Sharia banking: Â part of economic jihad, designed to collapse the financial system of the West.
This latest outrage Â just shows how wrong it is to discriminate in favour Muslims, why should Muslims get tax breaks not available to non-Muslims? In other words, why should non-Muslims have to pretend to be Muslim to get the same tax breaks? This is how sharia finance helps da’awa and the Islamic goal of a global caliphate.
- US: Pawlenty shuts down Sharia-mortgage program: “The United States should be governed by the U.S. Constitution, not religious laws,”
The convoluted, Rube Goldberg-worthy process described below, which affords preferential treatment to those who invoke Sharia, lends itself to any number of foreseeable abuses. Here is one. “Islamic law used to dodge stamp duty,” from theÂ Daily Express, March 21 (thanks to JW):
- Mehdi Hasan is full of praise: “Islamic finance marries the freedom of the market economy to the fairness of social democracy” Â (‘social justice’ is code for redistribution of wealth)
- Is this the death of sharia finance? â€” WoJ
- The Great Big Sharia Finance Flop â€”
Sharia law is being used by house buyers posing as Muslims to dodge stamp duty, it was revealed yesterday.
A scheme, brought in by Labour in 2005, allows followers of Islam to buy property without paying the tax.
Paying interest is banned under Sharia law, so Muslims are allowed to buy a house and then sell it on to an offshore financial company.
They then lease the house from the company instead of taking out a mortgage, which would include interest payments. Stamp duty, which is applicable to all properties worth Â£125,000 and over, does not have to be paid on properties which are immediately sold on.
But the loophole, which costs the Treasury Â£40million a year, is now being used by some who pretend to be Muslim.
Sultan Choudhury, from the UK Islamic Finance Secretariat, said: “It was certainly not envisaged that some tax advisers would manipulate the legislation on behalf of their clients to avoid paying stamp duty at all.”