“Islamic accounts were intended for customers who cannot receive or pay interest under sharia, but were available to anyone, regardless of their faith.”
oh that makes perfect sense....
Wouldn’t everyone just claim to be muslim for the deal, and bankrupt the bank?
I do know, that to get around Islamic rules, when loans are given in the Arab world, there is an “Acquisition Fee”...which can be built into payments on the loan. This, of course, is effectively interest.
Interest is evil, but it is also the fundamental bedrock upon which all capitalism is built. I don’t think that real progress could be made in a world with no interest.