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Islamic Finance Briefing - Categorized | Banking, Compliance, Tax, Legal, Regulatory more

Questionable Islamic banking principles

Posted on 10 February 2012

Bank Negara Malaysia must immediately investigate the practice of banks charging interests on loans under the Islamic banking principles as this is tantamount to borrowing money from loan sharks, claims Sarawak DAP.
According to party secretary Chong Chieng Jen, under the Islamic banking principles, a borrower who defaults on his loan payment would be charged future interests on the period of the loan, if, for instance, it is a 30-year loan………………………………………..Full Article: Source

 
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