An Islamic Perspective on the Mortgage Crisis

It seemed like a sweet deal.  Buy a nice home on a low interest mortgage.  It seemed too good to be true.  In fact, it was.  At first glance, it seems that America’s middle class has done it again.  Out of their desire for more, they attempted a shortcut to attain it and it all fell apart.

In Sharia’, there is a principle.  It goes something like “trying to attain something before you should have it prevents you from having it.”  For example, if an individual kills someone he is supposed to inherit from, then he does not inherit.  This holds true even if he was killed on a hunting accident (hence Dick Cheney would never inherit).  However, it was not the middle class this time, it was poor urbanites who saw the suburbs and wanted a piece of it.  I guess this is where I insert the cliche “be content with your lot.”

However, that does not address the whole problem.  Let us take a lesson from the classical Muslims.  If you tour the old city of many old Muslims cities, many private houses look very ugly.  The reason for this was fear of envy.  For years, the middle class and upper middle class have been building lavish houses and openly displaying them.  Perhaps “if you have it, show it off” is not such a good idea.

I’ll let you connect the dots from here.

And Allah knows best.

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