Comments on: NAB to offer “Muslim-friendly” loans http://austrolabe.com/2009/06/14/nab-to-offer-muslim-friendly-loans/ Tue, 13 Jul 2010 20:17:07 +0000 http://wordpress.org/?v=abc hourly 1 By: Andrew Reynolds http://austrolabe.com/2009/06/14/nab-to-offer-muslim-friendly-loans/comment-page-1/#comment-194348 Andrew Reynolds Tue, 23 Jun 2009 04:52:00 +0000 http://austrolabe.com/?p=968#comment-194348 If you want to start an institution that follows Shari'a and is based here it would be fairly simple - set up a religious charitable fund, as I discussed <a href="http://ozrisk.net/2006/08/17/islamic-banking-a-way-forward/">here</a>. They are a common device used by the Christian churches in Australia, for example the <a href="http://www.anglicancf.com.au/about.php">Anglican Church in Perth</a>. There is no reason why the exact same legal structure could not be used by Muslims in Australia. It would just take some work to get it together. Any profits could then be used for charitable work, education or for any other religious purpose. The basic infrastructure would be fairly simple to set up, including internet banking. If anyone seriously wants to do this I would be happy to help with some advice. If you want to start an institution that follows Shari’a and is based here it would be fairly simple – set up a religious charitable fund, as I discussed here. They are a common device used by the Christian churches in Australia, for example the Anglican Church in Perth. There is no reason why the exact same legal structure could not be used by Muslims in Australia. It would just take some work to get it together. Any profits could then be used for charitable work, education or for any other religious purpose.
The basic infrastructure would be fairly simple to set up, including internet banking.
If anyone seriously wants to do this I would be happy to help with some advice.

]]> By: Amir http://austrolabe.com/2009/06/14/nab-to-offer-muslim-friendly-loans/comment-page-1/#comment-193333 Amir Sun, 14 Jun 2009 03:00:00 +0000 http://austrolabe.com/?p=968#comment-193333 These loans do not appear to be Islamic loans or specifically targeted at Muslims. This is NAB's No Interest Loan Scheme (NILS), which is meant to help low income earners buy white goods and household items such as fridges, televisions or furniture. You can read more about it <a href="http://www.nab.com.au/wps/wcm/connect/nab/nab/home/About_Us/8/5/14/NAB+extends+support+for+no-interest+loan+scheme+to+%2415+m/NAB+extends+support+for+no-interest+loan+scheme+to+%2415+m">here</a>. These loans do not appear to be Islamic loans or specifically targeted at Muslims. This is NAB’s No Interest Loan Scheme (NILS), which is meant to help low income earners buy white goods and household items such as fridges, televisions or furniture.

You can read more about it here.

]]> By: Asad http://austrolabe.com/2009/06/14/nab-to-offer-muslim-friendly-loans/comment-page-1/#comment-193332 Asad Sun, 14 Jun 2009 02:39:47 +0000 http://austrolabe.com/?p=968#comment-193332 Ahmed are you from Muslim Village? http://muslimvillage.com/forums/index.php?s=&showtopic=52590&view=findpost&p=828251 <blockquote>Just to give you a little bit more info, the product will be available for low income earners who are looking to purchase personal/household items (eg. white goods, furniture, electricals) and are unable to obtain finance elsewhere. Once they meet the strict qualification criteria, the applicant will need to provide a quote for the item they intend to purchase. Payment will then be provided directly to the retailer and repaid by the applicant via repayments from their Centrelink payments. Alhamdulillah we are really excited and honoured to be involved with this project. Inshallah we are in the process of formalising our agreement with NAB and this product could be the first step in a whole range of future Islamic products Inshallah. Please don't ask me any more questions as all will be revealed once we launch Inshallah. W'Salaam Ahmed </blockquote> Ahmed are you from Muslim Village?

http://muslimvillage.com/forum.....p;p=828251

Just to give you a little bit more info, the product will be available for low income earners who are looking to purchase personal/household items (eg. white goods, furniture, electricals) and are unable to obtain finance elsewhere.

Once they meet the strict qualification criteria, the applicant will need to provide a quote for the item they intend to purchase. Payment will then be provided directly to the retailer and repaid by the applicant via repayments from their Centrelink payments.

Alhamdulillah we are really excited and honoured to be involved with this project. Inshallah we are in the process of formalising our agreement with NAB and this product could be the first step in a whole range of future Islamic products Inshallah.

Please don’t ask me any more questions as all will be revealed once we launch Inshallah.

W’Salaam
Ahmed

]]> By: Ahmed AS http://austrolabe.com/2009/06/14/nab-to-offer-muslim-friendly-loans/comment-page-1/#comment-193327 Ahmed AS Sun, 14 Jun 2009 01:13:50 +0000 http://austrolabe.com/?p=968#comment-193327 This will be good. MCCA needs a bit of competition. They've been exploiting the Muslim community for far too long. This will be good. MCCA needs a bit of competition. They’ve been exploiting the Muslim community for far too long.

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