The maternal or paternal transferance of religion is a side issue.

In Muslim scripture, Muslim men are told 'not to marry idolatresses':

And do not marry the idolatresses until they believe, and certainly a believing maid is better than an idolatress woman, even though she should please you; and do not give (believing women) in marriage to idolaters until they believe, and certainly a believing servant is better than an idolater, even though he should please you; these invite to the fire, and Allah invites to the garden and to forgiveness by His will, and makes clear His communications to men, that they may be mindful. S. 2:221 Shakir

Christians and Jews are described as idolaters:

O ye who believe! surely, the idolaters are unclean (al-mushrikoona najasun). So they shall not approach the Sacred Mosque after this year of theirs. And if you fear poverty, ALLAH will enrich you out of HIS bounty, if HE pleases. Surely, ALLAH is All-Knowing, Wise. Fight those from among the people of the Book, who believe not in ALLAH, nor in the Last Day, nor hold as unlawful what ALLAH and HIS Messenger have declared to be unlawful, nor follow the true religion, until they pay the tax considering it a favour and acknowledge their subjection. And the Jews say, ‘Ezra is the son of ALLAH,’ and the Christians say, ‘the Messiah is the son of ALLAH;’ that is what they say with their mouths. They only imitate the saying of those who disbelieved (kafaroo) before them. ALLAH's curse be on them! How they are turned away. They have taken their priest and their monks for lords besides ALLAH. And so have they taken the Messiah, son of Mary. And they were not commanded but to worship the One God. There is no God but HE. Holy is HE far above what they associate (yushrikoona) with Him! They seek to extinguish the light of ALLAH with their mouths; but ALLAH refuses but to perfect HIS light, though the disbelievers (al-kafiroona) may resent it. HE it is Who has sent HIS Messenger with guidance and the religion of truth, that HE may make it prevail over every other religion, even though the idolaters (al-mushrikoona) may resent it. S. 9:28-33 Sher Ali

So it would seem rather clear to me that men should not be allowed to marry Christians and Jews.

Now, can someone show me the loophole that allows men to marry Christians and Jew, but doesn't allow women the same right?