Inspired by men in the family who lease cars to close relatives, two women from the Al-Mutari family of Saudi Arabia are making money by giving financial aid for an extra charge. “I started using my daughter’s dowry money,” said one of them. “My daughter received her dowry more than a year before her wedding. I used 50 per cent of that money and started lending to friends and family for an extra charge. When it was time for her wedding, I returned the money and a little extra. I had managed to collect enough money to continue my business.” Um Mussaed, one of the two women, said a contract is signed in the presence of witnesses. These women said they sought religious counsel to ensure that their business is permitted in Islam. They were advised that their lending is permitted if they make the purchases of the items, and then sell them to their customers with the markup, rather than lending the cash and charging the fee based on the amount of money loaned. More women are attracted towards this novel experiment.
LENDING SERVICES BY SAUDI HOUSEWIVES
Inspired by men in the family who lease cars to close relatives, two women from the Al-Mutari family of Saudi Arabia are making money by giving financial aid for an extra charge. “I started using my daughter’s dowry money,” said one of them.
