For those not allowed to do ribbis or riba, the heter iska should help them get aroun

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SlaveofAll
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Heter Iska is an agreement between the customer and the financier that the transaction being provided is a partnership where all profits must be shared under a stringent set of reporting requirements. If the customer wishes to pay a specified rate in lieu of profit sharing, the customer may do so.

It basically works like lending on interest.
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londonmyst
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In practice, most capitalist economies that lack reliable access to large reserves of precious natural resources or a very large supply of low cost human labour cannot effectively function without interest/interest by another name.
The venture capital approach and traditionalist mormon variation based upon almost the same practices are only suitable for fringe communities & quite small niche markets.
Was pretty much the same situation during the era of the knights templar and ancient english moneylenders viewed as the property of the king.
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JAckieee.chan
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Thats called mudrabah. And every major bank has that options.
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SlaveofAll
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(Original post by JAckieee.chan)
Thats called mudrabah. And every major bank has that options.
Heter iska for Jews or mudrabah for Muslims, the alternative arrangement can be of great help for members of religions that forbids lending or borrowing in interest (even Christianity).
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SlaveofAll
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(Original post by londonmyst)
In practice, most capitalist economies that lack reliable access to large reserves of precious natural resources or a very large supply of low cost human labour cannot effectively function without interest/interest by another name.
The venture capital approach and traditionalist mormon variation based upon almost the same practices are only suitable for fringe communities & quite small niche markets.
Was pretty much the same situation during the era of the knights templar and ancient english moneylenders viewed as the property of the king.
Perhaps, with better exposure, more people will consider resorting to heter iska/mudrabah/contractus trinus instead of borrowing or lending with interest (which seems to get flak for allegedly being unjust to borrowers).
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JAckieee.chan
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(Original post by SlaveofAll)
Heter iska for Jews or mudrabah for Muslims, the alternative arrangement can be of great help for members of religions that forbids lending or borrowing in interest (even Christianity).
Ahh. I didn't know that. Never saw in any banks. Ig christian and jews dont care about Riba as much as Muslims does.
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SlaveofAll
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(Original post by JAckieee.chan)
Ahh. I didn't know that. Never saw in any banks. Ig christian and jews dont care about Riba as much as Muslims does.
Jews can't lend or borrow at interest with one another, so they crafted the heter iska to get around the ban, while the Christian community used to have stuff like the contractus trinus to do the same job.

Given that there are people who want borrowing and lending at interest banned, I just wanna share something that can help people if that happens.
Last edited by SlaveofAll; 1 month ago
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