[abfunders]

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This is the new Heter Iska Klali for QuickenLoans, which is owned by Dan Gilbert, who also owns Rapid Advance (and the Cleveland Cavaliers).

I'm not sure if this will affect his business loans / MCA funding. I haven't seen his contracts yet, nor am I capable of saying what is ribbis is what isn't, or if a heter iska klali works.

[Karen37a]

I am not an expert on this but in the past, I have seen transactions to "companies" which did not violate the restriction of ribbis. Quicken loans give personal loans and I would guess thats why they had heter iska approved.

That or maybe it's a commodity issue money coming from one country not being able to be given back at the higher rate of exchange ..commodities fluctuations

[DiamondBL]

Wow- how did you get this!

[Karen37a]

Torah law forbids Jewish people from charging interest on loans, including mortgages, given to fellow Jews, and also forbids Jews from taking out loans in which they will be charged interest by another Jew.Halachic authorities said that any Jewish person who obtains a loan with interest from Quicken or any of its subsidiaries is in danger of breaking Ribbis .

We had come into conflict with this commandment in the past with loans. The majority of banks in Israel have heter iska in place.

I wonder if the people who had the loans in place have to redo them

[Karen37a]

70% of my clients were Jewish when I was working for someone. I had inquired about it being that I am partially Jewish.I didn't get an answer but I did ask questions of people.

( I actually asked them why are the majority of my clients Jewish...you are trying to make me break commandments)

I tried to figure out if it was luck of the draw, personality or purposeful lol

I still get a lot of Jewish merchants ..I guess its a ny thing

[Karen37a]

One last point.

I cant ask people on the phone...Are you Jewish? And they cant ask me...What are you? Is the company owned by Jewish people?

As I get to know merchants more, private details come out