Quizzes & Puzzles24 mins ago
interest
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Think about purchasing a house with 0% interest, and no pre-set late fees. You possess the property as long as you pay and you know that 100% of the monthly payments is going towards your loan. But acknowledging the fact that the bank will share 10% of the property with you. tell me what you think of this!
i came across this as I was conducting a research on a local islamic financing institution in saudi arabia which deals with this types of loans.
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For more on marking an answer as the "Best Answer", please visit our FAQ.Yes Scarface, I see where you're coming from. Another institution that deals with such loans has opened - the Islamic Bank of Britain. I think this system sounds great, although I haven't researched it in alot of detail. Anyway, the good thing is, the banks not just for Muslims, it's for anyone who finds the products appealing!