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.
Bonds in Islamic countries are called Sukuk, instead of interest they transfer ownership of a real asset that provides income or is temporarily leased with rent payments to the holder of the Sukuk instead. The end result is the same as a bond and they function basically like an asset backed loan.