First community bank pia wameanza kusikia joto

[system]

One of Kenya’s largest Islamic lenders, First Community Bank on Friday 4th November began notifying its employees that it will in the next two weeks lay off part of its staff citing the recent banking amendment act signed into law by President Uhuru Kenyatta.

The lender doesn’t know how many jobs are being cut but noted that it had hired an external firm to “review and identify those areas where staff reductions will be made without interfering with the operations of the bank.

Interest rate caps things.

[WuTang]

Noma

[vuja_de]

I thought charging interest is haram in Islam.

cc @mayekeke na @Mguu tatu

[coldpilsner]

many will benefit from the interest rate cap as compared to those who will suffer

[system]

@coldpilsner

many will benefit from the interest rate cap as compared to those who will suffer

Explain

[system]

@vuja de

I thought charging interest is haram in Islam.

cc @mayekeke na @Mguu tatu

Potato “Potatoe”

[wheelz]

@vuja de

I thought charging interest is haram in Islam.

cc @mayekeke na @Mguu tatu

Following. I wonder what shariah compliant loans are. cc mtu finance matters & ODM aficionado @Okiya

[system]

@wheelz

Following. I wonder what shariah compliant loans are. cc mtu finance matters & ODM aficionado @Okiya

No difference from the normal loans in my opinion. Like I said up there, its a case of Potato or “Potatoe”.

[mayekeke]

@Okiya

No difference from the normal loans in my opinion. Like I said up there, its a case of Potato or “Potatoe”.

There’s a big difference, an example if I was to purchase a plot, instead of loaning me the money, the bank buys the plot then sells it to me at a profit an otherwise interest accruing transaction is changed into a business transaction of buying and selling, there’s a difference between profit and interest. Though I must admit some Islamic banks charge interest on their products.

[system]

@mayekeke

There’s a big difference, an example if I was to purchase a plot, instead of loaning me the money, the bank buys the plot then sells it to me at a profit an otherwise interest accruing transaction is changed into a business transaction of buying and selling, there’s a difference between profit and interest. Though I must admit some Islamic banks charge interest on their products.

Yes. I have dealt with this scenario before and I think these loans were called Murabaha. Anyway, Islamic Banks charge Profit, conventional banks charge interest. Ideally, they are charging a margin on the cost. That’s why I was saying it’s potato “potatoe” scenario

[lula_da_silva]

@Okiya , this bank as we are speaking is hiring for various post,i think they are using this interest cap thing to sack people that are earning much and replacing them with those who are willing to take a lower pay

[Bigfish1]

@vuja de

I thought charging interest is haram in Islam.

cc @mayekeke na @Mguu tatu

I thought so too, actually it is, now we get to know they’ve been playing Muslims all along .
there are very few banks that operate entirely without interest.

[Mkufuu]

@Okiya

Explain

I have explained this in numerous threads and post

The key word here is “review and identify those areas where staff reductions will be made [SIZE=6]without interfering with the operations [/SIZE]of the bank.

These workers were doing zilch at the bank…fire the useless ones and save us the agony.

[system]

@Mkufuu

I have explained this in numerous threads and post

The key word here is “review and identify those areas where staff reductions will be made [SIZE=6]without interfering with the operations [/SIZE]of the bank.

These workers were doing zilch at the bank…fire the useless ones and save us the agony.

I wanted @coldpilsner to explain the statement …“many will benefit from the interest rate caps”. Current statistics show that most guys are not getting loans. Further, GOK intends to borrow more next year so I dont expect the T-Bills rate will come down.