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[izrafeil]

5bn principal over 10 years paying interest of 16bn, thats an interest rate of more than double digit

[rexaph015]

@lessen1 you can... theorically speaking its not interest rate that been charged, but a fixed amount of loan charge. let say you want to buy house for 100k, the bank will buy it for you for 5k margin. you will have to pay the bank for a period of time. however, it doesnt matter if you pay for 5 years or 10 years, the fixed price of loan wont change which is 105k. and there are no late payment charge.however it maybe different in practice.plus current islamic banking is not 100% islamic

[caaqil201]

great

[lessen1]

can individuals borrow money from islamic banks? if so would there be any interests? what happens if the individual cannot pay the money back? thanks

[naamsohail]

very nice and detailed definition

[naamsohail]

very nice and detailed defination