Are there non-usury banks in the US?
Banks that don't rely on interest rates.
- Anonymous1 decade agoBest Answer
Oh rtfm...he is not updated
unfortunately non islamic banks offering islamic products are actually profiting very well and thats because they get the money from the customers, lend with interests to another customers (non muslims) and keeping all the profit for themselves, so muslim customers are actually more profitable than the non muslims
still there are general benefits Or u can go straight to a islamic bank rather than an ordinary one
Abrar Investments, Inc., Stamford CT
Al-Baraka Bancorp Inc. Chicago
Al-Madina Realty, Inc., Englewood NJ
Al-Manzil Islamic Financial Services
Amana Mutual Funds Trust, State St. Bellingham WA
Ameen Housing Co-operative, San Francisco
American Finance House
Bank Sepah, Iran
BMI Finance & Investment Group, New Jersey
Dow Jones Islamic Index Fund of the Allied Asset Advisors Funds
Failaka Investments, Inc., Chicago IL
Fuloos Incorporated, Toledo OH
Hudson Investors Fund, Inc., Clifton NJ
MSI Finance Corporation, Inc., Houston TX
Samad Group, Inc., Dayton OH
Shared Equities Homes, Indianapolis IN
MEF Money, USA
Islamic Credit Union of Minnesota, (ICUM)
- rtfmLv 71 decade ago
What do you mean, "don't rely on" interest rates? How do you think banks stay in business? How do you think they get the money that they loan out to their borrowers? They get that money from the interest they charge other people who have borrowed from them.
I'd be interested to hear how you think a "non-usury" bank would manage to remain open, once they'd given away all the supply of cash they initially had on hand.