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Message
re: Sharia banking
Posted on 5/2/13 at 3:06 pm to LSURussian
Posted on 5/2/13 at 3:06 pm to LSURussian
quote:
principal and interest
so the no-interest part is BS?
or do they just add fees and service charges to replace interest?
2
Posted on 5/2/13 at 3:07 pm to TrueTiger
If it seems too good to be true....
Posted on 5/2/13 at 3:12 pm to TrueTiger
quote:It's all a fixed payment "fee" that is not delineated as principal and/or interest.
so the no-interest part is BS?
or do they just add fees and service charges to replace interest?
Only when you analyze the amount of the payments and the number of payments do you realize the payment is suspiciously similar to a fixed rate mortgage loan consisting of principal and interest.
The basis of Sharia banking is that interest is evil, both for loans and deposits, and must be avoided.
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