On Thu, Feb 27, 2003 at 07:41:22AM -0500, Max B. Sawicky wrote:
> I thought Islamic finance entailed selling notes at
> a discount, on the pretext that the repayments were
> not the same as interest.
>
> mbs
>
>
>
>
> From: DoreneFC at aol.com
> > As long as we are wandering around in the land of the gold standard, does
> > anyone understand the Islamic laws about financial matters? The only thing
> > I understand is that there is a prohibition on interest, but I do not
> > understand how that is operationalized within the present financial sytem.
>
> Islamic banks usually revolve around profit-sharing. They lend a business
> money, and share in the profits - if the business receives no profits for a
> year, the rentier receives no return on their money.
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-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu