Monday, August 22, 2011

Muslim Students in the UK Demand Sharia-Compliant Student Loans

Muslim students in the UK are demanding interest free student loans, since paying interest is forbidden under Islamic law, or "Sharia" as it is called.  The UK has been the most Muslim-accommodating country in the western world, and also the one most quickly disintegrating.

Muslims once again demonstrate that they are not compatible with western culture, laws and traditions.   They should not be in the west.  Nevertheless, you can count on the leftists in the UK quickly granting their every demand.  They already have "halal" food, which is derived from animals slaughtered in a cruel and painful manner, women wearing veils and burkas, honor killings and genital mutilations.  What's next for the UK, public stoning of adulterers?

Kick them out.  Send them back to the barbarian hell-hole from which they sprang, and take the leftist enablers with them.


Old Rebel said...

But if we don't conform to what our colonizers want, we'll be called bad words.

LibertyAtStake said...

A most excellent rant. Who among us is so blind as to be unable to see the fundamental incompatibility of Sharia with the US Declaration and US Constitution? Oh, yeah, the entire liberal ruling class, that's all.

“Because the Only Good Progressive is a Failed Progressive”

Always On Watch said...

Kick them out. Send them back to the barbarian hell-hole from which they sprang, and take the leftist enablers with them.

I vote for that!

Zagros said...

You may not understand what a sharia compliant loan product is and why it is definitely possible (and highly profitable!) to conduct in the West. When you loan $10,000 to a student in a sharia compliant transaction, you are actually taking an equity position in the student's eventual success. So you give $10,000 but since their education is an asset with a return on investment, you compute a "rental charge" equivalent to an interest rate that is equal to that return on investment. They they pay a "rental charge" not for the money they receive but rather for the fair market value of the education they receive until they pay off all the principal on the loan. In theory it is simply a matter of semantics rather than anything else but in practice it means that the lendor and the lendee are both risk takers in the transaction. If the market value of the education rises, the rental charge rises as well. If it falls, the rental charge falls. Thus, if a student is going to a medical school and we institute Obamacare, since the fair market price of a medical degree will fall, the rental charge of the education will fall. On the other hand, when we repeal and replace Obamacare with a free market solution, the fair market price of a medical degree will rise, so the rental charge of the education will rise with it. Now the British Muslims are wrong to "demand" sharia compliant loan products but we would be foolish as well to prohibit them from being offered if there are willing participants in the market who would wish to provide these products. In addition, we can always add in a lot of fees such that they are right back where they started with under interest bearing systems. Indeed, because there are fewer market participants in the Sharia compliant market, the Muslim students who are demanding Sharia compliant loans will actually end up paying MORE for their loans in the long run as Sharia banks charge substantial upfront loan origination fees for the privilege of getting an "interest-free" loan.