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
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