Nil

[crimsondue]

Nil

 

[crimsondue]

Nil

 

[JohnTan]

Of course you sell with profits. A straightforward trade is not an issue in an Islamic economic system. You are allowed to take as much profits your products can get, subject to crossing the line into persecution (for want of a better word).
Eg you own all the wells in town and you charge it so that 30% of the bottom poor cannot afford it. That is not allowed in Islam. That is persecution.

It looks like you just replace the word 'interest' with 'profit'.

What if I own all the wells in town and charge it so that the bottom 25% cannot afford it? Is that allowed in islam? Or you need to consult with your non-economist mullahs?

 

[crimsondue]

Nil

 

[duluxe]

It looks like you just replace the word 'interest' with 'profit'.

What if I own all the wells in town and charge it so that the bottom 25% cannot afford it? Is that allowed in islam? Or you need to consult with your non-economist mullahs?

The word 'interest' is haram, but 'profit' is not. Whether interest or profit, revenue enters the bank's pocket. There is no standard when shared profit is made by agreement. Agreement could also mean bribe involved.

 

[congo9]

To earn money without the typical practice of charging interest, Islamic banks use equity participation systems, which are similar to profit sharing. Equity participation means if a bank lends money to a business, the business will pay back the loan without interest and instead give the bank a share in its profits.

That's workable.

 

[saynotomsm]