The Portland Development Corporation (PDC), a division of the city’s Housing and Economic Development Department that is in charge of approving commercial loans, this week will consider a proposal to allow borrowers to apply for interest-free loans.
A memo dated July 12 to the PDC board members from Nancy Martin, the city’s Business Programs Manager, outlines the proposed “Inclusive loan policies.”
“The City of Portland is increasingly diverse, and features many business owners from
international backgrounds,” the memo reads. “Their contributions to the local economy are numerous.”
In order to “increase financial access” to the business owners from “international backgrounds,” Martin wrote, the city would add an option to PDC’s online loan intake form that offers the possibility for borrowers to pay flat administrative fees instead of interest.
In her memo, Martin references the move made by Androscoggin Bank last August to offer interest-free mortgage plans to comply with Islamic law.
Under Islamic law, usury, or charging interest on loans, is a prohibited practice.
According to Martin, charging flat administrative fees monthly would be “mechanically simple” and would still result in the same amount paid on the loan over time as with interest.
As an example, Martin wrote that a $100,000 loan at 8% interest amortized over ten years would result in the total interest paid being about $45,594.
That same total interest amount could be paid by a flat rate of $379.95 for 120 months.
“Late fees could be added to the loan terms to incentivize borrowers to make their
scheduled payments on time,” Martin added.
The proposal is slated to be considered at the PDC board meeting this Thursday.
<span class="dsq-postid" data-dsqidentifier="29339 https://www.themainewire.com/?p=29339">19 Comments
Watch for the advocates to demand NO INTEREST at all be charged to the new Biden Voters, who want state/city money for their halal butcher shops and clothing markets. And the sniveling city council will bend over and let it happen. Only regular Americans need pay FULL PRICE.
Can I be a Muslim only when I’m in the bank?
Doesn’t sound like integrating to our society.
How in the hell can this be constitutional?
A simple explanation for this is known as “Creeping Sharia” which might also be referred to as “Stealth Jihad” depending on the circumstances. Restructuring a loan in this fashion sounds innocuous but it isn’t. It amazes me in this day and age that people are so utterly ignorant of Islamic doctrine and its history of conquest. But, as with politics, people are just too lazy to do the research.
There are MANY good resources available starting with the likes of Robert Spencer, Bill Warner, David Wood, I.Q. Al Rassooli, Tom Holland, Walid Pharas, Andrew Bostom, Raymond Ibrahim, and Ann Corcoran. You WILL be accused of being a racist, a bigot and an Islamophobe, but don’t let that bother you. You’ll have the facts on your side.
“Sharia law divides offences into two general categories: “hadd” offences, which are serious crimes with set penalties, and “tazir” crimes, where the punishment is left to the discretion of the judge.
Hadd offences include theft, which under the strictest interpretations of Sharia, can be punishable by amputating the offender’s hand.” Are there other Sharia Laws that plans to follow?
Yet the same hypocrites wouldn’t allow religious exemptions from vaccination mandates. Unbelievable
Vote these idiots out of office . They will destroy our state .
Stealth jihad. The mohammedans have no interest in integrating. The koran tells them they must kill or dominate the infidel. That means you and me. Seems far fetched now but they are patient people who take a very long view of things and work incrementally to achieve what their leader in the “holy” book tells them.
It is not the job of the city to pick winners or lousers
So, Portland city councilors will not adhere to U.S. laws where only U.S. citizens are allowed to vote in our elections, but will willingly adhere to Sharia Law? Will they adhere or allow other aspects of Sharia law to be enforced? I am thinking specifically of the Sharia laws regarding gays and lesbians. That they be killed and all members of their family are also killed in order to eliminate the “disease”? Where is the LGB community here? Do they understand that to admit one Sharia law, admits them all?
So much for the separation of church and state!
If they were really going with Islamic Law, there would be a lot of people in Portland missing a hand!
When do the Muslims bend to OUR laws?
These people are “usless idiots” look up that term under their useless laws, as they are useless and un enforceable in this country. When the law suits start ,they ,”Androscabbin bank” , will claim ,oh were a private company/organization and can charge how we want , it’s not discrimatory!!!! If I had a penny in that bank , it would be too much. Pull your American $$ out of that bank. Now .
This state needs to be very careful…. look at what has happened in Minnesota. Towns and cities have slowly been taken over by muslims. You will hear the call to prayer being blasted in all neighborhoods. Europe has been overrun and now there is little that can be done to curtail it. Islam is a political organization that aims to infiltrate, take over and then convert the citizens. Even the slightest activity that gives way to Islamic law will see a decline in the American way of life as we know it.
…well, that sounds inclusive…if you’re Muslim! Hey Androscoggin Bank, we could use a few thousand interest free dollars! Despicable!
This will be another reason to avoid Portland: they are changing laws to cater to the Sand Diggers, many of whom are likely to be illegal aliens.
Sharia Law by another name… Can’t wait until the Homo’s start getting thrown off buildings then listen to the LIBTARDS squeal !