Interest-free loan for Muslims in Australia

One of the largest banks in Australia, NAB (National Australia Bank), wants to make it possible for Muslims to borrow money in accordance with Sharia law. This interest-free loan will respect Sharia law, no interest but profit.

Normally banks earn from a loan by the interest , but charging interest is against Sharia law. That is why a major Australian bank is introducing the interest-free loan for Muslims. In this way, Muslims can borrow money according to Islam, Islam is against usurious loans or unfair loans. Banks are now circumventing this by, for example, buying a home for the customer and reselling it to the customer, after which the latter repays the home in installments.

The NAB sees the interest-free loan as a trial for the time being, but has great expectations. The only thing that can stop the plans is the Sharia Advisory Board. The bank has already set aside $ 15 million for the trial and non-Muslims will also be eligible for the trial.

Published June 14, 2009 at 9:44 PM by the editors .

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