Different cultures in terms of lending money
Different cultures have different perception of lending money. According to Islamic tradition a Muslim is not allowed to pay or collect interest. That is why credit system in Muslim countries develops differently from the credit system in the Western world.
That doesn’t mean that Islamic banking does not exist.
If a company needs to borrow money from a bank it will get a floating rate interest loan that depends to the company’s profit.
This system allows the bank to get as much profit from its service as the company did from using the money. If you would like to get a mortgage loan that is also a type of credit the bank will buy the house and then re-sell it to you. There are no late payment fees. That is why the bank will ask for strong collateral to perform this credit operation.
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