Quote:
Originally Posted by crucifissio
In a nutshell:
most western banks are like bernie madoff...gamblers with no moral code...profit NOW at any cost, screw the future they want their 147-th yacht...they are like loan sharks with a gambling addiction  ...
islamic banks are pretty much the opposite...you will never hear of an islamic bank being bailed out...its like doing business with your parents, they will not let you get in trouble and lend you money irresponsibly, nor will they gamble with your money if you decide to deposit it with them...
the difference for you short term:
if you borrow money from an islamic bank, if you have a bad year, so do they...they see you as a business partner and not as a slave...if you borrow money from a western bank and have a bad year, then tough cheese you are fucked they want their money NOW...or they can re-finance your debt, that is akin to them putting on a bigger and longer strap on
the difference for you long term:
one day western banks will become "un-bail-outable" ...if you have money in such a bank you can kiss it goodbye... |
But this is
not an islamic bank. This is 'Lloyds of London' - A british institution. Founded in 1765 and over 200 years old...
They are simply offering to handle a muslims money in a 'different way' than they handle a non muslims money... However, If the shit hits the fan with the Bank itself, Muslim or Non Muslim, you are in the same boat...