Yes..its been a while since I was here last…
And, its all because I have been working on an industry most cursed and destructive and quite successful here in KSA. For now..
The Loan Industry.
You know I go deep into the whole network if I am researching and basically know it inside out before concluding…
Individuals and companies give out loans at 10% interest per month. They call it halal..
It is not. I am no religious cleric. But, interest or Riba is Interest which has been forbidden.
This means that if you borrow 100,000 for a year, you pay back 220,000. The lender..jerk…makes 120,000 haram profit…
How do they guarantee payback?
They take a post dated cheque from you..which is ok.. Its the rate of interest or Riba..that is ugly.
And they call it: profit.
You will be amazed at how common this has become now. ‘Businessmen’ collecting money of ‘investors’ and lending out money to those compelled to take loans at very high, ridiculous rates..
I offered one such ‘businessman’ many projects for him to invest in and give a decent dividend to his ‘investors’..he clearly said that there is no better business than lending at 10% monthly charge..I asked him if he had ‘clients’..he said: too many!
This is not business. It should be declared a bloody crime.
Anyone who hands out such loans should be punished severely. Because if this is to be an Islamic country, and if Shariah is the law..then this is not how loans are given or received..
We are living with banks as it is..
I hope and pray that the Saudi Arabian Monetary Agency along with the Ministry of Interior immediately take action on this. This practice has put many innocent men behind bars and many naive investors have lost money because its practitioners are ruthless Riba consuming men that are adding the element of Haram into this economy! Even worse than the banks. In fact, banks look like innocent institutions compared to these rascals!
I mean, is there even a license for this??
MOI …take note please.
2 thoughts on “‘Businessman’ or Criminal?”
I’m curious. What interest rates do banks charge? Are you charged interest on your Visa cards? When Saudis build a house or buy a car do they save up or do they take out a loan? How do the banks charge interest if it’s not legal according to Shariah law? Perhaps the Riba should be donated to charity. Ha! Like that’s going to happen.
They all charge interest and evrryone takes loans mostly..