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Islamic finance prohibits interest rate lending because of the Koran's condemnation of usury. What bank can achieve a profit under those circumstances? Especial
by darien 17y ago
Islamic finance prohibits interest rate lending because of the Koran's condemnation of usury. What bank can achieve a profit under those circumstances? Especially in 24-36 months!?
- dagw 17y agoIslamic banks and finance institutes (like most finance institutes) are really good at coming up with various creative ways of working around annoying legislation. Basically they use various financial engineering tricks to create products that look they pay interest, while technically not paying interest. Google for 'sukuk' if you want a simple example.