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making loans INTEREST FREE

PostPosted:Fri Aug 31, 2007 4:22 pm
by MLIinvestments
I would like some ideas on making loans interest free. It just seem to me if we could put together a program that would make loans interest free, in time it would eliminate a lot of problems we have in the world like hunger,homeless and welfare.
This is a a huge undertaking but one worth the effort .I do have an idea on how this can be started but need others to make it happen .

Re: making loans INTEREST FREE

PostPosted:Wed Jan 23, 2008 6:01 am
by ssumair
Since Interest is prohibited in Islam.
you can visit meezanbank.com 's knowledge section to know how to make loans interest free.
Its already done in this part of the world.


Sumair

Re: making loans INTEREST FREE

PostPosted:Fri Feb 22, 2008 10:30 pm
by profsor
Many people of able means are willing to support charities. Why not set up a charity where they can donate into a pot to pay the interest on loans taken out by the under privileged.

Re: making loans INTEREST FREE

PostPosted:Wed Mar 05, 2008 11:27 pm
by godswisdom
ok if we eliminate interest and u put ur money in ur acount and u want it to grow it won't because we don't have interest from the loans to our accounts i dunno if we were to set up a program like that wouldn't the goverment just take the money?

Re: making loans INTEREST FREE

PostPosted:Thu Mar 20, 2008 3:04 pm
by JRoberts54
I believe this is an excellent idea. It definitely has merit and should be considered. The interest rates many of us have to pay are outrageous. The banks are overflowing with cash reserves from the accumulated interest paid on loans. It's time to give back. In addition to this, I further believe that taxes on all winnings of any type should be forgiven or actually not even imposed. Winnings, like lottery winnings should be considered the same as gift. If you win 1 million dollars, then 1 million dollars should be yours, why does the government have to take 1/3 of that money for taxes? They don't!! Anything won, should be 100% duty-free! Now that being said, let's talk about mortgages. The mortgage companies and banks that finance mortgages should not be allowed by law to foreclose on a mortgage until every avenue to protect their asset has been exhausted. This includes talking to the homeowner and refinancing the property if possible to currently make the agreement easier to live with. Why should a person lose his home pursuant to some unforeseen event in his life that caused a significant decrease in income to such a degree that the mortgage payment suffered . Why can't banks and mortgage companies work with people to correct the problem, by either refinancing or placing the missed payments at the rear of the loan and extending the time to pay back . It doesn't make sense to take the person's home, sell it for whatever you can get out of it and take a significant loss anyway, when you could have worked out the minor problem with the original owner. This would save everyone a lot of time and heartache over what I consider to be just plain old greed.

Re: making loans INTEREST FREE

PostPosted:Thu Mar 20, 2008 9:57 pm
by MLIinvestments
Here is how an interest free loan company may work .
Members will join the company for $150 for a loan up to $8000 for 5 years payments of $106.67. When a member joins they find other members to join , this is where the pool of money comes from so getting people involved is the key to making it work. As members get loans and payments are made back to the company the pool of money will grow faster. Members that need larger loans with longer payback times will invest in the next loan then the next until they make all their loans are interest free.

This is one way to start a company that can give interest free loans yes it will take time and a little work , but we are not just building a company we will be changing peoples lives for the better. I do have a plan that is more involved than this so if you would like to help start an interest free loan company send me a reply