Speak for your own bank. The banking system (here in the mideast) is not based on interest charges. There are also banks in the US where you can purchase a home or do your banking under Islamic principles. Unfortunately none have made recent news. They tend to do very well. Because they use and keep actual money (that can be actually found) as opposed to imaginary money that disappears when the books are opened.
Earlier, I was referring to the use of checks or drafts as objects to move money between countries and areas. These are still used today. I offer Kudos, however, to the great success and improvements on banking with real instruments of transfer that result in the movement of real money.
Replacing actual money with real value with imaginary money was one of the great improvements of all time. Perhaps that can be surpassed by funding the banks that are holding imaginary money with future money that actually does not exist. Either way good luck on this banking thing.
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Originally Posted by pelathais
Good call, coadie. I passed over that one.
The modern banking industry is based upon interest charges - and in fact the Qu'ran forbids the charging of interest.
The poster known as Walks_in_islam must be the one needing to do a bit of "study," "reading" and "research" on the subject of Islam. Maybe he could post his questions here and we can help him to understand his professed faith a little better?
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