this post was submitted on 07 Dec 2024
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How come there are no muslims on these lists?
I imagine they just get less coverage
İf you want to do research for yourself, find the top three holdings of Morocco, Egypt, Arabia, Turkey and Indonesia
They don't want poor muslims to be aware of just how much money they have.
The Aramco shareholders should be on the list.
Could be because they consider usury a sin, and that's basically how most of these people got wealthy?
Maybe I'm misunderstanding what usury is.
Usury is for-profit moneylending, basically. The Fidelity lady would count, the others are harder to say, either because it's a different sector or something I've never heard of it.
There's Muslim definitely-hereditary gotta-be-billionares, like all the petrostate royal families, but they hide their assets enough to stay off of the official lists.
(Halal lending exists, and it's basically our-interest-isn't-interest because we found a random Imam who we convinced to say so. Funny how there's always a loophole, when the rules get really inconvenient for enough believers)
Billionaires are constantly making money using their money, and it often includes lending (or some convoluted scheme that includes lending as an intermediary step).
They borrow themselves as a way of dodging US taxes, which might be what you're thinking of.
Holding bonds is the obvious way all of these people would probably be doing the sin of riba. It's not necessarily public information, though. (And you can invest in bonds too; there's no secret money glitch, just a societal lottery that someone will inevitably win)
It's interest on a loan, or unfair (high) interest on a loan, depending on where you are.