VT Headlines

VT Headlines: Vt. bank rolls out “Halal Loans” specifically for Muslim Vermonters

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9 replies »

  1. “Vt. bank rolls out “Halal Loans” program to help Muslim Vermonters”
    The bottom line as I see it is, will anybody else be denied a loan to achieve this “equity” ? If so, please explain to me again how 2 wrongs make a right ?

  2. A “Halal Loan” sounds like about as much of a gimmick is “Sabbath Mode” on an oven. Give me a break.

  3. I would assume the federal disclosure boxes on the loan still show and interest rate? This sounds nothing but a marketing gimmick by having the loan discounted or in effect prepaid interest. Let’s be truthful, the credit union is charging interest and you can fool yourselves if you want to believe discounting the note upfront and repaying more than the initial net check you received doesn’t include prepaid interest, but I think most regulators would disagree. Let a furniture store run a promotion like this and I can see the complaints now.

  4. As the liquidity crisis deepens, financial institutions are scrambling to get more debt digits on the books. The big banks are buying up gold at a record pace. Analysts opine credit unions have taken on the most risk in the housing and auto markets. The auto market is imploding. The housing bubble bursting. Default swaps are seizing. No one wants our toxic paper – particularly foreign investors and especially banks who don’t trust each other as far they can spit. The Fed and the US Treasury are adding more zeroes to bail out failing corrupted banks. Hence, continuing the illusion of solvency. As far the CBDC (federal crypto-currency) roll out in July, analysts opine this will be a ship launched and will promptly sink in the harbor. Nigeria is dealing with it right now. Central Bank of Nigeria failed in this venture and the country is now in chaos. Our government, State and Federal, is lying every day. Our financial system and economic system is cratering bigly. How did we go bankrupt? Two ways, gradually, then suddenly (Hemingway.)

  5. “The North Country Federal Credit Union rolled out what they’re calling Halal Loans, which range from $500 to $4,000. Recipients pay an upfront fee equal to what they would have paid in interest.”

    “In Islam, interest on loans is forbidden because it would introduce an inequity. If a loan has interest on it, the bank would profit. In general, relationships that favor the lender are prohibited in the Muslim faith.”

    It’s the same thing! If anything this profits the bank more, in that the entire interest portion is paid up front instead of over time.

  6. It’s in the Bible as well as the Koran. Proverbs 22:7 & Psalms 15:5.We just don’t hold banks to a biblical standard.

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