Wednesday, December 13, 2017

Pound of flesh?

MM Online - Six out of 10 bankrupts are youths ― expensive weddings may be to blame (extracts):

photos above only for illustrations of Malaysian weddings 

In a 2013 report, seasoned wedding planners told Malay Mail Online that the cost of an average wedding, across all races, has soared to above RM50,000, causing some couples to take out personal loans to pay for their nuptials if they are unable to get much financial support from their parents.

Abdul Rahman did not elaborate further on the financial stress caused by lavish weddings, but listed out the top four reasons for bankruptcy cases ― car loans at 26.63 per cent, personal loans (25.48 per cent), housing loans (16.87 per cent), and business loans (10.24 per cent).

He also revealed that most of those declared bankrupt came from Selangor, followed by the Federal Territories, Johor, and Penang.

Car loans at 26.63%?
Personal loans at 25.48%?
Housing loans at 16.87%?

Aren't these usurious and not syariah compliant?

Dictionary defines 'usurious' as charging illegal or exorbitant rates of interest for the use of money.


  1. The article was quoting the percentage breakdown of the root causes of bankruptcies among young adults.
    Not the loan interest percen,lah...

    Aussies never were any bloody good at Queen's English.

    1. Wakakakaka..

      Maybe too eager to keep to the kpi, thus pen works faster than brain!

      Maybe trying to pull wool over the eyes of the blur-sotongs, hopefully nobody discovered.

      Gua memang bea tahan, lol!!!

  2. ‌Sometime there is a real need to borrow. But banks are stringent, and most man on the Clapham omnibus may not have the contact, capital, capacity and capability. So, it will be the moneylenders or credit cards.

    Credit card is at 18 per cent per annum. For vehicle loans it is a flat interest rate. Thus, a 4 per cent interest for 9 years is 36 per cent. Those are excellent examples of usury.

    It is only a thin veil between banks and money lenders. Both breeds money quietly and quickly like rabbits. They make the rich richer and bankrupt the poor. Pound of flesh is a part of life of secular capitalism.

  3. Debt is good....those who don't leverage their funds are not making best use of their money.


    1. Wakakakaka...Tell that to the account management tutor lah!!!

    2. That's why very few Accountants become rich or successfully run Corporations.
      Most don't understand the difference between a dangerous risk and a good risk.