Finally! Thanks to the well integrated, moderate Muslims at the Muslim Link Community Newspaper in Ottawa we now know who to blame for Mortgages!
Mortgage, murabaha, ijara or musharakah?
“The history of the actual word “mortgage” is very interesting. The word “mortgage” is composed of ‘mort” (French word for “dead”) and “gage” referring to a pledge given as a security against the payment of money. It is documented that Christians would pledge their land to Jews in return for money to finance the crusades. The usurious potential of such gages was debated in feudal England. It is “dead” because the pledged land does not contribute toward the reduction of the debt. An explanation of the usurious nature of the mort-gage is because the creditor had entered into an arrangement with a borrower without risk: the borrower was obliged to repay the debt, yet the creditor did not assume any risks or obligations in relation to the borrower.”
What kind of newspaper is Muslimlink?