Quote:
|
Originally Posted by Tigers_eye
Sorry for the off topic discussion
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.
|
What Islami bank does is that it do not lend money, it buys goods that the person borrowing the money was intending to buy and then sells it to him on "baki" with a profit.