Every society needs banking to develop. You need to take loans for big purchases, you can’t save for 20 years just to buy a house. Take a loan and pay over 20 years.
The Somali government has interest bearing debt but the ordinary citizen is very opposed to taking loans with riba, and even including the business sector.
I’m afraid the country will never develop as long as this mentality remains, and nobody even knows this problem exists. The surprising thing is even the most educated Somalis are strongly against riba.
The Somali government has interest bearing debt but the ordinary citizen is very opposed to taking loans with riba, and even including the business sector.
I’m afraid the country will never develop as long as this mentality remains, and nobody even knows this problem exists. The surprising thing is even the most educated Somalis are strongly against riba.