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Old 09-12-2017, 05:54 AM   #11
ericthered
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Join Date: Mar 2012
Location: far from the ocean
Default Re: [Spaceships] Islamic Banking and Financing Spaceships Purchases

The "Rent to Own rather than Mortgage" model has some interesting consequences:

1) The renter may walk away at any point and owe nothing. Perhaps he looses a great deal of money he has already spent, but there are no bankruptcy proceedings. The bank gets the house.

2) The bank fully owns the house up until the point that it does not. There are variations on this where the bank grants stakes in the house as the rental period progresses, but the bank owns at least part of the house, not a debt on the house. This probably makes repossession simpler.

3) There is little in the way of late fees for payments. If I take an extra year to pay off the house, they can't increase the amount of money I owe them for that reason only.
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financing, islamic banking, spaceships, usury

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