Boomhauer

http://news.yahoo.com/egypt-returns-...-business.html

scot47

"Riba" is most definitely haram, but there are ways around it.

The Dean

Where does it say these were meant to be Islamic bonds? Officially, Egypt is a conventional banking environment, though there are Islamic firms.

Boomhauer

Don't know about Egyptian banking but they are a majority Islamic nation and it was under Mursi's Muslim Brotherhood that the loans were made, plus Qatari law is strongly influenced by Sharia.

seven seas

Newsflash: People don't always abide by the moral code they believe in.

They fall prey to temptation. Some more often than others.

redShark

I had once discussed this topic in a different forum sometime after the outbreak of the credit crunch disaster, and I’d also written an article about it, titled ‘Why Europe should ask the Muslims to bring on the Sharia finance law”. I, however, am not going to discuss this topic on here as this is not the right forum for such discussions. After all, no one likes to be insulted, particularly when one knows the offenders are stupid twats.

britexpat76

So muslims borrowing money they cannot pay back are twats?

Yoohoo

I always understood that Muslims should earn every penny they're paid and should never borrow money they can't give back.

I suppose in redshark's world the stupid twats are the people who hand over money to people who haven't earned it or who loan people money believing they might not get it back...

Yoohoo

I always understood that Muslims should earn every penny they're paid and should never borrow money they can't give back.

I suppose in redshark's world the stupid twats are the people who hand over money to people who haven't earned it or who loan people money believing they might not get it back...

Bahtatboy

Yes, heaven forbid somebody should actually challenge anything you believe in. That just wouldn't do, would it.

OleJanx

Certainly not! Haven't you been paying attention?

Alexa

If you do not want to talk about it HERE, then why do you post about it HERE?

weasel decentral

They call the interest a fee, in order to get around anything haram basically.

If you want a car loan for example for $10,000 they will effectively buy the car from the garage and sell it to you for $11,000. This is the fee for arranging it and avoiding calling it interest.

Bahtatboy

A bit like agreeing to contribute to the costs of a foreign child's education in exchange for the mother's favours. Ahh...now I see why Jockey's, the York et al haven't been closed down: viewed that way, its all ok. In fact, its positively beneficent.

weasel decentral

You have to admire the creativity that has gone into creating justifiable or some sort of ethical lending.
As for your scenario I will have to read the details of the relevant fatwa that covers knocking boots with hookers.