Muslim beliefs and banking

  1. 5,447 Posts.
    Just out of curiousity I wondered how America is coping with the muslim faith as they have large numbers of followers.I discovered this which shows that most faiths have to find ways of living in the 21st century.To my mind it shows that corruption is happilly accepted and will eventualy lead to changes.

    Beliefs and Banking

    Islamic law prohibits Muslims from paying interest on debt. Local groups are helping entrepreneurs find alternatives.

    By Sheryl Jean
    Pioneer Press, published August 26 2001

    Abdirizak Bille of Minneapolis, a practicing Muslim, faced a quandary when he decided to start a small bus transportation service. Bille needed a loan to get the business going, but traditional Islamic law prohibits him from paying interest, or reba, on debt.
    Until recently, options have been limited for Muslim entrepreneurs like Bille. But in May, because of new efforts by Twin Cities groups, Bille was able to obtain interest-free financing for his firm, which transports immigrants to English classes.

    Bille financed a 34-person school bus with $15,000 borrowed from the Neighborhood Development Center in St. Paul. The group built a $2,000 profit into his repayment plan. Bille pays no interest, and the center still earns an annual return because the profit replaces interest. (Complete text at

    So change is coming ever so slowly.

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