[2015-06-19] Bitcoin Startup Company Helps Muslims Get Loans

[tyz]

Islamic law prohibits Muslims from trading through interest-based markets or companies. However, there is still a need for some to secure additional financing or borrow funds to support their personal or business needs. A bitcoin startup based in the US is now helping Muslims get loans without breaking Islamic law.

http://www.newsbtc.com/2015/06/19/bitcoin-startup-company-helps-muslims-get-loans/

[Possum577]

I wonder how ISIS would respond to this news. Would they consider the startup owner the infidel or Bitcoin as well? Anything that goes against sharia law would be considered a great sin to those devote muslims.

[fancy_pants]

It is nice to see companies like Blossom exploring scalable financing structures that don't involve debt.  As today's financial headlines predict Greek bank insolvency and Spain and others to follow, there clearly needs to be an alternative system in place in order for the world community to move forward. Blossom appears to be that alternative.

[bryant.coleman]

I wonder how ISIS would respond to this news. Would they consider the startup owner the infidel or Bitcoin as well? Anything that goes against sharia law would be considered a great sin to those devote muslims.

The Startup owner is a guy called Matthew J. Martin, who converted to Islam five years ago. So he will not be considered as an infidel (i.e. provided he has converted to the Sunni sect of Islam). And I don't think that a majority of the Muslims are dependent on Islamic financing. Only the fringe 1% or 2% of the Muslim population is in search of it.