nostr:npub16qct6ge6zdr72yxrw2cc0rsqyp9j9qrjs9pkz3gkydc839jrtk5sj8al6e https://berserker.town/@thor/111520586650343261
Discussion
nostr:npub16qct6ge6zdr72yxrw2cc0rsqyp9j9qrjs9pkz3gkydc839jrtk5sj8al6e i always thought lending with interest was a bit of a phoney business. and people have felt that way since biblical times. one thing is lending money to a business for a real estate project as an investment. another thing is to lend to consumers. especially credit cards, with their exorbitant interest rates.
interest is haram in islam. but islamic banks in Malaysia still have loan products, with interest 🤣.
only startling difference is that islamic banking tend to have a fixed rate here.
for example if you buy a car worth MYR40,000, they sell to you at MYR60,000 and discounts if you pay faster. no shocking fluctuating interest rate like the rest of the world
as for this, i think we do that a lot in Malaysia mainly for education. our tertiary education is not free, but we have virtually low interest (its extremely low) for everyone and if you get good result it can be free.
problem js, many dont pay back so the pool of funda get depleted. they start blacklisting people who dont repay after that.