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461. Text of the Iska Contract
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66:5 If an investment was made for a certain length of time and the businessman retained the money even after the due date, he must pay the investor profit for the additional time. The assumption is that money remains with the investor under the original terms, though it is preferable to write at the time […]
460. Stipulating Regarding the Profits
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66:3 They may also stipulate that, at the businessman’s discretion, he may elect to give the investor a set amount of the profits rather than a percentage, retaining the balance for himself. This is appropriate to do because the businessman would presumably not want to take an oath and will simply give the investor the […]
459. Investing in a Business Venture
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66:1 If one person gives another money to invest in some business venture with the understanding that the profits or losses will be divided between them, this arrangement – which is called an “iska” – is prohibited. The reason that such an arrangement is not permitted is because half of the money is considered a […]
458. Other Cases of Interest
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65:29 If partners need to borrow money with interest from a non-Jew, they must consult an authority as to how to proceed. 65:30 One may not borrow money from an apostate with interest; it is also advisable to follow the stringent opinion and not lend to an apostate with interest.
457. Interest against Collateral
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65:27 If a Jew lends money to a non-Jew against some collateral he has provided with a certain amount of interest payable each month, he may afterward go to a friend to lend him money against this collateral, taking the interest that the non-Jew is paying from the day of the loan until it comes […]
456. Interest via Jewish Intermediaries
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65:25 If non-Jew asked a Jew to borrow money for him from another Jew, offering collateral or at the very least a promissory note, if the Jewish intermediary bears no responsibility for the loan then such a transaction is permitted. Even if the Jewish agent delivers the interest payments to the lender, he may accept […]
455. Non-Jewish Lenders or Borrowers
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65:23 One may pay more on a dowry in the following manner: If a person promised a dowry for his daughter, he may arrange with her fiancé that for each year the money remains with him the father will increase the amount by a certain sum. This is permitted because it’s merely like increasing her […]
454. Permissible Discounts
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65:21 It is permitted to increase the rent on real estate in the following manner: If someone rents another a piece of property, he tells the tenant before he takes possession, “If you pay me the rent now, it will cost you $10,000 a year but if you pay in monthly installments, it’s $1,000 a […]
453. The Party Responsible for the Merchandise
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65:19 One may lend his friend 100 dollars in order to purchase merchandise at the market and accept 120 dollars in repayment when they return home so long as the lender receives the merchandise, takes it to his home, and is responsible for it during the journey. If this is the case, he is essentially […]