Re: [QUESTION] Im newbie, I have few questions about 'Lending' topic.
1.) Is it even allowed to make money over interest?
f.e. Someone is asking 100$ for lend, and we make a deal - 10% interest and payment should be repaid in 10 days. So in 10 days he give me 110$, I made a profit of 100$.
So basically I'm creating a "investment" over lending others.
It's basically a business but also just a personal thing or even based on one's religious beliefs. If I trust someone so much, and I am not into business, I could lend then the $100 minus interest… Read Islamic banking f.e. Someone is asking 100$ for lend, and we make a deal - 10% interest and payment should be repaid in 10 days. So in 10 days he give me 110$, I made a profit of 100$.
So basically I'm creating a "investment" over lending others.
But one thing for sure is, just like any other investment, It carries certain risks.