If so, how would you purchase a house?
2007-01-06 12:50:02 · 13 answers · asked by osunumberonefan 5 in Society & Culture ➔ Religion & Spirituality
They forbid interest, but banks are allowed to charge an up-front fee for the loan. It's a technicality that seems largely semantic.
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2007-01-06 12:53:52 · answer #1 · answered by NHBaritone 7 · 1⤊ 0⤋
Yes, the concept is called Riba' (reeba). There are positions of the scholars that do not see conventional mortagages as loans with Riba. But, certainly there are other loans that are seen as containing Riba'. The problem is the average Muslim does not understand this concept that well. Things like Riba', inheritance law and the like are usually left to the scholars to explain because they are difficult to understand. But, a loan for example like a home improvement loan would contain Riba'. The concept is basically that one should not make money off of money without some risk. If there is risk it is okay, which is why something like a mutual fund is ok, but a CD is not. Hope this helps.
2007-01-06 13:01:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yahoo has a headline about this right now, look it up.
And yes, muslims do believe that. Also, in the Old Testament,it says that you must not charge your neighbor interest, only a foreigner. Biblically, it is okay to charge a foreigner (most likely only non-believer foreigner), interest, but not a fellow Jew (I guess for Christians, this would translate to not charging our brothers and sisters in Christ with interest). But I guess the Muslim version of the law applies to all people.
2007-01-06 12:56:59 · answer #3 · answered by Lady of the Garden 4 · 0⤊ 0⤋
yes but we do it anyway because it is the only way to live and we ask for forgiveness. Usualy we dn't by extravagant houses unless we have the money. *Most* of us tho have fairly good jobs and can buy/pay off a house after some years of saving up. Also I think there are Islamic organizations too...Peace.
2007-01-06 13:11:01 · answer #4 · answered by justmyinput 5 · 0⤊ 0⤋
it's in the old testament too.
so technically, it should be the same for jews and christians.
Psalms 15 A psalm of David. LORD, who may dwell in your sanctuary? Who may live on your holy hill? 2 He whose walk is blameless and who does what is righteous, who speaks the truth from his heart 3 and has no slander on his tongue, who does his neighbor no wrong and casts no slur on his fellowman, 4 who despises a vile man but honors those who fear the LORD, who keeps his oath even when it hurts, 5 who lends his money without usury and does not accept a bribe against the innocent. He who does these things will never be shaken. (NIV)
2007-01-06 12:54:14 · answer #5 · answered by PandaMan 3 · 0⤊ 0⤋
In the Koran, usury (the lending of money at interest) is forbidden To get around this prohibition, each transaction must be made so that they don't involve interest. Complex transactions are done to conform with this. Sorry I am not familiar with the exact place, however. I know that it is expressly forbidden.
2007-01-06 12:58:03 · answer #6 · answered by great gig in the sky 7 · 0⤊ 0⤋
Yes...and a lot of muslim businesses violate that one all the time...
The Saudi princes are the heads of the holiest land to muslims yet they all earn great fortunes from interest on their vast holdings and investments.
2007-01-06 12:56:21 · answer #7 · answered by idahomike2 6 · 0⤊ 0⤋
The Bible too teaches that believers are not to charge their brothers interest. Unfortunately, the Bank of the Beast has no such qualms. I wish....
2007-01-06 12:55:18 · answer #8 · answered by Emmaean 5 · 0⤊ 0⤋
I heard bout this and i heard its true they have a certin like policy bank sorta thingi
2007-01-07 13:53:48 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes but they get somebody else to do the lending
2007-01-06 12:55:25 · answer #10 · answered by Shark 7 · 0⤊ 0⤋