Current Events > Do you support Sharia Banking and Finance?

(+) Yeah! (+)

No loans, you can either afford something or you can't. As a side effect, fractional reserve banking is banned. So banks aren't allowed to do dumb shit with people's money

Erm there are loans, there's just no "interest"

They call the interest something else. Banks always get their money...

[LFAQs-redacted-quote]


Essentially the same way except the bank buys the house directly and resells to the borrower at a markup.

saspa posted...

Erm there are loans, there's just no "interest"

They call the interest something else. Banks always get their money...

Iirc it's some kind of investment type of deal, where the "interest" is scaled on how much you made profit from that loan.

Interest being forbidden in Jewish and Muslim religions is so fascinating to me. They all figured out how predatory and caste-enforcing it was 1000 years ago, to the point of banning it religiously. Even more interesting is that that little restriction didn't make its way into popular Christian culture, and to nobody's surprise at all, Christian nations went on to use capital and interest lending to take over the world.

Sometimes it's laid out for you plain as day in the history books. I guess it's just whether you use said information to uplift the masses, or enslave them.

the government should give me money

Sharia banking?
So like, women or lgbtq aren't allowed to use it?

ROBANN_88 posted...

So like, women or lgbtq aren't allowed to use it?

yes... it's all backwards i don't like.
it's what republican conservatives crave.

goddamn florida.

iirc in sharia banking the bank buys x and you buy x from the bank at a certain markup and pay back the bank over some agreed upon period of time, possibly with some collateral involved in the deal

so on one hand the bank still makes money, but on the other hand you don't see that out-of-control compounding interest that plagues american debtors

nexigrams posted...

Interest being forbidden in Jewish and Muslim religions is so fascinating to me. They all figured out how predatory and caste-enforcing it was 1000 years ago, to the point of banning it religiously. Even more interesting is that that little restriction didn't make its way into popular Christian culture, and to nobody's surprise at all, Christian nations went on to use capital and interest lending to take over the world.

Sometimes it's laid out for you plain as day in the history books. I guess it's just whether you use said information to uplift the masses, or enslave them.

Judaism doesn't forbid interest, but Christianity used to...

indica posted...

Judaism doesn't forbid interest, but Christianity used to...

judaism has mandatory debt forgiveness after a certain number of years. 7 and/or 49 i think.

indica posted...

Judaism doesn't forbid interest, but Christianity used to...

I believe it forbids interest to other Jews. You're allowed to charge gentiles interest.