The U.K. paper confirmed it had removed the letter because of its sudden surge in popularity on TikTok and other social media sites.
The U.K. paper confirmed it had removed the letter because of its sudden surge in popularity on TikTok and other social media sites.
I like the don’t trade with interest thing. The rest is just typical theocratic bullshit.
Islam gets around this the same way they get around no sex before marriage. With a bullshit workaround that god is totally cool with because it follows the letter but not the spirit. You can marry someone for an hour and then divorce them. Totally halal prostitution.
A loan with interest these days for 1 million USD at 6% interest over 20 years will have you end up paying 2.5Million for that 1 Million house. It’s bullshit but it is a system that somewhat works. If interest goes up you pay more, interest go down you pay less unless you have locked in at a fixed rent.
In Islam the banks still want to make money of course so they just pre calculate this and call it a fee. It ends up being interest, baked in at a fixed price.
This is an islamic teaching too
It’s also in the Old Testament. Although the bankers bought off enough of the clergy to water it down. Cudos to the Muslims on keeping theirs intact!