Asthehills Posted October 5, 2022 Share Posted October 5, 2022 This looks interesting and it will be good to see how it develops. No idea who is behind it but possibly an example of someone using the island as a test bed before rolling out on a bigger scale. If so this is exactly the sort of thing we need to be pushing to startups and expanding businesses world wide. https://www.iomtoday.co.im/news/business/new-financial-service-to-offer-loans-to-manx-residents-566364?utm_term=Autofeed&utm_medium=Social&utm_source=Facebook&fbclid=IwAR1K8m9ES4ahqMjGM8Y89s31nZko-TQTjn93_wcUvzEcHwg9fxpghIFqPHU#Echobox=1664950860 Quote Link to comment Share on other sites More sharing options...
kevster Posted October 5, 2022 Share Posted October 5, 2022 (edited) The guy behind lives in Bedford. We went to the same school (but 10 years apart) Website Edited October 5, 2022 by kevster added website link Quote Link to comment Share on other sites More sharing options...
Flyingfemme Posted October 5, 2022 Share Posted October 5, 2022 "It doesn’t offer cash loans but instead offers vouchers and e-cards to spend with retailers, manufacturers and utility companies." Not really aimed at businesses? I'd need much more info than shown in that puff piece before making a determination. Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted October 5, 2022 Share Posted October 5, 2022 1 hour ago, kevster said: The guy behind lives in Bedford. We went to the same school (but 10 years apart) Website Is the operation based on Shariah-compliant finance? 1 Quote Link to comment Share on other sites More sharing options...
Flyingfemme Posted October 5, 2022 Share Posted October 5, 2022 The profit comes from the businesses that issue the vouchers being handed out. So they give discounts to the "loan holders" and those discounts can be shared between the issuer and the backers............ 1 Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted October 5, 2022 Share Posted October 5, 2022 Just now, Flyingfemme said: The profit comes from the businesses that issue the vouchers being handed out. So they give discounts to the "loan holders" and those discounts can be shared between the issuer and the backers............ So it's possible it is a Shariah-compliant product then. 1 Quote Link to comment Share on other sites More sharing options...
kevster Posted October 5, 2022 Share Posted October 5, 2022 48 minutes ago, Andy Onchan said: Is the operation based on Shariah-compliant finance? We've only shared a couple of emails - the school Old Boys Club put him in touch we me as he was looking for any OBs on the island but I do believe that he is Muslim Quote Link to comment Share on other sites More sharing options...
x-in-man Posted October 5, 2022 Share Posted October 5, 2022 Reminds me of the old school ‘friends’ ringing me up to say ‘Hi’ after 15 years and then saying they have a new job in life insurance.. 2 Quote Link to comment Share on other sites More sharing options...
Asthehills Posted October 5, 2022 Author Share Posted October 5, 2022 49 minutes ago, Andy Onchan said: So it's possible it is a Shariah-compliant product then. It reads that way from the website. Assuming it’s all legit (and I see nothing to suggest it isn’t) then I think using us a a place to launch new products and services is brilliant and should be encouraged in every way possible. Especially if they are going to actually have staff based here once it go further afield. 1 Quote Link to comment Share on other sites More sharing options...
Two-lane Posted October 5, 2022 Share Posted October 5, 2022 What is the penalty if the loan is not repaid? Quote Link to comment Share on other sites More sharing options...
quilp Posted October 5, 2022 Share Posted October 5, 2022 3 minutes ago, Two-lane said: What is the penalty if the loan is not repaid? Insert shariah-based punishment here... 7 Quote Link to comment Share on other sites More sharing options...
x-in-man Posted October 5, 2022 Share Posted October 5, 2022 22 minutes ago, Two-lane said: What is the penalty if the loan is not repaid? Google says The punishments prescribed by the Sharia criminal laws include corporal punishment, death by stoning, haddi lashing, caning, amputation of hand or leg or both, and heavy fines. Should fit in with Manx Society just fine and dandy. 1 Quote Link to comment Share on other sites More sharing options...
Boris Johnson Posted October 5, 2022 Share Posted October 5, 2022 1 hour ago, x-in-man said: Google says The punishments prescribed by the Sharia criminal laws include corporal punishment, death by stoning, haddi lashing, caning, amputation of hand or leg or both, and heavy fines. Should fit in with Manx Society just fine and dandy. If we beef it up a bit 3 Quote Link to comment Share on other sites More sharing options...
NoTail Posted October 5, 2022 Share Posted October 5, 2022 Always fancied a bit of haddi lashing 1 Quote Link to comment Share on other sites More sharing options...
Newsdesk Posted October 5, 2022 Share Posted October 5, 2022 5 hours ago, Flyingfemme said: "It doesn’t offer cash loans but instead offers vouchers and e-cards to spend with retailers, manufacturers and utility companies." Yes these things work like this. The money isn’t given to you it’s given to the people you spend money with so all that ends up is that the retailer gets a kick back on getting a sale off your ‘interest free” loan. So if you go and buy a fridge or a washing machine you just end up paying more as the incentives are all priced in. Let’s face it nobody gets free money. Especially now where interest rates are now going back to 2.5%. 1 Quote Link to comment Share on other sites More sharing options...
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