EthisKapital, Licensed for P2P in Malaysia, Also Adheres to Shari’ah Law

As covered on LendIt News earlier, Malaysia’s Securities Commission recently announced licenses for six P2P lending sites; one such site, EthisKapital, claims to be the first licensed platform anywhere that also adheres to Shari’ah law; Islamic Shari’ah law interpreted literally prohibits the payment of any interest on loans based on the term “riba” however modern interpretations allow for modest interest rates and/or the use of a fixed transaction fee rather than accruing interest; EthisKapital’s CEO also has co-founded the Islamic Fintech Alliance.  Source

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