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Seeking Sharia-Compliant Loan

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Thomas Hurt
Future Ventures
#1 - 2013-11-25 19:10:24 UTC
I am seeking a loan of 5b isk at a rate of 10% interest per month for a period of 1 month. This loan needs to be structured in such a way as to be compliant with Islamic Banking (المصرفية الإسلامية) and Sharia Law in general. As a devoted servant of God I am not allowed to seek or pay interest or fees for loans of money. I request that the loaner enter into an agreement of Murabahah with me to facilitate the loan. Please educate yourself if necessary http://en.wikipedia.org/wiki/Islamic_banking
Gihl Steghern
Science and Trade Institute
Caldari State
#2 - 2013-11-25 19:48:36 UTC
I would be happy to consider this if you can clearly document why musharakah or mudarabah are not possible in your situation. In accordance with the practice of murabahah I would also require that you provide collateral in the amount of 6 billion ISK in the form of "real" goods. Once this collateral is provided I would be happy to purchase the desired goods and sell them to you via in-game contract for zero ISK, under the agreement that we would defer the actual payment for the purchase (plus my 10% markup of course) for a period of one month.
Drab Cane
Carbenadium Industries
#3 - 2013-11-25 21:35:15 UTC
A bit of odd logic there, Thomas. As a devoted servant, you should avoid even expressing a desire for a particular rate. You would instead state what your intended purpose is (BPO purchase, ship purchase, etc.), then seek an arrangement with a benefactor to assist you. The difference between the item's purchase price and amount you pay to your benefactor would, of course, need within an acceptable range for both parties. As Gihl mentioned, collateral would also need to be arranged.

If the purpose is for trading capital, a corp could be setup with you as the CEO and the investor as a member with only an auditor role. Then you could pay the investor from your profits, eventually returning the principal as well at some point. Your investor could easily monitor your progress, and assist with advice. There's probably other, better ways to make that kind of arrangement as well.

May Allah smile on your ventures.
Batelle
Federal Navy Academy
#4 - 2013-11-25 22:18:33 UTC
+1 for getting me to read about islamic banking.

"**CCP is changing policy, and has asked that we discontinue the bonus credit program after November 7th. So until then, enjoy a super-bonus of 1B Blink Credit for each 60-day GTC you buy!"**

Never forget.
ISD Cura Ursus
ISD Community Communications Liaisons
ISD Alliance
#5 - 2013-11-26 00:28:36 UTC
Locked for religious references.

ISD Cura Ursus

Lieutenant Commander

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