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Thursday, 17 September 2009

A mortgage scam from Yorkshire is spreading South By TITVS ADVXAS

We've all heard the term Muslim Mortgage or Islamic Banking Services? But what does it mean? What makes an Islamic Mortgage different from our own endowment policy taken out on the advice of a cold calling shark from Legal & General in the mid 1990s?

(Other mortgage endowment policy companies are available and more than willing to take your hard earned quids off you too!)

From an Islamic website, called appropriately "Islamic Mortgages" I have taken the following information:

Shariah Law: What is Shariah Law?

Under Shariah Islamic law, making money from money, such as charging interest, is usury and therefore not permitted. Wealth should be generated only through legitimate trade and investment in assets. But investment in companies involved with alcohol, gambling, tobacco and pornography is strictly off limits.

Shariah Law and Islamic Finance

The overarching principle of Islamic finance is that all forms of interest are forbidden. The Islamic financial model works on the basis of risk sharing. The customer and the bank share the risk of any investment on agreed terms, and divide any profits between them.

The main categories within Islamic finance are: Ijara, Ijara-wa-iqtina, Mudaraba, Murabaha and Musharaka.

  • Ijara is a leasing agreement whereby the bank buys an item for a customer and then leases it back over a specific period.
  • Ijara-wa-Iqtina is a similar arrangement, except that the customer is able to buy the item at the end of the contract.
  • Mudaraba offers specialist investment by a financial expert in which the bank and the customer shares any profits. Customers risks losing their money if the investment is unsuccessful, although the bank will not charge a handling fee unless it turns a profit.
  • Murabaha is a form of credit which enables customers to make a purchase without having to take out an interest bearing loan. The bank buys an item and then sells it on to the customer on a deferred basis.
  • Musharaka is a investment partnership in which profit sharing terms are agreed in advance, and losses are pegged to the amount invested.

Basically, under an Islamic Mortgage under terms of the Murabaha an Ijara or Ijara-wa-Iqtina exists. i.e. The Bank buys the house for you and rents it back to you at a pre-agreed rate that would then encompass the interest repayments and other extras likely to be incurred over the (25 year) term. It's a little like our old fashioned Hire-Purchase without reference to interest or profit, so presumably the final payment would be the purchasing one, or the principal repayment.

Now for the scam that is undermining the already corrupt worlds of the Estate Agents. This information is from hearsay only, as the institutions do not wish to make any public admission that they are or have been party (albeit unwilling party and ignorant to the facts).

Men from the Mosques of Yorkshire. Bradford, Barnsley, Sheffield, Rotherham, Wakefield, are conspiring to give "ordinary" people fake credentials such as a work history and accounts for a small business of a self employed man, so that they may then apply for a mortgage. These "fake" documents are from real people but adjusted to suit the new applicant and are paid for using the proceeds of the scam.

To qualify for welfare benefits at least one month's mortgage must be paid.

Following the first month's mortgage repayment, the business then 'runs' into difficulties and the gentleman of 'good standing' then makes a claim for benefit. Under the rules mortgage repayments are frozen and the benefits service pays off the interest. As the house has an Islamic mortgage or 'Rent' the whole rent is repaid by the benefits service.

There is a ceiling payment for rent but that is variable with the number of occupants, and as we all know most Muslim households have above average occupancy.

So there it is, a Muslim or Islamic mortgage paid for by you and I, from our own NI & tax contributions, but when we are sick or in need of welfare, the treacle stick has already been licked clean by these parasites, and we must struggle.

And what started off in the Cities and Towns of Yorkshire, has proved so successful that the model is being repeated and is creeping southwards.

Remember that the scam is only restricted by the 'rent ceiling' applied to benefits. As we move further south, the property prices are higher, and the scam is sometimes un-workable.

I'm sure the Imans are working on that one, perhaps they have already found a 'final solution'.

As Published


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