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Straight facts

Reader comment on item: Islamic Economics: What Does It Mean?
in response to reader comment: Guess how do they Charge/Give interest in Saudi Arabia?

Submitted by Same (Saudi Arabia), Aug 31, 2015 at 14:43

I think you are totally off. You probably never applied for a loan from a Saudi bank. The way it is done, of course locally, is that they would sell you a commodity which you can sell later yourself. The amount is now fixed and you will pay for it on the duration of the contract. No late charges are allowed. The rate, however, is pretty steep when compared to other banks.


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