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A Penny Saved is a Penny Earned

Reader comment on item: The Religious Roots of Turkey's Currency Crisis
in response to reader comment: Interest vs. Profit

Submitted by Renox (United States), Jan 1, 2022 at 11:49

In Muslim countries, the term "interest" is not used. They simply call it something else - or they maneuver the terms and conditions of a loan the bank makes so that the bank does make a profit. Interest is "illegal" but profit isn't.

For a short but very clear and understandable example of how this takes place in KSA (Saudi Arabia) when applying for a car loan at a local bank, see the piece at the following URL:

https://www.hziegler.com/articles/islamic-banking.html
.

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