I found an Islamic bank (a while ago) and was wondering how they got profit if they didn't make interest. So I inquired about a home loan.
They essentially buy the house with cash and then 'rent' a portion of it to you while letting you 'own' the rest of it. The amount you rent and own change from month to month.
Isn't the end result the same thing as an interest loan as the same amount of money goes out of your hands?
What is the point of this anyway?
I am not too familiar with interest in Islam; I have just generally heard that it is forbidden.
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