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I’m studying for my Writing class and don’t understand how to answer this. Can you help me study?The discussion of Iran’s economy includes a review
of the nation’s banking system, which is partly based on the mudarabah
concept from Islamic economics. As the authors
note, banks operating under this system act more like
business partners than lenders to their business customers. The banks
earn a share of the profits from the borrower rather than collecting
interest payments. Versions of this partnership approach can also be
found in other economic systems. For example, some European banks and
their borrowers invest in each other as a way to form closer business
relationships.Consumer loans can be arranged in a similar fashion if the lender
collects a share of future income instead of interest payments. For
example, some people are eligible to arrange for income-based repayment
of federal student loans. If the borrower has relatively low income
after they graduate, their initial loan payments are reduced, and their
monthly payments increase over time as their income grows. The
repayment term may extend longer than the usual 10 years under this
system, but some of the debt may be forgiven if the borrower’s income
remains relatively low over time.Suppose banks extend this approach to other forms of consumer
credit like auto loans. Would this be a reasonable way to help
borrowers handle income disruptions like lay-offs or temporary
reductions in their normal hours? Would there be any problems with the
income-based repayment scheme when applied to consumer credit? Would
you prefer this system? Requirements:   |   .doc file | APA | Discussion | 2 pages, Single spaced


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