i aggree if its true, zero interest loans, wow! can i get one too?
anytime a bank offers something for free....
like the government, they give with one hand and take with the other
day to day service fees must be a killer
no, the bank is still making money somehow. they can't offer a true 0% interest loan.
I thought the same thing until I reread the article. They are making lease payments and a portion is set aside to a 'savings account' to purchase the home. So the other portion of the lease money is going where? To the bank.
The bank has to find a profitable way to do this or is the money going to Islam?
They also say that they don't pay interest, either, though. So if they can get enough Muslims to deposit money at their bank at no interest, they will have lots of money to loan at no interest. But in reality, the money is likely to be funnelled into loans by the parent bank to non-Muslims who pay interest. To me, it sounds like a gimmick to get Muslims to deposit money at their bank, at no interest.