Fair Access to Financial Services (OCC-2020-0042-0001) -

[hundredpercent]

Hawala isn't even on a payment network.

There are Islamic banks that "don't" charge interest. Hawala is a value transfer system, not a bank.

 

[X Prime]

I heard Islamic banks charge exorbitant fees instead of interest.

 

[DeadFish]

It's not about the banking, it's about the payment networks. An Islamic bank is not magically immune from credit card blacklists.

Like I said. A half baked idea. It that the Islamic world has the numbers to compete with woke. So anything meant to serve Muslims (like banking) might be big enough to serve as an alternative to paypal. Beyond that I know jack shit.

 

[AnOminous]

There are Islamic banks that "don't" charge interest. Hawala is a value transfer system, not a bank.

Money transfer is one aspect of the general class of activities considered "banking." Any descriptions of the general concept of "Islamic banking" discuss it.

 

[hundredpercent]

Money transfer is one aspect of the general class of activities considered "banking." Any descriptions of the general concept of "Islamic banking" discuss it.

Hawala isn't done by banks (and these days, heavily regulated). The UX is basically the same as heading over to your local Western Union branch; much worse than cards.

Inasmuch as Islamic banks can process cards, they are beholden to the same regulations as everyone else.

 

[teriyakiburns]

I heard Islamic banks charge exorbitant fees instead of interest.

What they do is calculate interest pro rata, but then just call it a fee spread over the life of the loan. You end up paying the same amount either way.