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My understanding is that it isn't the loan that is banned but charging interest. A fairly simple workaround would then be to charge a monthly fee instead, and y
by einarfd 6y ago
My understanding is that it isn't the loan that is banned but charging interest. A fairly simple workaround would then be to charge a monthly fee instead, and you would then end up with something that in practice is more or less the same.
- npteljes 6y agoThis is my takeaway with religious practice. If something is desired, but banned, people will find something that is practically similar enough, and technically allowed by the religion.
- gher-shyu3i 6y agoExcept with Islam, since its texts are clear enough to warn about and prohibit what you're describing. Don't lump all religions together.
- whiddershins 6y agoIn practice, religions tend to have institutions that parse and interpret the text, and make a clear, unambiguous interpretation for a given situation. So people might tell themselves they are doing a workaround, but it is not really valid from the point of view of the organized religious body.
- gher-shyu3i 6y ago> A fairly simple workaround would then be to charge a monthly fee instead, and you would then end up with something that in practice is more or less the same. No. Islam bans all these workarounds. What you describe is still a money for money exchange. Interestingly enough, Islam does not just ban interest, it has a concept of Riba, which includes interest/usury, but encompasses other transactions as well. What you describe falls squarely under Riba.