Dhimmi Seattle Taxpayers To Be Forced To Pay Muslims' Mortgage Interest

by JASmius



And, amazingly enough, leftwingnuts aren't shrieking about an imminent theocracy - although in this instance, such caterwauling would be justified:

For some Muslims, it can be hard to buy a house, and [Seattle's homosexual] Mayor Ed Murray plans to do something about it.

On Monday, Murray’s housing committee released its recommendations for ways the city can increase housing in the city. Most ideas were what you’d expect, including increasing the city’s housing levy and implementing new rules and regulations to foster development of market-rate and lower-income housing.

One suggestion would help followers of Sharia law buy houses. That’s virtually impossible now because Sharia law prohibits payment of interest on loans. The twenty-eight-member committee recommended the city con[script] lenders and community leaders to [force them to] explore options for increasing access to Sharia-compliant loan products.

....or else.

If it strikes you as unfair that Muzzies refuse to pay any kind of interest for any kind of private debt - and remember, interest is the price of debt financing, which, in turn, is the use of somebody else's money - and rather than adjusting that stricture in the (formerly) capitalist society to which they have emigrated, they demand AND RECEIVE not only a waiver on that little bit of cultural/economic assimilation, but taxpayer subsidizing of what is an avowedly religious quirk, go to the head of the class.  If Christians and Jews lodged any remotely similar demands with the public sector, the leftwingnuts and atheists (pardon the redundancy) would blow their stacks sky-high and have the federal courts carpet-bombing us within seconds.

But our Islamic Fundamentalist overlords must be accommodated.  And that's taking place vastly farther afield than just the home of the once and future Super Bowl champions:

Big and small investors are increasingly dipping their toes in the world of Shariah-compliant financing, a sector that has grown to more than $1.6 trillion in assets worldwide over the past three decades. It’s one that analysts see as having the potential for even greater growth as the Muslim population grows in the U.S. and Europe.

Earlier this month, Luxembourg issued a $254 million, five-year Islamic bond, known as sukuk. Meanwhile, Hong Kong last month completed its first sale of Islamic debt raising $1 billion. That came after Britain in June became the first Western nation to issue sukuk, an Arabic word that roughly translates as “certificates.”

Lenders get their return on sukuks by collecting a percentage of future profits.  Or, in other words, interest on the back end, where it is much less likely to ever be recouped, but it's still interest nonetheless.  A case of hypocritical semantics.  But housing loans can't work that way, because there's no guarantee when, or if, or for how much, a residential home will be sold in the future, or if that structure won't be damaged or destroyed in the interim.

The risk, in other words, would be prohibitive, with no reasonable expectable commensurate return.  Which means the free market would be highly unlikely to provide such debt instruments.

Which is why, in Seattle and elsewhere, government at all levels is moving toward forcing taxpayers to do so instead.

But don't worry, that doesn't and won't constitute an establishment of Islam.

Will it?