mnottertail
Posts: 60698
Joined: 11/3/2004 Status: offline
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quote:
ORIGINAL: MrRodgers quote:
ORIGINAL: Musicmystery Islamic banking is an interesting and complicated system, as the Koran forbids loaning for interest. Is there such a thing as Islamic banking ? I am sure the Iranians would like to see some but then who would take their 'money ?' I guess all of those 'Christian bankers' can thank the secular humanist for de-stigmatizing those 18% credit cards and 80% pay day loans. Yes there is. Islamic banking (they dont charge interest) would work like this. Lets say you need 100K. figure out the reasonable interest on that (lets say for a house, 30 years) well, call it 200K. So, the bank will sell you 100K of say copper for 200K, on payments, no interest, over time, on the condition you sell it back for a nominal sum, or if need be, they will charge you 300k and buy it back at 100K. It is a mincing distinction without a difference. And they keep your deposits for you at no interest to you. Sort of like what is happening here in the US. And of course the banks and other financiers will take money from the infidels in interest and they have lots of money in non-islamic deposits. Surprisingly, this is not boko haram.
< Message edited by mnottertail -- 6/26/2016 5:14:57 AM >
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Have they not divided the prey; to every man a damsel or two? Judges 5:30
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