Loans Why You Must Never Charge Interest On Loans

[Good-Guy]

The term "interest" refers to the "fees" or excessive payment of money on goods or loans that have been borrowed to achieve some sort of financial gain. usually a bank charges interest on credit cards and loans. This makes the borrower responsible for the payment of interest money and the actual amount of loan as well. many people erroneously believe that charging interest makes them more money. However, the fact of the matter is that interest actually destroys economy at a much larger scale according to an article published on Washington Post. I have always tried to avoid interest due to religious reasons but now I can understand the wisdom behind why my religion prohibits receiving and paying interest. The fact of the matter remains that many banks also manipulate borrowers into taking loans and they do charge a heavy interest rates. This leads to more inflation in the end. What do you say?

 

[Kingsley]

This is indeed very interesting, on one hand it sounds so right to change interest on loan because if we consider the fact that these loan organizations also employ staffs and they also have maintenance cost and running cost and all these expenses will be borne by the loan organization, where do we expect them to raise the funds to service this expenses if not from the interest they will generate from the loan. So again no body will wants to run a business without making profit as that is the objective of every business owner. But on the second hand looking at the topic from a religious perception there is somewhere in the bible and Quran where it is stated emphatically that we shouldn't charge interest on loans in this regards it seems religiously wrong to charge interest on loan and I stand with the religious perspectives. This is where the government will need to show support for small and medium scale business to support them so that they will not get themselves entangled with this loans that away their hard earn profits.