interest and islam

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interest and islam

wazeeri
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#131

08-28-2006, 08:24 AM

Finance

Yes the islamic system does indeed take excess over the borrowing but the rights and obligations which are set are totally in accordance with Islam and thats what makes it different.

An example being the Islamic answer to mortgage. The mortgage is replaced with two different contracts. One being the contract that the lender will give the house to the customer if the customer manages in installments to pay of the price of the house so it is a sales deed.
Second being the house rent deed.

In this way the bank is not making money from money but from the house. Their income is dependant on the house prices and other economical factors. If the house gets damaged the bank loses their investment, in normal mortgages it is the borrower who has to pay the bill and keep up the interest payments.

Thus the banks money is safe, their income is safe and the risk of loss is passed onto the borrower.

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interest and islam - by mintblue - 01-12-2004, 11:17 PM

RE: interest and islam - by Linkin Park - 03-04-2015, 04:10 PM

[No subject] - by KJK - 02-07-2004, 04:09 AM

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RE: interest and islam - by smraza - 03-18-2004, 09:12 PM

[No subject] - by sumaaan - 03-19-2004, 07:00 AM

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