Islamic banking
I did not know that Islamic banking does (did?) not allow charging interest. This article gives some basic information. Basically, in the West, if you want to buy a car, you go to a bank, agree to a loan (with interest) upon which you receive your share of worthless papers (or electronically). In Islamic banking, the bank buys the car and sells it to the customer at a higher price but without interest. That way, the bank takes the risk as well. I see this as a more or less predatory lending proof system.
its no problem auditing a islamic bank….try that with the feds hahahaha!
Comment by karen — 16 June, 2009 @ 14:46