Reply to "How does Islamic finance work?"

PrashadSenior Member

Mitwah posted:
Prashad posted:
That wonga.com has a 200 percent interest repayment. That is a good legal racket. It is better to borrow from the Italian mob. They have lower interest rate.
That would be illegal. Anyway, you are way out on the left field with your comment.
it is worth understanding exactly what sets Islamic finance apart from western models of banking and finance. No?

Wonga.com rates are on their website. Do your homework before attacking me.

Wonga.com

6 monthly repayments you control

Borrow£200-£600

Term6 months

Daily interest0.75%

Borrow£600 over 6 months

Interest rate274% pa (fixed)

Representative1,086% APR

Total amount payable£1138.29

Five repayments of£189.72

One final repayment of£189.69

At least the Italian mob only charges you 100% interest rate. You got a better deal borrowing from the loan shark.

4/10/189:23 AM

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At least the Italian mob only charges you 100% interest rate. You got a better deal borrowing from the loan shark.

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