Question for Muslims?
I heard that in Islam, interest is haram. I was wondering how banks in the middle east made money if they cannot charge interest? How did banks under the Taliban make money without interest? How do banks in strict Islamic countries like Iran, Saudi Arabia, and Egypt make money if they cannot charge interest? If banks cannot charge interest to make money, what incentive do they have to give loans? Antares, isn't that almost the same thing as charging interest? So, instead of charging interest, they are simply jacking up the price to begin with. I mean, it's the same principle. In Islam you're not supposed to make money off of money. Seems like they are splitting hairs to me.
Religion & Spirituality - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Depends on the country you speak of. But in Saudi Arabia they use what is known as murabaha, 'The bank purchases the commodity on cash and sells it to the customer on a profit. Since the client has no money, he buys the commodity on deferred payment basis. Thus, the client got the commodity for which he wanted the finance and the Islamic bank made some profit on the amount it had spent in acquiring the commodity'
2 :
What rediculous sh*t. My priest told us that but we were like, hmmmm No thanks.Were muslim and my family still does it. God is not going to put you straight in hell for signing up for a bank. As long as you remain devoted to god, pray 5 times a day, and respect him you will be fine =P Its only the really conservative ones
3 :
usury is forbidden in Judaism,Christianity and Islam this is why we call for Islamic banking i think the link mentioned will give you brief understanding of this term http://www.islamic-banking.com/shariah/sr_murabaha.php by the way japan and many other countries reduce the interest rate to less than one percent to overcome the economic crises (to encourage investing) in addition that Keynes and many other economists which i dont recall their name right now cleared that the society will function perfectly if the interest rate equal zero specially in crises usury make the rich richer and the poor poorer and we suffered enough in the last crises
