my understanding is that this doesn't work out in practice, much the same way Christian teachings are ignored or "loopholes" are found. but boy is that the exact right attitude, on paper, to have towards money.
my understanding is that this doesn't work out in practice, much the same way Christian teachings are ignored or "loopholes" are found. but boy is that the exact right attitude, on paper, to have towards money.
I think it depends somewhat. I'm told that the Somali community in Minneapolis has made it work sometimes with a system where people form, idk, I guess a coop? And pay in. Whenever the coop has enough money they buy a house for a family, and then it keeps rolling.
I'm also told that attempts to set up Islamic banking in the US are very difficult because the entire US financial system is set up for not that.
that's basically the same thing as a building society.