Something worth thinking about...

Interesting link, thank you.
You [meaning I,] live and learn.

I wonder if any of the oil producing Muslims make any interest on the oil they sell?
 
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One method here is "murabaha" (cost-plus).

For instance, the bank buys the item for £10,000 and resells it to the client for (say) £12,000. The client then divides the £12,000 by the agreed time period and makes a regular payment.

Under the Consumer Credit Act, the bank has to show an equivalent APR for comparative purposes - here between 9.1% and 14.9% depending on the amount and the time period.

I may be dim but can anyone please explain to me how that differs from a normal bank loan with interest? Surely this is mere semantics
 
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