Shariah compliant payday loans
September 2, 2009 | Center for Responsible Lending, industry, international | Comments (0)Payday loans have reached the Arab world. From the article:
A new kind of credit is available to people burdened with loans or strapped for cash.
These lending mechanisms include features such as allowing cash-strapped people to borrow against up to 18 months worth of paychecks and introductory four-month waivers on payments, according to ad stickers that are affixed to many ATMs in Riyadh streets, Al-Eqtisadiah daily reported on Sunday. They also claim that the operations are in compliance with Shariah. These services are more prominent during Ramadan, when people need extra cash to make it through the month of hosting suhur gatherings and buying Eid goodies to celebrate the end of the fasting month.
We’re waiting for Center for Responsbile Lending to comment on these loans.
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