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Re: Controversial taxi app 'Uber' coming to Cardiff
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Originally Posted by Taf
Nothing, just interest free and easy to get during these times of austerity.
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http://www.theguardian.com/money/201...money-interest
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How do sharia-complaint banking products work?
There are several ways that banks can structure accounts so that they are sharia-compliant.
Ijara works as a leasing arrangement: the bank buys something for a customer and then leases it back to them. Different forms of leasing are permissible, including those where part of the instalment payment goes toward the final purchase. This might be used to help you buy a car or other item, or to help a business buy equipment.
Murabaha works by the bank supplying goods for resale to the customer at a price that includes a margin above the costs, and allows them to repay in installments. This might be used to provide a mortgage on a property. The property is registered to the buyer from the start.
Musharaka is a joint venture in which the customer and bank contribute funding to an investment or purchase and agree to share the returns (as well as the risks) in proportions agreed in advance.
Wakala is an agreement that the bank will work as the individual's agent. If a saver enters into this type of agreement, the bank can use their cash to invest in sharia-compliant trading activities to generate a target profit for them.
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They don't charge interest, but make a profit in other ways...
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