08.10.2012 - Mursi says IMF loan won’t violate Islamic banking laws
Egyptian President Mohammad Mursi sought to reassure conservatives at home that a request for a loan of nearly $5 billion in aid from the IMF would be compatible with Islamic banking principles. Egypt asked for a $4.8 billion loan in August from the International Monetary Fund, which in turn urged economic reforms. “This does not constitute Riba” the Egyptian president said, in reference to abusive interest rates as defined by Islamic jurisprudence. Islamic law prohibits usury but applying interest in some circumstances is acceptable...............................................Full Article: Source
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