posted on May, 5 2010 @ 10:31 PM
Personally, I think that if religious law - whether it is Islamic or any other religion - does not permit the payment of interest, then this
arrangement sure seems fishy to me. Replacing the term "interest" with "profit" is patently ridiculous.
I am no Islamic scholar, but if I were, I would definitely say that these arrangements would fall outside of the law against paying interest. It's
If I were to guess, the prohibition against paying interest is designed to protect the devout Muslim from being harmed - in financial terms - from the
dangers of usurious interest rates. Not a bad idea at all - even if you aren't a Muslim.
What the community should do, instead, is pool community resources to build family homes. Kind of like Habitat for Humanity. That way you skip out
on the whole gimmickry with these silly "interest free" loans.