month, or 3% a year for use of the money.
  5. This is basically rent on money or Riba

In this case is the 3% Riba? Yes, as it is rent on money. The first example was rent on property. From a Sharia perspective it is acceptable to describe the profit on an Islamic Ijara transaction as a percentage. It’s also a requirement under the Truth in Lending Act/Consumer Protection Act; any profit earned on a residential real estate finance transaction should be described as a percentage so a customer can clearly understand what the overall cost of the financial transaction is.

Tenant Or Homeowner?

In an Ijara Islamic finance transaction, you are technically a tenant. You sign a lease obligating you to a rent payment over a period of time. However, unlike a typical rental property lease, you are responsible for all the maintenance of the property, and you have all the other rights and duties of a homeowner. You can sell the property anytime you wish, remodel, decorate, landscape, sublet, or basically utilize the property for any legal purpose it is zoned for. The only exception may be if you engage in an activity that may adversely affect the property’s value, like demolishing a garage without rebuilding it. For all practical purposes your role is the same as a homeowner, because once you have fulfilled your obligations under the lease or promise to purchase, you become the owner of the property.

Sharing Of a Gain Or Loss

One of the basic Sharia compliance principles is there should be a sharing of either a gain or loss in any Islamic finance transaction. The Ijara transaction is structured in such a way 100% of the gain is rightfully the customers. Under the Shariah, the gain or loss is shared by the parties in a transaction according to their percentages of ownership. The Ijara transaction abides by this principle, in that at the time of realization of the gain or loss, there is only one owner of the property, and that is the customer. From a procedural perspective, at the time of sale:

  1. The Trust will transfer the title of the property to the customer,
  2. The customer will then transfer the title to the new buyer,
  3. The new buyer will then settle the transaction according to the agreement with the customer,
  4. And then the customer will settle with the trust according to the agreement between the customer and the trust (the Ijara documents)

These procedural steps create a situation where the customer holds 100% title, albeit for a short period of time, and is the beneficiary of the difference between the two agreements; that is the sale to the new buyer, and the original promise to purchase agreement with the trust. Find out more about Ijara Contracts or Forward Dated Ijara Contracts. There are links to Other Islamic Finance Topics


Islamic Mortgages: Islamic Mortgages #mortgage #calcuator


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A ‘Salaam-u-Allaikum

Islamic Mortgages .co.uk is the UK’s most recommended website on islamic mortgages, which provides details of all the current Muslim, Halal, Shariah compliant mortgage / finance products available within the UK.

The site provides the visitor with FREE information on Islamic finance, compares relevant products at a glance, and put you directly in contact with the financial institution / lender.

Islamic Mortgages .co.uk information website is the leading resource for all those looking for Islamic Finance solutions. We provide a comprehensive analysis of all Shariah Law compliant Islamic mortgage products available within the UK. 40,000 Muslim families/households take out conventional mortgages every year (new mortgages and remortgages); of these, Muslims pay each year approximately 4 billion in interest on house mortgages alone.

This may be multiplied many times to include interest paid out in business loans, personal loans, overdrafts, hire purchase etc. Why continue to do this, when there are real Shariah compliant alternatives in the UK; we can help guide you through thus and inshahallah give you a riba free peace of mind.

This Islamic mortgage website provides the visitor with FREE information access, compares relevant Islamic Banking products at a glance and puts you in direct contact with all Islamic Lenders at the click of a button. We can also arrange for a free quote for Islamic Insurance and Islamic Conveyancing.

Inshallah you will find what you are looking for.

Good luck with your search.

The Overall Cost For Comparison

Fixed (up to 80% finance available)

Fixed until 30 June 2015

Rental rate fixed until 30th June 2015. From 1st July reverts to IBB Home Finance Rental Rate of 4.49%, which is base rate + 3.99% margin. Administration fee of �399.

Variable (up to 80% finance available)

Fixed until 30 June 2015

IslamicMortgages – ‘lending for the Muslimeen’

Most searched for Islamic mortgages

Most FAQ’s

Most read articles


Islamic Mortgages: Islamic Mortgages #mortgage #calculators


#islamic mortgage

#

A ‘Salaam-u-Allaikum

Islamic Mortgages .co.uk is the UK’s most recommended website on islamic mortgages, which provides details of all the current Muslim, Halal, Shariah compliant mortgage / finance products available within the UK.

The site provides the visitor with FREE information on Islamic finance, compares relevant products at a glance, and put you directly in contact with the financial institution / lender.

Islamic Mortgages .co.uk information website is the leading resource for all those looking for Islamic Finance solutions. We provide a comprehensive analysis of all Shariah Law compliant Islamic mortgage products available within the UK. 40,000 Muslim families/households take out conventional mortgages every year (new mortgages and remortgages); of these, Muslims pay each year approximately 4 billion in interest on house mortgages alone.

This may be multiplied many times to include interest paid out in business loans, personal loans, overdrafts, hire purchase etc. Why continue to do this, when there are real Shariah compliant alternatives in the UK; we can help guide you through thus and inshahallah give you a riba free peace of mind.

This Islamic mortgage website provides the visitor with FREE information access, compares relevant Islamic Banking products at a glance and puts you in direct contact with all Islamic Lenders at the click of a button. We can also arrange for a free quote for Islamic Insurance and Islamic Conveyancing.

Inshallah you will find what you are looking for.

Good luck with your search.

The Overall Cost For Comparison

Fixed (up to 80% finance available)

Fixed until 30 June 2015

Rental rate fixed until 30th June 2015. From 1st July reverts to IBB Home Finance Rental Rate of 4.49%, which is base rate + 3.99% margin. Administration fee of �399.

Variable (up to 80% finance available)

Fixed until 30 June 2015

IslamicMortgages – ‘lending for the Muslimeen’

Most searched for Islamic mortgages

Most FAQ’s

Most read articles


Help to Buy extended to include ‘Islamic Mortgages’ – News stories #mortgage #loan #rate


#islamic mortgage

#

Help to Buy extended to include ‘Islamic Mortgages’

The government’s Help to Buy mortgage guarantee scheme can now also be used by providers of Home Purchase Plans, the Financial Secretary to the Treasury, Sajid Javid, announced today (11 February 2014). Home Purchase Plans (HPPs ) are a Sharia law compliant alternative to mortgages and are often known as ‘Islamic Mortgages’.

The Help to Buy scheme has already helped thousands get on or move up the housing ladder, and the government remains committed to making the aspiration of home ownership a reality for as many households as possible.

In line with this, the government has been looking at how to open up access to the Help to Buy mortgage guarantee scheme, so that providers of HPPs can also benefit. From today the rules have been amended to enable banks that sell HPPs to purchase a government guarantee for them. Additionally, the Islamic Bank of Britain have stated their intention of participating to offer Home Purchase Plans under the scheme.

This will be particularly supportive to some Muslim homebuyers who have been unwilling to use a traditional Help to Buy mortgage because of their religious beliefs. However, the inclusion of HPPs in the Help to Buy scheme introduces more choice for all consumers and perspective homebuyers.

Sajid Javid said,

I am delighted Home Purchase Plans will now be available under the Help to Buy scheme. This gives even more choice to hardworking families across the UK trying to fulfil their home owning aspirations.

Under an HPP, a property’s ownership is split between the customer and the bank. After buying a portion of the property with their initial deposit, the purchaser of the property pays regular instalments to the bank, covering rent for the portion they do not own and an acquisition payment. In this way, a customer gradually buys the property from the bank and eventually becomes the sole owner.

In order to purchase the government guarantee, banks will have to satisfy the same stringent criteria for an HPP as for a normal mortgage. HPPs sold in the UK are also subject to regulation by the Financial Conduct Authority (FCA), in much the same way as mortgages.

The Help to Buy extension builds on the government’s commitment to support the UK Islamic finance market, worth around £11 billion each year, and retain London’s position as the premier western Islamic financial centre. At last year’s World Islamic Economic Forum in London – the first outside the Islamic world – the government announced its intention to issue a sovereign Sukuk, or Islamic bond, for the first time. It also eased lending restrictions on and oversaw the introduction of two new financial products, Islamic student and start-up loans. This follows the establishment of Islamic-compliant student and start-up loans, to encompass all faiths, and the setup of an Islamic Index on the London Stock Exchange.

The action and innovation on consumer financial products, including home loans, student loans and business loans among others, will ensure that all sections of society can help drive growth in the economy and support the UK in the global race.

Share this page


Islamic Mortgages: In a nut shell how does an Islamic mortgage work for different types


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In a nut shell how does an Islamic mortgage work for different types of purchases?

  • you choose property, agree price, undertake survey
  • bank enters into contract to buy the property from vendor
  • bank sells property to you at higher price
  • the higher price is paid by you in equal instalments over a fixed term, irrespective of what happens to Bank of England base rate
  • choose property, agree price
  • bank undertakes survey, buys property and sells it to you for the same price, in return for payments spread over fixed period up to 25 years
  • in addition to monthly payments, you pay a sum for ‘rent’ – assessed annually in line with market trends
  • you can overpay (as with a conventional flexible mortgage) to buy the house more rapidly

Replacing a conventional mortgage with a Shariah compliant one:

  • bank buys property from you at current market value
  • you agree to buy back the property at the same market price
  • the bank pays off your interest-based mortgage
  • you repay the bank in equal monthly instalments

Copyright 2011 Islamic Mortgages.co.uk Please read our Terms and Conditions
The entire product range offered on this website is Shariah compliant. However, from time to time we will promote relevant none Halal products where no Islamic / Halal alternatives exist. Your home is at risk if you do not keep up monthly payments due under an Islamic / Halal mortgage agreement (your lease and / or diminishing ownership agreement).