Monday, August 11, 2008

Minneapolis enables sharia law

Found at infidelsarecool

The Alternative Financing program provides small Minneapolis businesses (neighborhood retail, service or light manufacturing) an alternative financing to the interest-based system that is in accordance with Islamic law, or Sharia. The program provides financing to purchase equipment and/or make building improvements. A private lender provides half the financing at their rate of return, and the City provides the rest, up to $50,000, at a 2% rate of return. The term (up to 10 years) is set by the lender. Private lender fees vary, and the City charges an origination fee of 1% of the City’s principal amount with a minimum of $150, due at closing. Read it all.

Properly written, the interest-based system is not in accordance with Islamic or sharia law, the alternative is sharia law.

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