Islamic banking=Usury?

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MugenOne

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Alright folks, Sharia prohibits the payment or acceptance of interest fees for the lending and accepting of money respectively for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles. Like everything else you hear about Islam on TV, everything is good and dandy, right?

Here in Iraq, Islamic compliant banks are charging 25% interest rate equivalent to farmers. Collateral and other loan requirements are very high usually to up 150% of the value of the loan. Farmers have 12-18 months to pay the loan off. At the rate, I might as well borrow money from relatives.

It’s truly usury. At that rate, I’d rather stick to our good ol’ capitalist pig banking practice.
 
Just to make sure: when you say “Islamic compliant banks,” you don’t mean secular banks in a majority Muslim country, but banks which are supposed to comply with Islamic law and regulations?
 
Sounds like a classic case of “good ol’ capitalist pig banking practice” to me. Obviously they’re not very Islamic if they’re charging extortionate usury like that, it’s no secret that the Muslim world is full of people who behave in a totally unIslamic fashion.
 
MugenOne said:
Alright folks, Sharia prohibits the payment or acceptance of interest fees for the lending and accepting of money respectively for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles. Like everything else you hear about Islam on TV, everything is good and dandy, right?

Here in Iraq, Islamic compliant banks are charging 25% interest rate equivalent to farmers. Collateral and other loan requirements are very high usually to up 150% of the value of the loan. Farmers have 12-18 months to pay the loan off. At the rate, I might as well borrow money from relatives.

It’s truly usury. At that rate, I’d rather stick to our good ol’ capitalist pig banking practice.
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Most bank in the Islamic world are not Islamic. and Most banks that call themselves islaic do that to attract customers. And Islamic bank doesnt deal in Interest. If it does then it isnt islamic even if it calls itself so .
 
That’s why even in Indonesia where the majority is Muslim, most people still prefer to deal with the “ol capitalist banking system”, but they still keep promoting it as the best banking system because it deals with the “real” goods.
 
meedo said:
Most bank in the Islamic world are not Islamic. and Most banks that call themselves islaic do that to attract customers. And Islamic bank doesnt deal in Interest. If it does then it isnt islamic even if it calls itself so .
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That’s what I was curious about. It reminds me a lot about some soda they were trying to sell in some parts of the Middle East called “Mecca Cola” :eek:
 
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