DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Deoband promotes a "rigid" view of the madhab?

**Nothatspecial** · 07-01-2012, 05:42 PM

Insha Allah things will change, Muslims in the UK will start to select leaders in their communities who will take Muslims forward, towards halal loans.

One possible solution...though I am not sure I know how it would work amongst Muslims. The BBC recently had a page about peer to peer money lending

http://www.bbc.co.uk/news/business-18370777

it by-passes the banks and put lenders and borrowers in touch directly. Muslims might be able to do something similar but of course they do not charge interest. Maybe money could be borrowed to some other Muslim in return for a share in the property or business? I think it is a good opportunity which some Muslim may undertake...think about the rewards from Allah if someone does it.

The biggest problem with p2p borrowing and lending is the risk involved. A bank has a diversified portfolio and can take risks to lend out loans. But in p2p a single indibvidual may not be in the same position.

This is the biggest hurdle. Especially knowing the wide breadth and width of our ummah, one person may not know the other, even more risk. THen you will need to bring in kafalah. Doable, but pretty tasking...

07-01-2012, 05:42 PM	#29
Nothatspecial Join Date Oct 2005 Posts 574 Senior Member	Insha Allah things will change, Muslims in the UK will start to select leaders in their communities who will take Muslims forward, towards halal loans. One possible solution...though I am not sure I know how it would work amongst Muslims. The BBC recently had a page about peer to peer money lending http://www.bbc.co.uk/news/business-18370777 it by-passes the banks and put lenders and borrowers in touch directly. Muslims might be able to do something similar but of course they do not charge interest. Maybe money could be borrowed to some other Muslim in return for a share in the property or business? I think it is a good opportunity which some Muslim may undertake...think about the rewards from Allah if someone does it. The biggest problem with p2p borrowing and lending is the risk involved. A bank has a diversified portfolio and can take risks to lend out loans. But in p2p a single indibvidual may not be in the same position. This is the biggest hurdle. Especially knowing the wide breadth and width of our ummah, one person may not know the other, even more risk. THen you will need to bring in kafalah. Doable, but pretty tasking...
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