2006-07-28 18:51:17 · 7 answers · asked by abonizer 2 in Business & Finance ➔ Credit
Islam considers interest to be forbidden in any ways. Islamic banking is built in such a way that it eliminates all the possibilities of interest calculations. The money deposited by customers are used to develop properties and invested in share bonds to get back profits which are then distributed equally among the customers. Hence they follow a profit rate policy instead of interest rates
2006-07-28 19:02:59 · answer #1 · answered by matrixguy 2 · 0⤊ 1⤋
The islamic bank is a bank where you get a loan and pay no intrest becuase muslims don't belive in intrest.
2006-07-28 18:56:10 · answer #2 · answered by Fatima A 1 · 0⤊ 0⤋
In Islam, under Shar'ia charging interest is considered to be usuary. so all loans made under shar'ia must be interest free. some banks have gotten around that by charging "fees" up front for the loan.
2006-07-28 18:55:43 · answer #3 · answered by nathanael_beal 4 · 0⤊ 0⤋
Muslims are forbidden from collecting interest. Save $100,000 over your life. That's all you get. No wonder!
This should be easy!
2006-07-28 19:01:11 · answer #4 · answered by kvuo 4 · 0⤊ 0⤋
no intrest on bank loans.
2006-07-30 09:00:22 · answer #5 · answered by rhett_madison 3 · 0⤊ 0⤋
all i no,,, it s something based on no profit no loss... thr is no interest in such banks,,,
2006-07-28 18:57:29 · answer #6 · answered by arcane 1 · 0⤊ 0⤋
They don't make money off interest, as far as I know...
2006-07-28 18:55:39 · answer #7 · answered by Walter 5 · 0⤊ 0⤋