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I’ve reached the limit too. What does modern banking have to do with religion?
by 2muchcoffeeman 8y ago
I’ve reached the limit too. What does modern banking have to do with religion?
- lmilcin 8y agoI've reached mine, too. From what I understand you can't lend with interest and you can't lend what you don't own (https://en.wikipedia.org/wiki/Islamic_banking_and_finance https://en.wikipedia.org/wiki/Islamic_banking_and_finance).
- my_username_is_ 8y agoThe article says that Muslim financing tradition prevents banks from paying interest, and they must instead share their profits. In recent years this has been higher than the meager interest offered by banks' traditional savings accounts, so it is attracting non-Muslims at a growing rate. There is some debate as to whether all of these products technically fit the definition/custom--as some banks are advertising a certain rate of return through profit sharing, making it very similar to interest.
- TheSpiceIsLife 8y agoWould it make sense for a retail customer of Big Bank Co. to also be a shareholder thus enabling them to share the profits?