Hello my Ecancy family.
As I just joined ecancy yesterday, I was checking the options available here. I encountered this term "APR interest rate". I just wanna know what is this and when this interest is charged.
As I'm a Muslim so it's alarming for me to know that I'm involved in interest. Interest of any kind is prohibited in my religion and by the grace of Almighty I'm a strict follower of my religion. It's said that interest is like a war against our Lord. So it's completely unacceptable for me to work here if I have to be involved in interest.
Please answer my question.
1- will I have to give interest if I want to work here? Or if there is any other way to avoid it?
2- In What condition they are charging interest?
Thanks for reading.
Looking forward for the answers.
No one is charged interest here, but interest is paid to users under certain conditions.
For instance, if you "stake" your HIVE into HIVE POWER (HP), you will be paid an additional 2.89% each year. So, for every $100 you hold, you will be paid an extra $2.89 at the end of a year as a 'thank you' for holding the funds here. It is akin to how a bank pays interest if you let them hold your money in a Savings Account.
It is also similar to this: say that you visit a vendor near your house and buy a coffee or a Bubble Tea every single day. After a couple of weeks, the vendor might say, "You are such a regular customer! Here is a tea today, for free, as a thank you!" He is showing "interest" in your business by giving you a small reward.
By the way, this is the sort of question that we answer every day in TheTerminal's Discord. 🙂
This was a very interesting question and you guys answered it so well. Thank you for taking time to point our newest members in the right direction. 👍
@wil.metcalfe
Comet Ranker
Aptly put, thank you for all you do.
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It's simply a small reward given to you :) I know Hive has many devout Muslim members, and I have never heard any concerns. But I can ask if you would like?
Hi @wrestlingdesires
Thank you for taking a personal approach here. Being willing to ask the questions (for people) is the sort of support that our newer members need sometimes.
So much respect for stepping into the gaps like this.
@wil.metcalfe
Comet Ranker