Hypocrisy! He works at Credit Suisse Bank.....and he is making his living by working for an interest charging company!
Muslims can buy homes without breaking Quran’s rules
Long Island (NY) Newsday ^ | September 4, 2006 | Katie Thomas
newsday.com
Like so many young professionals, Pulak Bhuiya wanted a place he could call his own. He graduated from college, got a decent job as a systems analyst for Credit Suisse Bank in Manhattan and got married.
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But because Bhuiya's Islamic faith prohibits him from taking out an interest-bearing loan, homeownership was out of reach. Then, through friends, Bhuiya, 32, heard about a financing program geared toward Muslims -- one approved by religious scholars and structured to avoid paying interest.
Last year, he closed on a four-bedroom, three-bath ranch in Levittown.
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In 2002, HSBC Bank USA was the first major bank to offer a home-buying program that would satisfy the conditions of the Quran for New York Muslims, and since then at least two other banks have initiated similar offerings in the state. Guidance Financial, a Reston, Va.-based firm, began offering home-buying programs in 2004. About six months ago a Chicago bank, Devon Bank, closed on its first New York transaction.
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One program offered by several banks is known as "murabaha," or "cost-plus" -- a process by which the bank buys a home for its client, adds a profit to the initial price, then sells it to the client in a series of monthly payments that reflect the new, higher price. Because buyers pay the price of the home plus the bank's profit, they avoid their religion's prohibition of taking out interest-bearing loans.
Under another program -- "diminishing musharaka," or "partnership" -- the bank and the buyer become co-owners of the property, and the buyer pays the bank "rent" for the privilege of living in the property. The buyer gradually acquires the bank's share of the house at the same time that the "rent" payments decrease. |
