We don’t all have equal opportunity.
But we all have the opportunity to be better than what we currently are.
We ALL have the opportunity to be, and do better than we did yesterday.

Let me say that again and allow it to sink in

.
We don’t all have equal opportunity.
But we all have the opportunity to be better than what we currently are.
We ALL have the opportunity to be and do better than we did yesterday.

WE ALL have the opportunity to learn more today than we did yesterday
WE ALL have the opportunity to GROW more today than we did yesterday
WE ALL have the opportunity to become MORE than THEY thought we could become!

WE ALL have the opportunity to ATTRACT whatever we desire into our experience.
IT IS UP TO YOU
And you alone.
IF, you take responsibility for your life.
And seek the opportunities you wish to find,
 you WILL find them,
 and when you do: 
FIND THEM and CONQUER THEM.

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Banks make money by selling money to individuals, such as giving someone 2000 dollars but requiring him to return 2100 dollars later. In Islamic banks, this is not permitted, and I’m not sure how they make money.

CANDID ANSWER

They don’t charge interest, so you accept a $2000 loan and return $2000 of it. However, the bank charges a service fee to cover its expenditures, staff, and operational expenses, which might be an additional $100; thus, you pay “$2000 interest free loan + $100 service fees.”

The same nonsense. Different terminology?

What happens if you take longer than intended to repay it? Or, for that matter, shorter than expected?

Profit will always find a way.

So instead of paying interest on some accounts, they give you money?

What is the interest rate in other banks?

Fortunately, God isn’t paying attention and is easily duped by semantics.

The Arab world avoids it by referring to it as pishkesh rather than usury. Instead of a regular proportion, it’s essentially a one-time bribe or fee.

Some American Muslim groups use it as well, making it more affordable for young families to purchase properties.

The circumstance you mentioned is permissible in Islam; what is not permissible is a usury percentage that increases year after year.

So it’s basically like this.

The bank purchases the house and then sells it to you at a somewhat higher than market price.

They make a lot of money; they just do it in their own manner. It’s actually quite clever.

So, what is the practical difference for a user? Would you be willing to pay more or less if you received a “loan” from an Islamic bank? What is the volatility of payments to an Islamic bank?

Boom. You’ve just beaten Allah.

So it’s a premium price? However, it is still very distinct from interest.

If you owe interest that is not fixed, it is possible that it will rise. If you know how much you will pay at the start of the transaction, you have some level of security in Islamic banking.

I am by no means an expert, but this was the example given to me.

Assume that a person’s credit rating, income, and history qualify them for a $200,000 loan at 4% for 30 years. They would pay a total of $648,000 over the course of 30 years. (Please keep in mind that the math is incorrect; it is a hasty example on a phone.)

All things being equal, the Islamic way to buy that house is to NOT borrow $200,000 and pay interest on it. Instead, you borrow $648,000 and pay 1/360 of that amount each month. There is no interest.

It doesn’t work, at least not in my country, where banks are major contributors to economic corruption and inflation. You can’t bend economic laws and expect them to work miraculously in Allah’s name.

Can non-Muslims use Islamic banking if it benefits them financially?

In the late 1800s, the Lutherans in my neighborhood established their own bank. They shared similar concerns about the financial services industry’s ‘usury.’ However, they believed that their community was missing out on the benefits of financial services, such as life insurance and home ownership. As a result, they established their own Lutheran institutions, which were governed by Lutherans.

I’m not sure what the changes were, but some of these businesses are still in operation today. (Thrivent)

So it isn’t just Muslims who do this. It wouldn’t surprise me if there were more incidents like this.

Even if you could, you probably wouldn’t be able to compete with usurious banks in Western countries since (AFAIK) Islamic banks won’t lend you something you can’t afford to pay back, which is what a large portion of the Western economy relies on. Islamic Banking differ from traditional banking

It’s basically the same thing, but it’s called something different and the intention is different. In Islam, loans are given not to make money off of other people’s helplessness, but to help the other person, just like in Medina in the past; there was no interest and no service charges. In today’s world, Islamic banks charge one-time fees for providing loans, which, unlike normal banks, should not be equated to interest, which may or may not be recurring and are

P. S. In my opinion, today’s Islamic banks are no different than other banks in that they, too, are looking to make as much profit as possible because it’s business, whether it’s interest or service fee, it’s the same thing, they don’t put their borrowers’ needs first when making loans, but rather how much they can profit from this service.

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