Yeah, blame them because the rest of us are stupid enough to pay.
BTW : They still pay the same but the "interest" is embedded in the price so as to
not "technically" be called interest.
But when you're on the anti-Muslim wave you can just make it up to fit your mood.
http://en.wikipedia.org/wiki/Islamic_banking
Quote:
|
In an Islamic mortgage transaction, instead of loaning the buyer money to purchase the item, a bank might buy the item itself from the seller, and re-sell it to the buyer at a profit, while allowing the buyer to pay the bank in installments. However, the fact that it is profit cannot be made explicit and therefore there are no additional penalties for late payment. In order to protect itself against default, the bank asks for strict collateral. The goods or land is registered to the name of the buyer from the start of the transaction. This arrangement is called Murabaha. Another approach is EIjara wa EIqtina, which is similar to real estate leasing. Islamic banks handle loans for vehicles in a similar way (selling the vehicle at a higher-than-market price to the debtor and then retaining ownership of the vehicle until the loan is paid).
|