Quote:
In Lahore a customer could go to an Islamic bank and sign a contract with the bank to buy a car from them.
The bank would not loan the money but buy the car itself. Then it would sell it to the customer at a mark up.
The customer would agree to pay back the cost in instalments over a regular period.
|
But paying back in installments for the markup would amount to interest towards the principle??? Doesn't it?