In Islam this is not permitted because everyone is considered a brother or a sister. So if A person borrows $100 bucks from you they get to pay you $100 back. Same if you were the one borrowing. I find this to be fair, but of course the person borrowing must honor the term of time in which this money is borrowed. In any case I want to know your thoughts.
Thanks so much for your kind comments :)
Have a wonderful afternoon,
M.
2007-07-09 09:25:44 · 7 answers · asked by 2 in Society & Culture ➔ Religion & Spirituality
(i am talking about borrowing between friends)
2007-07-09 09:30:34 · update #1
Thanks so much I did not know that about Judaism :)
2007-07-09 09:34:29 · update #2
I find interest pretty twisted.
The Islamic way is fair enough for me, a person will only borrow money if he/she is in need, and I don't think it's fair that he/she has to pay double when that person pays it back. (I think I'd be better off not borrowing in the first place).
Just my opinion.
Peace.
2007-07-09 09:40:45 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Is it fair? Yes, as long as it's reasonable. Is it a good thing to do between friends? Depends on the circumstances. Eg. if my friend is going to borrow $50 bucks, I'm not going to charge him 5% interest and ask for $52.50. However if he's trying to buy a house or a car and can't get a loan and I loan him $100,000, I'll ask for interest at least to make up for the interest I lose from the bank. (not that I actually have $100k in the bank).
2007-07-09 09:44:00 · answer #2 · answered by Mister Sarcastic 4 · 1⤊ 0⤋
I am Jewish, and we, too, believe that charging interest on money is unlawful. Unfortuantely, many who could afford to do this to help others find ways around the law. I suppose it's idealistic of me, but wouldn't it be nice if those who could help by loaning money to others of ANY faith simply did so, without looking for a reward? I know it's unlikely to happen, but one should never give up hope.
2007-07-09 09:32:06 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It isn't charging credit but charging interest on money borrowed.
It is fair. People work hard to earn their money and should be compensated when they lend it because they have lost the use of that money until it is paid back. That is why interest is charged.
2007-07-09 09:31:22 · answer #4 · answered by nycguy10002 7 · 1⤊ 0⤋
It's fair, as long as both parties agree to it beforehand. Even at 100% interest, if that is agree upon in the past.
2007-07-09 09:31:36 · answer #5 · answered by The Doctor 7 · 1⤊ 0⤋
Christianity also used to restrict all interest on loans until about the 1600's btw.
2007-07-09 09:33:15 · answer #6 · answered by Nick F 6 · 1⤊ 0⤋
How else are the banks going to make money to keep themselves up and running?
2007-07-09 09:29:53 · answer #7 · answered by Anonymous · 0⤊ 1⤋