SCENARIO 1: Islamic Finance
Islamic Law (known as Shariah) forbids charging interest. Instead, lenders under Islamic Law may charge "fees" or "rent" to borrowers. Shariah scholars say there is no prohibition against using an interest rate as a benchmark to calculate appropriate fees or rents. Several U.S. lenders are now offering "Islamic home mortgages." The price of Islamic mortgages tends to be very comparable to the price of traditional mortgages.
QUESTION: Explain and comment on the statement above using your understanding of this course and experience.
The minimum word for the assignment is 500 words, which include tables and captions but exclude footnote, endnote, and references. The total number of words must be specified at the end of the discussion.
SCENARIO 1: Islamic Finance
Islamic Law (known as Shariah) forbids charging interest. Instead, lenders under Islamic Law may charge "fees" or "rent" to borrowers. Shariah scholars say there is no prohibition against using an interest rate as a benchmark to calculate appropriate fees or rents. Several U.S. lenders are now offering "Islamic home mortgages." The price of Islamic mortgages tends to be very comparable to the price of traditional mortgages.
QUESTION: Explain and comment on the statement above using your understanding of this course and experience.
The minimum word for the assignment is 500 words, which include tables and captions but exclude footnote, endnote, and references. The total number of words must be specified at the end of the discussion.
For unlimited access to Homework Help, a Homework+ subscription is required.