Sorry for the off topic discussion
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Originally Posted by billah
Yup. I think you are right. I think Sharia says if you borrowed some money, and returned it later, you are supposed to give back the money that has the same buying power of the money originally borrowed. That is not usury. So, if you borrowed fifty bucks two years ago, you may have to return sixty five today. People may tend to over generalize the concept.
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I am certainly not an expert. Allah knows best. With the little understanding I have I know the followings:
1) In Islam there are two types of loan.
a) I borrow $100 bucks and within a said time I would return the $100 bucks. There would be a contract and there would be two "chakkhi".
b) I borrow $100 bucks and I will invest. If I make a profit they upon the agreed rate I will give to the person I have borrowed + the "ashol". Now if I lose money then a part of the loss has to be beared by the person upon the agreed rate in the time of borrowing. In that case, the person who gave the loan would not get back his full "Ashol".
Any other way is an innovation.
For Islamic banks to say that you will get a 7% in your deposit is wrong and non-Islamic. The way they say is, "we have invested in businesses for the last 7/8 years. On the average we got a 7% percent return. Based on that We can say you will get a 7% in your investment." You be the Judge.
I did not borrow from any Islamic bank. But if any borrower has to sign a contract saying they have to give back certain percentage of the loan then that is fully un-Islamic and illegal (Haram) according to Sharia.