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Interest vs. Profit

Reader comment on item: The Religious Roots of Turkey's Currency Crisis

Submitted by Robert (United States), Dec 30, 2021 at 11:06

Thank you for an important update upon the Muslim Brotherhood (under Pres. Erdogan) successor state to the Ottoman Empire.

This latest article of yours updates well for us the economic-financial policy of the current Turkish regime.

However, it would be greatly appreciated if you informed us about other Muslim majority states which somehow interpret "interest" as "profit" regarding the Koranic prohibition against the former; for example, how do the progressive GCC states set up their banking or landing institutions, including their national or state banks. And what about Saudi Arabia, what is their political and religious practice regarding banking and finance?

Submitting....

Note: Opinions expressed in comments are those of the authors alone and not necessarily those of Daniel Pipes. Original writing only, please. Comments are screened and in some cases edited before posting. Reasoned disagreement is welcome but not comments that are scurrilous, off-topic, commercial, disparaging religions, or otherwise inappropriate. For complete regulations, see the "Guidelines for Reader Comments".

Daniel Pipes replies:

Most Muslim-majority countries skirt the no-interest rules and allow interest, often quietly, sometimes deceptively.

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Note: Opinions expressed in comments are those of the authors alone and not necessarily those of Daniel Pipes. Original writing only, please. Comments are screened and in some cases edited before posting. Reasoned disagreement is welcome but not comments that are scurrilous, off-topic, commercial, disparaging religions, or otherwise inappropriate. For complete regulations, see the "Guidelines for Reader Comments".

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