Interest-free banks owned and managed by its members
Surprised this hasn’t been done for some organized religions that don’t like money lenders.
by 8-BIT BOBBY Nov 14, 2020 2 Comments 2 Links
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Surprised this hasn’t been done for some organized religions that don’t like money lenders.
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You would have to do it yourself, which you can. and which is how some religious networks bank.
Often though Islamic banking was “interest-free”. but according to this it isn’t, and I don’t know if it can exist can it?
” A unique feature of Islamic banking, in theory, is its profit-and-loss sharing (PLS) paradigm. In practice, however, we find that Islamic banking is not very different from conventional banking. Our study on Malaysia shows that only a negligible portion of Islamic bank financing is strictly PLS based and that Islamic deposits are not interest-free, but are closely pegged to conventional deposits.”