Comments on: Infochoice: Sharia loans hard to find http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/ Thu, 26 Aug 2010 02:21:12 +0000 http://wordpress.org/?v=abc hourly 1 By: Frank http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/comment-page-1/#comment-196785 Frank Mon, 27 Jul 2009 03:04:32 +0000 http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/#comment-196785 I found the lack of transparency troubling with the GE scenario, there might be an option to add customer reviews about Halal financial product through this site: http://mozo.com.au/home-loans If you can get more information out there about what is available to the Muslim community the better of everyone will be. I found the lack of transparency troubling with the GE scenario, there might be an option to add customer reviews about Halal financial product through this site:

http://mozo.com.au/home-loans

If you can get more information out there about what is available to the Muslim community the better of everyone will be.

]]> By: sarah http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/comment-page-1/#comment-163332 sarah Mon, 08 Dec 2008 13:31:51 +0000 http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/#comment-163332 On an tangential note- you folks might find this interesting: http://business.smh.com.au/business/world-business/we-are-all-islamic-bankers-now-20081208-6tli.html On an tangential note- you folks might find this interesting:
http://business.smh.com.au/bus.....-6tli.html

]]> By: Tarek http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/comment-page-1/#comment-161287 Tarek Thu, 27 Nov 2008 23:10:59 +0000 http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/#comment-161287 I don't think there is any issue with MCCA as an organisation but I think a lot of Muslims were surprised by the GE link. Most of us don't know anything about Islamic finance so it would be good if there was more information on the MCCA website including some reviews by independent scholars or examples where this product has been implemented before and given the stamp of approval from these scholars. On the face of it it seems a bit dodgy because people think they are getting into a relationship with MCCA (who we all trust and know) but they somehow end up in a relationship with GE. I don’t think there is any issue with MCCA as an organisation but I think a lot of Muslims were surprised by the GE link.

Most of us don’t know anything about Islamic finance so it would be good if there was more information on the MCCA website including some reviews by independent scholars or examples where this product has been implemented before and given the stamp of approval from these scholars.

On the face of it it seems a bit dodgy because people think they are getting into a relationship with MCCA (who we all trust and know) but they somehow end up in a relationship with GE.

]]> By: Omar http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/comment-page-1/#comment-161285 Omar Thu, 27 Nov 2008 22:57:02 +0000 http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/#comment-161285 In marriage the piece of paper is only needed for civil matters (ie. gov records) but doesn't mean anything at all In marriage the piece of paper is only needed for civil matters (ie. gov records) but doesn’t mean anything at all

]]> By: Irfan http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/comment-page-1/#comment-160916 Irfan Wed, 26 Nov 2008 09:15:49 +0000 http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/#comment-160916 Nikah is more than just a piece of paper ... Nikah is more than just a piece of paper …

]]> By: Mohammad Najjar http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/comment-page-1/#comment-160721 Mohammad Najjar Tue, 25 Nov 2008 11:21:52 +0000 http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/#comment-160721 The piece of paper is the one that makes it halal, where marriage and spouse relationship are the same in outcome but the piece of paper is the one that makes it halal. MCCA is acting as a mortgage manager (Al Wakeel) for the Funder, if MCCA not been able to influence the profit rate, it does not make the product not halal. MCCA has another funder to give another Shariah Compliant finance (Ijarah Montahiah Betamleek). The piece of paper is the one that makes it halal, where marriage and spouse relationship are the same in outcome but the piece of paper is the one that makes it halal.
MCCA is acting as a mortgage manager (Al Wakeel) for the Funder, if MCCA not been able to influence the profit rate, it does not make the product not halal.
MCCA has another funder to give another Shariah Compliant finance (Ijarah Montahiah Betamleek).

]]> By: Uludag http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/comment-page-1/#comment-160510 Uludag Mon, 24 Nov 2008 18:39:27 +0000 http://austrolabe.com/2008/11/23/infochoice-sharia-loans-hard-to-find/#comment-160510 <blockquote>These loans are ordinary home loans financed by GE Money Australia</blockquote> So what makes them halal? That MCCA gives the borrower a piece of paper saying they are halal? MCCA isn't part of the contract between borrower and GE Capital and they don't even have any influence over the "profit rate" that gets charged to the customer.

These loans are ordinary home loans financed by GE Money Australia

So what makes them halal? That MCCA gives the borrower a piece of paper saying they are halal? MCCA isn’t part of the contract between borrower and GE Capital and they don’t even have any influence over the “profit rate” that gets charged to the customer.

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