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- Oct 23, 2006
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Hi
I agree with Jayasheree that there is no bank in the world that could offer a loan without any profit on bank's part and I would say that imran is actually posting question in a wrong way as the most of the readers who don't have knowledge of this religion cann't understand the question. My intention is not to make some one agree with Islamic banking, but I thought I should reshape his question in a more understandable form. His question should have been "if there is any bank in US that offers loan based on Islamic shariah's model". The answer is "Yes". There are banks in US that offer such loans, but currently such loans are limited to financing house, automobile or small businesses. To give you an example check out following websites that offer Islamic loans in north america and you can google others on your own.
http://www.lariba.com/
http://www.islamicfinder.org/index.php?sid=323907150&t=sub_pages&cat=390&lang=english
You will see that these loans also charge you some thing like interest and your question next question would be, "then whats the difference". The difference is only that they won't charge you at a "fixed rate", instead their interest (they give it a different name) would be based on profit or loss based on bank's investments. Now don't ask me how the system works as I am not good in economics, you can contact these banks as there are lots in middle east and growing rapidly in US now. Let's hope that they can offer educational loans based on Islamic Shariah in near future.
Currently to my knowlege ISNA offers Islamic educational loans in north america, but their loans are limited to $8000, my cousin got it for her Med school in Toronto some 4 years back and she told me that its a very good loan, but it doesn't cover the entire cost.
I agree with Jayasheree that there is no bank in the world that could offer a loan without any profit on bank's part and I would say that imran is actually posting question in a wrong way as the most of the readers who don't have knowledge of this religion cann't understand the question. My intention is not to make some one agree with Islamic banking, but I thought I should reshape his question in a more understandable form. His question should have been "if there is any bank in US that offers loan based on Islamic shariah's model". The answer is "Yes". There are banks in US that offer such loans, but currently such loans are limited to financing house, automobile or small businesses. To give you an example check out following websites that offer Islamic loans in north america and you can google others on your own.
http://www.lariba.com/
http://www.islamicfinder.org/index.php?sid=323907150&t=sub_pages&cat=390&lang=english
You will see that these loans also charge you some thing like interest and your question next question would be, "then whats the difference". The difference is only that they won't charge you at a "fixed rate", instead their interest (they give it a different name) would be based on profit or loss based on bank's investments. Now don't ask me how the system works as I am not good in economics, you can contact these banks as there are lots in middle east and growing rapidly in US now. Let's hope that they can offer educational loans based on Islamic Shariah in near future.
Currently to my knowlege ISNA offers Islamic educational loans in north america, but their loans are limited to $8000, my cousin got it for her Med school in Toronto some 4 years back and she told me that its a very good loan, but it doesn't cover the entire cost.