Daimler Provides Sharia-Compliant Loans To Mid East Buyers

October 16, 2009

When Westerners think of Sharia -- the strict code of Islamic law -- we tend to think of...unpleasantness. Stonings, beheadings: that sort of thing. However, Sharia also covers financial issues, including lending practices. Specifically, Sharia prohibits the charging of interest on loans. That's been bad news for many Western automakers who provide financing, but Daimler recently reached an agreement with with several Middle Eastern companies to offer Sharia-compliant lending in that part of the world. Daimler may not earn interest on those auto loans, but given the Middle East's appetite for Mercedes-Benz rides, it's still an awfully big win. [egmCarTech]

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