Radicalisation Of Indian Muslims -2

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<!--QuoteBegin-Bharatvarsh+Jun 25 2007, 11:12 AM-->QUOTE(Bharatvarsh @ Jun 25 2007, 11:12 AM)<!--QuoteEBegin--><!--QuoteBegin--><div class='quotetop'>QUOTE<!--QuoteEBegin-->Islamic financing debuts in India

Kausik Datta in Mumbai | June 25, 2007 08:59 IST
Last Updated: June 25, 2007 09:27 IST

http://www.rediff.com/money/2007/jun/25fin.htm<!--QuoteEnd--><!--QuoteEEnd-->
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Islamic banking is really nice. The principles of loan are really fair. like,

1) should not charge market interest rate (basically it becomes a futures trade, like if you are financing a home loan, if the market price is 10 lakhs, the banks buys the home from the seller and sells it to the borrower with administrative fee, which will be less than the 9% current interest rates!)

2) no need to show viability of a venture before getting loan etc. THIS I PARTICULARLY LIKE. The borrower only has to share the profit (or loss!)

3) Loan based on trust!

4) Interest free loans where the borrower has to only repay principal

The reserve bank should have strict guidelines against discrimination based on the religion of the person getting the financing.

I would love to get these loans! <!--emo&--><img src='style_emoticons/<#EMO_DIR#>/wink.gif' border='0' style='vertical-align:middle' alt='wink.gif' /><!--endemo--> About time hindus were paid back for the centuries of being looted!

sorry...i meant the borrower, not lender. corrected the post