Something worth thinking about...

Acrylic-bob · 02-04-2005, 09:40

It is said that one of the strengths of Britain is that it is open to ideas and influences from outside. In this light, perhaps the introduction of some aspects of Sharia law might not be a bad thing...Unless you make your living from interest...

http://www.guardian.co.uk/religion/Story/0,2763,1450292,00.html

garinda · 02-04-2005, 09:53

Interesting link, thank you.
You [meaning I,] live and learn.

I wonder if any of the oil producing Muslims make any interest on the oil they sell?

WillowTheWhisp · 02-04-2005, 15:26

Quote:

One method here is "murabaha" (cost-plus).

For instance, the bank buys the item for £10,000 and resells it to the client for (say) £12,000. The client then divides the £12,000 by the agreed time period and makes a regular payment.

Under the Consumer Credit Act, the bank has to show an equivalent APR for comparative purposes - here between 9.1% and 14.9% depending on the amount and the time period.

I may be dim but can anyone please explain to me how that differs from a normal bank loan with interest? Surely this is mere semantics