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Islamic banking and financing services:?
1- Why people (Muslims and Muslims) are willing to be interested in Islamic Banking Services instead of the conventional ones in canada?
2- And why is it important for Non Muslim countries to comply to the Sharia’a Law, if it has already a good banking or financial system?
3- How countries should rally and work together to make the Sharia Compliant desirable for both the government and people?
Why people (Muslims and Non Muslims) are willing to be interested in Islamic Banking Services instead of the conventional ones in Canada?
My understanding is that under Sharia, common interest is not allowed.
Islamic lenders are however entitled to share the risk of an investment and receive a payment for this.
Which in effect means that the borrower, instead of having a creditor is finding a "sort of" partner.
I guess that makes islamic banking more interesting for an investor.
September 25th, 2009
Simple solution to all this, if you want to live by sharia laws then go to an islamic country, if you don’t want to live there, then stop moaning! if we go to muslim countries we have to obey their ways and it being different from our beliefs is never a good excuse for breaking their laws, same should apply wherever, in britain one law and system ie, the british system, same goes for canada, usa, anywhere, lets stop the pandering because they see us as weak. you cant have two sets of laws and ways of doing things within a country.
References :
September 25th, 2009
My understanding is that under Sharia, common interest is not allowed.
Islamic lenders are however entitled to share the risk of an investment and receive a payment for this.
Which in effect means that the borrower, instead of having a creditor is finding a "sort of" partner.
I guess that makes islamic banking more interesting for an investor.
References :