Auto Refinance Rates – Well Worth Researching

There are many tools and resources available to you should you be looking for auto refinance rates or a loan that will help you to either reduce your monthly payments, reduce your current interest rate, or both.

Access to the Internet is all that you need to get a great head start and begin to alleviate some of the financial burden that your car may cause. Before you move forward with the actual process of applying for an auto refinance loan or closing the deal, a few common tasks would be best served by you.

First, you will want to have an official appraisal done to the car that you wish to refinance.

This will establish a value for you vehicle that will be used to determine whether or not the lenders will be willing help you with auto refinance rates that beat the one that you currently pay.

If you owe more on your vehicle than the current appraisal value, you will most likely not receive an auto refinance option from any lender. In order to ensure that you may qualify for one in the future, you might attempt to keep the mileage low and to service it regularly through a certified dealership or mechanic.

There is a good chance that your original auto financier will not offer you a refinance option.

Be sure to use as many tools as you can to find the company who will help you to reduce your monthly payments, as well as the overall amount of interest you wind up paying at the full term of your auto loan.

There are interest rate calculators which will help you to determine the types of loans and financing options that will best suit your needs. You can find this and countless other helpful tools online, and can utilize them for free in your own time.

There are also options available for those who may have some sketchy credit ratings or black marks.

Most lenders will require that you have maintained a steady wage and a decent payment record for about 6 months in order to qualify for lower auto refinance rates.

This, again, will vary greatly from one lender to the next, but you will do well to keep your head above water until you have secured a decent auto refinance rate from a trusted lender.

Be sure that the names that are currently on the title of your vehicle are accurate and that, should there be another party on the title, all original signers are present for the refinance.

You may not be able to find an auto refinance option if you owe less than a predetermined amount of money on your current car loan, and this will also vary from one lender to the next.

Be sure that you ask as many questions as you can of each prospective lender that you choose to deal with, as you might be able to create yourself a very nice deal in the end by taking your time and being thorough.

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Helpful Auto Refinance Information

Auto refinance is where you take out a new loan to pay off your current auto loan. When you do this you will normally look to get a better loan. This generally means getting a lower rate of interest which makes the loan cheaper. You may also look to extend the term of the loan to reduce the amount required to be paid each month. This does not reduce the cost of the loan but will make the monthly payments more manageable.

If you have a low credit score for example one that is around 600 or lower then you will need to shop around to get a good loan. You will have to undertake research and the best way to do this is use the internet. It is usually a lot cheaper and quicker than calling individual auto finance or auto refinance lenders. If you find a loan you like then you can normally apply on line and get a response within a few days.

You can search for companies that specialize in auto refinancing. There are many out there who will give a good deal to those who pay on time. The specialist auto finance and auto refinance sites often have calculators that allow users to compare payments for loans of different lengths and at different rates of interest.

Auto refinance calculators will often require you to input the details of your current auto loan so it is usually a good idea to have the paperwork to hand. You will normally need to specify the amount required to pay off the loan and the number of months left on the current loan. When calculating the outstanding balance on your auto loan pick a day 10-14 days ahead. This allows a week or two for the auto refinance loan to be granted.

While calculators are useful in giving the user an indication of the cost of the loan, it should always be remembered that there are other factors to take into account when looking for a loan. So if you are going to take out an auto refinance loan, read the terms and conditions. Pay particular attention to those which cannot be mathematically calculated and therefore do not get taken into account by the calculator.

If you are looking to get an auto refinance loan then you may look at getting a personal or unsecured loan from a financial institution such as a bank. Banks are often stricter than other lenders when it comes to the criteria for qualifying for a loan. However, if you already have a relationship with a bank, such as a current account, checking account or saving account, then it can help enormously and give you a better chance of obtaining a loan.

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Top 10 Myths About Auto Refinance – Auto Refinancing Can Put Money Back Into Your Pocket

This article talks about the 10 biggest misconceptions for auto refinancing. Car loan refinance is a great way to save money and is relatively easy to do. There aren’t any fees to refinance and consumers with less than perfect credit can get a refinance. Learn more about auto refinance today!

#1: I cannot refinance because I am upside down on my loan.
Being upside on your car loan is not something to fret over. Most auto refinance loans have a loan-to-value (LTV) that is above 100%+. Lenders recognize that automobiles depreciate more quickly than the loan amount. Moreover, the lender is more interested in your ability to make payments when compared to LTV.

#2: I have bad credit therefore I am ineligible to refinance my loan.
Consumers with FICO scores below 650 usually have trouble getting access to credit. However, many auto lenders consider “non-prime” consumers who have made steady payments on their current auto loan excellent candidates for refinance. Furthermore, if you have a stable job with verifiable monthly income that is above $3,000, then your chances of being approved are good.

#3: Shopping around for a loan does not make sense.
Price shopping for a good interest rate is similar to any other type of price shopping. Getting a better rate is the objective. Applying to several lenders is advantageous because the rate that one bank offers can be dramatically different than the rate offered by different bank. The rate disparity can be as high as 7%. The bottom line is that it pays to shop around for the best rate.

#4: It costs too much to refinance my vehicle.
There are very few out of pocket expenses for auto refinance. Most lenders have a free online application and do not charge document handling fees. Upon changing the lien, consumers will need to pay tax, titling, and license fees with the DMV. Those fees range between $5 and $65, depending on the state.

#5: I am self employed and will not be approved.
While lenders are inspecting self-employed applicants with greater scrutiny, you can still get a loan. Banks will require copies of prior two years federal tax returns and ask for references to verify your income.

#6: Having a good credit score always means that I will get approved.
There are 2 components that the auto refinance lender will evaluate on your application: credit and vehicle. It is advantageous to have a good credit score, low levels of debt, and enough income to meet the lender’s requirements. Just as important, consumers need to have a car that meets the lender’s requirements. High mileage, older cars, and some makes and models will be excluded from refinance.

#7: I will probably get the “low as” rate offered by the bank.
The reality is that very few people qualify for the lowest rate advertised by the bank. Only the super-prime consumers with FICO scores higher than 720 will be considered for the low as rate. While you may not receive the “teaser” rate, you may still qualify for an attractive refinance rate.

#8: I need to get my car appraised.
Unlike mortgage refinance, auto refinance does not require hiring and paying for an appraiser to come on site to do an appraisal. The lender will use Kelly blue book, NADA or similar agency to value your car.

#9: I had a bankruptcy and cannot get a loan.
Lenders will consider applicants with a bankruptcy. Chapter 7 or Chapter 13 bankruptcies must be discharged. Typically having multiple bankruptcies will result in a declined application.

#10: Now is not a good time to refinance
Refinance rates are at historical lows. The reason is because Federal Reserve has cut the Federal Funds Rate to 0.25%, which means that the bank’s cost of money is cheap. Thus lenders can offer rates around 4% to prime customers. Lock in your rate before interest rates rise.

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Refinancing Your Auto Loan After Bankruptcy – 5 Auto Refinance Tips

Declaring bankruptcy was probably never something you had ever thought you would have to go through when you first become an adult. And yet, here you are. While it can feel like the end of your financial life, it doesn’t have to be. You just need to learn how to live under a new set of financial rules that do not apply to people who have never filed for bankruptcy themselves.

Some of the common difficulties that come with personal bankruptcy include the inability to qualify for new credit cards and difficulties getting approved for new loans. Being in this situation is a real shame, since someone who has gone through bankruptcy needs now more than ever to cut down on their monthly expenses. They no longer have a cushion of credit to rely on for getting through hard times.

One type of loan that is harder to get when you are post-bankruptcy is an auto refinancing loan. If you can find a way to get approved, this type of loan can potentially help you cut down on your monthly expenses by helping you to secure a lower interest rate than you have now.

You can have a financial life after bankruptcy: auto refinance included. If you have a bankruptcy under your belt but believe that auto refinancing well help you cut down on your monthly expenses, here are 5 auto refinance tips to help you qualify for the new loan you need:

1. Do some financial housekeeping:

Start your housekeeping by taking stock of the following essential bits of information:

* your current credit score

* your credit history in relationship to making car payments

* the current outstanding balance on your car loan

2. Find out your car’s current resale value:

Do a bit of research to determine how much your car is worth today. Kelley Blue Book is a great place to start. Next, compare the value of your car to the amount you owe on your current auto loan. You will have a much better chance of qualifying for an auto refinancing loan if your car’s value still exceeds that of your outstanding principal loan balance.

3. Look up your current interest rate:

Now, find out your current loan interest rate by either calling your current lender or by checking your original loan agreement. This will be the number to beat as you start applying for car refinancing loans.

4. Build a list of at least 4-5 bad credit auto refinancing lenders:

Use online research or talk to friends and family to come up with a list of 4-5 bad credit auto refinancing lenders. The more lenders on your list, the better your chances will be of getting approved at a low refinance rate.

5. Go through the steps of applying to all of them:

As you apply to each of the lenders on your list, be ready to explain the circumstances of your bankruptcy. Remember, these lenders are already conditioned to working with people in your situation. Still, every borrower’s credit history is unique. Also, be ready to explain your credit history as it relates to making car payments in the past.

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Bad Credit Auto Refinance – Frequently Asked Questions

Lenders that are willing to provide bad credit auto refinance loans usually have a very specific set of criteria they use to qualify a borrower. However, here are a few of the most frequently questions asked when people with bad credit are inquiring about refinancing their car loans. Please keep in mind that the answers to these questions are generalizations. The lender you approach for a refinance loan may have a completely different set of standards.

Q: If I have a bankruptcy or repossession can I still qualify?

Each lender has their own set of standards that they use to qualify a loan applicant. Many lenders will allow a bankruptcy or repossession as long as it has not been within the last 12 months. Many lenders require a much stricter three year waiting period.

Q: How long do I have to pay on my current loan before I can refinance it?

Some lenders will refinance an auto loan 30 days after its inception. However, most require that you hold and pay on time the original loan for at least 3 to 12 months.

Q: Can I refinance any model car?

Most lenders do not have stipulations as to the model car to be refinanced. But, they do usually have limitations on its age and condition.

Q: Can I still refinance my car if I owe more money on it than it is worth?

Most likely not. Most lenders will be unwilling to refinance a loss. Refinancing a car where the owner is “upside down” would be very risky for them. If you found a lender that would refinance this loan for you the interest rate would probably be very high.

Q: My car is registered in the state of Florida but I live in Main can I still get it refinanced?

Probably not. Most lenders would want the car to be registered n the same state that you live.

Q: How much money do I have to make to qualify?

Part of the answer to this question will depend on the value of the refinance loan. But, in general lenders want you to have a minimum of $1600.00 per month.

Q: If I am behind on my bills and loan payments can I still a refinance for my car?

In general, no. Lenders want to know that you are taking responsibility for your own finances. Moreover, they want a general idea that they are going to get their money back in a timely manner.

Q: Can I refinance my car for more than I owe?

Most lenders will not do this. Bad credit auto refinance loans are already viewed by the lender as risky. It is unlikely, they will allow you to do what is “cash out” financing with this type of loan.

Q: Will refinancing my car loan hurt my credit?

Absolutely not. When you refinance you car, you are actually paying off the original loan. If you held the original loan long enough, usually about 6 month, then it should go on your credit report as a positive rating. Also, opening another loan account will, in the long run, help your credit as well.

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The Benefits Of Getting A Personal Loan

A personal loan is usually not secured. It means collateral does not need to be provided by you when you borrow. The loan is offered to you by the lender on the basis of your credit and qualifiers. You can easily get the approval of loan, if you have a good credit. A lower interest rate can also be offered to you. Visit a financial institution or search online to get a personal loan.

Here is a list of some of the benefits of such a loan.

Lower interest rate – If you have good credit, then personal loans with lower interest rates can be availed by you. Around 15% APR on a credit card balance is paid by the people with lower credit card balance. But if you have good credit, you have to pay only 6% APR. While making a big purchase, it is considered as a big difference.
Use for many purchases – Your cash can be used by you for making any purchase. A loan of this type can be used even for purchasing a vehicle, starting a business or renovating your house. Restrictions may be placed by other types of loans on the usage of fund. But the conditions of using a personal loan are flexible and can be used for any purchase.
Consolidate debt – High interest debt can be consolidated by using a personal loan. Several smaller debts with high interest such as credit cards and student loans can be paid off by using a larger loan. Money on interest can be saved if you consolidate your debt by using this loan. Your debt repayment plan can be managed in a better way by combing several loans in one place.
Smooth your cash flow – Your cash flow can be smoothened by using a personal loan. A personal line of credit can be got by you, by using your personal loans. You have to pay a low interest rate in this alternate way of use. An emergency fund doesn’t need to be raised for future. The borrowed amount can be repaid by accessing your line of credit.
Boost your credit score – Your credit score is counted depending on your different types of accounts. One type of credit is represented by credit cards. In this case, you can use your credit score to handle your loans. Your score can be boosted slightly by adding instalment loans in your credit report.
Thus, save a huge amount on all your purchases by using a personal loan. Always remember to compare different loans before borrowing any sum.

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Five Reasons for Refusal of a Personal Loan

Don’t you wish personal finance were a mandatory course in college? Unfortunately, too many of us learn by mistake. When you need a personal loan and are rejected, you might be baffled as to what went wrong- and how to fix it. Here are some clues.


No credit is a situation where you have never used credit and therefore have no credit history for the bank to review. They have no way of making an educated decision on whether or not you will pay back a personal loan based on your credit history. No credit is worse than bad credit. Qualifying for and making regular payments on these types of introductory forms of credit can overcome a “no credit” score:

· Student Loans

· Secured credit card (includes a down payment amount)

· Being added to a parent’s or spouses good credit: card, car loan, etc.


Low credit takes on several forms. If you’re using more than 30% of your allowable debt, it can negatively impact your score. Too many inquiries from shopping around for loans will also hit you hard. Lapses in payment, defaults, or bankruptcies are giant red flags and can take a long time to rebuild from.

Other things that lenders may look at are whether or not you have sizeable assets should you default on the loan. They also check to see if your debts are diversified or if you are only carrying one type of debt.


Proof of income is generally required when applying for a personal loan. If you are unemployed or underemployed, it can work against you in the loan approval process. Lenders may also require a work history to see how long you have been with your current employer, and to determine if you typically have job stability. Frequent job loss or change will tell a creditor that your payments may not be reliable.


Believe it or not, your application can be rejected due to your proposed purpose for the loan. Financial institutions have the right to set up the parameters surrounding their disbursements and can accept or reject your application based on what you want to use the money for.


If you’ve defaulted on debt before, your name may be put on a list of whom not to loan to,’ also known as a “Blacklist.” This will follow you around for a long time and is difficult to erase. If you do resolve the debt issues, get documents to prove the resolution.


If you need a loan now, but are concerned that you might not qualify for a personal line of credit, you can qualify for a No Credit Check Loan. You could be on your way to a better financial future in no time!

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A Latin Impact on the Finance Industry

Financial Institutions are a fantastic business model to learn from when considering ever changing market conditions. Their traditional target markets are stable, but, the needs of an emerging market, the Latino market is extremely underserved. It is certainly not for lack of money. Many Latinos have zero debt and healthy saving habits. The question arises, are financial institutions doing enough to serve this population? Are they adapting to the Latino needs? The answer is complicated.

There are two types of Latinos in the USA. One is the immigrant seeking a better life and wanting the American dream, whether they came through the proper channels or not it is irrelevant. The second, are the Latinos that are born here. These are two very different groups of people with different needs and goals. Most immigrants bring their culture, traditions, and customs with them to the US. Those born here develop a blended culture that is both Latino and American.

Financial Institutions are taking notice and making strides to accommodate this very economically influential population. The main reason is that there is a lot of investment in education and developing trust. An untold detail is that in Latino countries, people do not trust banks and financial institution because of corruption. Everything is paid in cash and there are no debt or traditional credit scores. This means that the Latino community have cash, probably stored under their mattress or in a shoe box. This is very dangerous considering that a house fire could burn an entire life savings. Another scenario is they could become a target for robbery. This is a foreign concept for Americans. What is happening is a huge learning curve, educating them on the process of building credit, saving their money in a financial institution, getting loans (mortgage, car, etc.), and most important having trust in the financial institutions.

The younger generations that are born here learn from their parents and surroundings. There is still a disconnect from the importance of financial products, building credit, and how that process works. Many of these young people are just translating for their parents, explaining financial products, and become an intermediary for conducting business. You will notice an increase in bilingual support at many financial institutions for this reason. There is still a lot of work to do in this regard, and this process will take time.

However, more and more financial institutions are offering products specific to Latinos. Information is becoming available in Spanish and more financial institutions are hiring bilingual and multi-lingual speakers. It will be interesting to see how we as a country adapt to this important demographic. It is truly an untapped market that has an important function in our economy for growth and stability.

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6 Home Loans Tips Before Applying

Applying for home loans could be dreadful, particularly on the off chance that you are a first-time home purchaser. There’s a considerable measure of printed material and indulgent preparing included. Yet at the same time, it is justified regardless of your exertion. This far reaching contract aide will walk you through the way toward securing financing for your home and make you feel that applying for a home loan is not that horrible all things considered.

1. Know about them Lender or Broker?

There are two approaches to apply for a home loan. To start with, you can manage a loan specialist or home loan organization straightforwardly. Second, you can procure a home loan representative who will help you look over an assortment of moneylenders. Most homebuyers think that its less demanding and less expensive to choose a loan specialist, without assistance from the outsider. In addition, with a specific end goal to locate an equipped and solid agent, you should do a really decent research and get references. That is the reason a great many people like to keep it straightforward and manage a bank themself. In a few circumstances, be that as it may, merchants can really work to support you. For instance, if your record of loan repayment is not all that good, an accomplished dealer might be exceptionally useful in shopping and arranging for the most ideal arrangement.

2. Know the True Rates

The publicized rate frequently snatches borrowers’ consideration yet it is really not the one that borrowers ought to depend on. The AAPR or “the genuine rate” is a much better guide, as it checks every one of the expenses and charges that will happen over the term of your loan. In spite of the fact that the AAPR is a stage up from the publicized rate, it is still only a quantitative device. Once you’ve chosen a couple loans in view of their AAPRs, you will at present need to investigate their different elements. Some worldwide think-tanks, for example, CANNEX and AIMS Home Loans can outfit you with some canny data about mortage loans and help you limit down your choices quicker.

3. Know about loans details & terms

When you search for a home loan and read through various home loan terms and conditions, you will go over money related wording that you most likely won’t discover somewhere else. It is critical for you to comprehend those home loan terms with the goal that you can secure the most ideal arrangement. Truth be told, numerous money related foundations and land firms offer free homebuying workshops, which can help you comprehend what individuals are discussing in land business. Here are some fundamental home loan terms that you ought to know:

APR – Yearly rate, expected to mirror the yearly cost of acquiring. It is otherwise called the “promoted rate” or “feature rate”, that ought to make it less demanding for borrowers to think about moneylenders and loan alternatives.

Closing Costs – Shutting costs incorporate “non-repeating shutting costs” and “prepaid things.” Non-repeating shutting expenses are any things to be paid only once as a consequence of purchasing the property or acquiring a loan. Prepaid things are things which repeat after some time, for example, property charges and mortgage holders protection. Normally a moneylender should gauge both the measure of non-repeating shutting costs and prepaid things, then issue them to the borrower inside three days of accepting a home loan application.

Collateral – An insurance is the thing that you use to secure a loan or ensure reimbursement of a loan. In a home loan, the property is the security. The borrower will lose their property if the loan is not reimbursed by assentions of the home loan.

4. Check Your Credit

When you apply for a home loan, your whole record as a consumer will be investigated by your forthcoming moneylender. FICO ratings more than 620 have a decent risk of getting affirmed for a home loan with a decent financing cost. On the off chance that your score is beneath 600, in any case, your application might be denied or you may get affirmed at a much higher loan fee. Whether you have a decent or terrible financial assessment, what you ought to do is check your credit report before your bank does. You can get your credit report from Equifax, Experian and Trans Union. In the event that there are any mistakes, attempt to contact these three organizations and clear them up. This procedure can take a great deal of time, so it is something you ought to do a while before apply for a home loan. Paying down your budgetary commitments, for example, Visa obligation and auto loans, before applying for a home loan is additionally an extraordinary thought.

5. Don’t afraid from your bad credit score

Regardless of the possibility that you have an awful financial record, you ought to in any case glance around for the best arrangement. Don’t simply expect your lone choice is a high-taken a toll loan. On the off chance that your credit issues were created by unavoidable circumstances, for example, ailment or a brief loss of pay, disclose your circumstance to the loan specialist or intermediary. Ask a few banks what you need to do keeping in mind the end goal to get the least conceivable cost.

6. Verify and clarify all the things

A pre-endorsement letter is extremely useful, yet not as awaiting as you may think. When you locate a home you’d like to purchase, and your offer has been endorsed, you will need to do a reversal to the moneylender and submit archives that confirm your monetary data to get a loan. Your benefits will be assessed. The loan specialist will investigate your work history. You ought to have no less than two years of business history in the same profession. On the off chance that you are new to the work power, advanced education may help you get endorsed. In the event that you don’t have a sufficient record as a consumer, you may utilize normal regularly scheduled installments, for example, lease, telephone, or satellite TV to demonstrate the loan specialist that you are a reliable shopper.

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The Role of Islamic Finance in Economic Stability and Social Justice

One of the most distinguishing times for the U.S. Islamic home financing industry began in February 2007. The Federal Home Loan Mortgage Corporation (Freddie Mac) sent out a press release announcing that it would no longer buy the most risky subprime mortgages and mortgage backed securities. Two months after the announcement, a leading subprime mortgage lender filed for Chapter 11 bankruptcy protection. Three months after that bankruptcy filing, nationwide financing entities warned of “difficult conditions” ahead. Manifestations of such difficult conditions appeared on the horizon of the financial market when once well-established mortgage companies suddenly began to file for Chapter 11. Similar circumstances reached the U.K. as the Bank of England cleared an authorization to provide liquidity support to Northern Rock, the country’s fifth largest mortgage lender. Five months later, Treasury of the United Kingdom became the owner of Northern Rock.

Up until that point, the gravity of these “difficult conditions” was not fully understood by most of the populace. Late in 2008, the Federal Reserve Bank of New York was authorized to lend $85 billion to the AIG. This was the beginning of the most serious recession in the United States since the Great Depression. What followed was a chain reaction that led to an unprecedented global financial crisis, as the world suffered from rising unemployment, rampant foreclosures, and severe skepticism of financial instruments.

This led to a renewed spotlight on an unfamiliar market segment that appeared comparatively more stable and, more importantly, far more ethical: the Islamic financing sector. From the financial centers in Malaysia to the Middle East, spanning across over seventy countries, Islamic finance in the U.S. increased from $5 billion in the 1980s to $1 trillion in 2010. This phenomenal growth caught the attention of global investors who were seeking to safeguard their investments through more ethical and reliable financial instruments. When financial sector workers realized that these Shariah-compliant instruments avoided many of the worst effects of the global financial crisis, it became an attractive investment vehicle to support a more diverse portfolio. The Shariah-compliant financial sector has avoided investment in predatory lending businesses and overly leveraged financial instruments due to the strict ethical nature of the Shariah governance system. News and media outlets started to cover this ancient yet unfamiliar industry in hopes of learning from the mistakes of the conventional banking sector.

The concept of the modern Islamic financial services industry is rooted in the principles of Islamic legal jurisprudence that deals with financial transactions, a branch of Islamic jurisprudence called Fiqh Al Muamalat. Fiqh Al Muamalat is a framework under Islamic Law that charts the conduct of Muslims in commercial or economic endeavors. Islamic finance products and rulings are based on specific injunctions from the Quran that prohibit certain features of financial transaction models and related economic activities.

The Quran forbids interest, also called usury or riba. The underlying reasoning is that Islam considers lending to be a charitable act to help another member of the society in his/her time of need – therefore, profiting from someone’s hardship is strictly forbidden. In the conventional banking system, when interest is charged on a loan, the risk of that transaction is transferred to the borrower while the lender gains profit from the interest-based transaction. There is no consideration for the hardships endured by the borrower in the event they undergo any loss from the transaction.

By its nature, Shariah law prohibits unethical financial practices. It also promotes wealth distribution among all people to reduce poverty and inequity. This is manifested in the prohibitions of activities such as excessive speculation, gambling, and investing in products that are harmful for society as deemed by Islamic law (alcohol, pornography, etc). The structure of Islamic financial products and services, especially its prohibition in speculative transactions, has helped the industry escape most of the adverse effects of the global financial crisis. The governance model of Islamic financial institutions has been praised as an ethical alternative by institutions such as the International Monetary Fund and the World Bank. Economic experts have suggested that Islamic financial principles can be leveraged to promote financial inclusion that uplift the quality of life in developing nations. Islamic financial principles can also contribute to financial stability and economic development around the world.

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