Would Islamic banking work for you?

Question

I have benefited nicely from Islamic banking. this is how it works:

when purchasing a car, the bank buys it for eg R100 000, they charge you a profit of lets say R20 000. you pay back R120 000 in monthly repayments. whether the interest rate increases or decreases it does not affect your agreed repayment.

The same goes for a homeloan but there are a few conditions attached. bottom line, you are not linked to the interest rate which in todays cliamte is a big help. Islamic banking is open to all religions. would you join?

Answer 1

Cool , i knew about the fixed rates , but i didnt know that it was open to all religions....

I must look into it , anything to save a few bucks...

Money's short , times are hard...

Answer 2

It sounds like a great deal but Islamic people are very strict, they might be only catering for muslims only. Find out more information from the bank. Also read evrything carefully before you sign.  Good luck!

Answer 3

I would not get involved with Islamic banking because I dont want any part of Islam.

I have heard, however, that it is a very good way to deal with money because of the "no interest" policy.

Answer 4

I would join since I am not religious.

s****. and zxcv you guys confuse me.

HeavyD has just pushed a racial stereo type and you guys are Yeah its cool.

Are all Indian business not suppose to be trusted?

Guys come on that can't be right.

I am not saying fight with him but at least friend to friend inform the guy that stereotyping is not on.

If I were to say here all Boeres are racist this whole forum will be on my case and rightfully so because thats pushing stereo types but now you guys just role over and die.

Thats just sad.

PS

Heavy D

Your comments are racist.

****************

s****. & zxcv

Its good to laugh at one's self BUT.

The problem with racial jokes is that not everyone finds them funny and were do you draw the line.

Next time he will use the "K-word" in a joke.

Then someone will not be happy.

Squash it now will its small rather then waiting until something big happens.

If you are good friends with him then you would advice in the right path to avoid offending other sensitive Indian people.

Checkout the first 2 paragraphs of this article I know the article its self is not relevant.

http://www.businessday.co.za/articles/sp...

And then look at Heavy D's response.

Answer 5

The way things are going now with petrol price and interest rates, I would convert to "Chickenism" if it could help financially.

I might just enquire about this at my next trip to the bank.

Answer 6

s****.my brother, i dont believe you. Too good to be true!

Answer 7

Tsepo...it's actually true that Muslims have a certain way of banking.

s****., don't you guys also have something about tax? Like in an Islamic way? Otherwise I'm mistaken ;)

Answer 8

For sure. Sounds pretty watertight to be. Lord knows I don't approve of Islam, but this method of banking seems quite secure.

Ayiza, you're such a tool, boy.

Answer 9

I should tell my husband about this. He handles all finances and I squander them. I would, but he scrutinizes everything to the last detail.

Answer 10

Haha - Heavy, top stuff boet , i was also gonna say i dont trust them bloody indians..hehe...

You see im not racist i hate everyone equally...

*****

Ayiza mate , I cant speak for s****. , but it was all in the fun dude , we make fun of ourselves is a problem , we make fun of others, its racisim and Heavy's remark was done in a light-hearted manner , and thats the manner in which it was taken.

You often say this is just the Internet , dont take things seriously, now you go and look so deeply into a a light hearted manner. Chill out. Have a lekker weekend...

Answer 11

No offence boet , you are a friend but where I live you don't trust any Indian bussiness men !

Before you accuse me of racism ,The well known Cassims in PTA are very close  friends since I can remember !

Ayiza : You steriotype everyday without knowing ! I don't . Since when if a judge is white and served before 94 is he automaticaly a racist ? See your own answer http://answers.yahoo.com/question/index;...

Answer 12

s****., I thought Islamic banks did not give you any kind of interest or take interest....usury?

Does the interest fund Al Quaeda? LOL!!!!! Only kidding, but I was actually told that by an American when discussing this very matter!!!!

Answer 13

that is the same as being on a fixed interest rate. normally starting by prime plus 1 % but will never go up or down. as long as they give me a good interests rate i will look into it.

Answer 14

Usually the word "Islamic" evokes negativity from me, but coming from a scrupulous businessman like you, I would consider it if I needed such a service. Thanks for the tip, s****..