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Madison’s Muslim Loan Program Gets Response from Federal Employees | Local government

Masood Akhtar, entrepreneur and counselor for Madison’s Muslim community, speaks at an event hosted by the Capital Times in October. SAIYNA BASHIR Steven Coude | Times of the capital A Madison Muslim activist who launched a loan program for struggling federal workers during the partial government shutdown says he has received half a dozen requests […]

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Challenging Bankruptcy ‘Myths’, Judge Clears $ 220,000 Student Loan Debt

Bankruptcy judge excused US Navy veteran with law degree from paying off over $ 220,000 in student loan debt, latest court ruling aimed at lowering barriers to debt service school. Judge Cecelia G. Morris of the United States Bankruptcy Court in Poughkeepsie, NY, discharged the law school graduate’s unpaid student loans even though he is […]

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New “PPP loan forgiveness request” turns a PPP loan into a grant

Posted: May 19, 2020 / 6:03 AM EDT / Update: May 19, 2020 / 6:03 AM EDT CHARLESTON, WV (WOWK) – A new “Payroll Protection Payment Loan Forgiveness Request” has just been rolled out in Highland State. Small business owners will be entitled to a rebate for salary costs paid and salary costs incurred during […]

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Sharia-Compliant Student Loans Good News For Young Muslims

Imagine being a young Muslim in UK today. You are attached to your religious belief – which tells you that lending money at interest is prohibited in Islam – but you want to continue your education and go to college. You need financial support, but you have a dilemma. The only funding available is a […]

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Riots in India have a lasting impact on the way loans are granted – The Source

Riots that resulted in 10 to 1,000 deaths and more in their hometowns ultimately influenced lending decisions among hundreds of loan managers in India – and the effect lasted for decades, finds a new study involving a researcher at the Olin Business School at the University of Washington at St.. Louis. Research shows that ethnic […]

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Muslim students divided over Sharia-compliant loans | Students

MMuslim students are divided over measures taken by the government to introduce Sharia-compliant student loans. While some welcomed the recent announcement by University Minister David Willetts of an open consultation on the question, others feel indifferent or oppose it completely. Muslim groups lobbied for reform because the tuition hike in 2012 raised hopes that students […]

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For Muslims, Loans For Conscience

For clients, the way lenders calculate their profit margins and the provenance of their Islamic scholars matter as much as the total cost of the loan. “We feel insulted as individuals for someone to take the interest rate of the day, change their name and tell someone they are Islamic,” said Yahia Abdul-Rahman, founder and […]

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Murabaha definition

What is the Murabaha? Murabaha, also called extra cost financing, is an Islamic financing structure in which the seller and the buyer agree on the cost and mark-up of an asset. The markup takes place of interest, which is illegal in Islamic law. As such, the murabaha is not an interest loan (qardh ribawi) but […]

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Invest Halal in Canada – MoneySense

The Koran is the Islamic text which guides all aspects of Muslim life. Sharia is Islamic law which includes guidelines that impact Muslims’ financial decisions; these include the prohibition on earning interest on fixed income investments such as bonds, which are a common component of an investment portfolio. Instead of earning interest on loans (a […]

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Islamic finance: how to earn money without interest?

The second installment of the Global finance webseries on Islamic finance. Many of the products offered by Islamic financial institutions are comparable to Western or conventional finance even though interest and speculation are prohibited. Banks are by far the main players in Islamic finance – some of them are exclusively Islamic while others offer Sharia-compliant […]

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Islamic Bank of Abu Dhabi undeterred by pandemic damage | Salaam Gateway

Posted on November 09, 2020 via Bloomberg Politics & Policy – Abu Dhabi’s largest Islamic bank is adopting an optimistic tone despite emerging from the global pandemic with one of the highest shares of bad debt among its peers. Abu Dhabi Islamic Bank PJSC emerged “fairly unscathed” from a loan deferral program put in place […]