Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 1 decade ago

Are there non-usury banks in the US?

Banks that don't rely on interest rates.

2 Answers

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  • Anonymous
    1 decade ago
    Best Answer

    Oh rtfm...he is not updated

    http://www.usatoday.com/money/industries/banking/2...

    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

    HSBC, USA

    MEF Money, USA

    Islamic Credit Union of Minnesota, (ICUM)

    United Mortgage

  • rtfm
    Lv 7
    1 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.

    • Mahdi3 years agoReport

      because they invest in productive fields and they make income from them, like buying houses with people and selling them later, or lending money to factories and take their share later......... etc

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