Pakistan Observer

Sharia-compliant computer loans

Observer Report

Thursday, October 20, 2011 - London—Intel Corp is working with Pakistan Islamic bank Meezan to offer the nation’s consumers their first large-scale hire-purchase scheme for personal computers as the technology company seeks to increase its market share in the country, according to a Financial Times report.

Intel, whose scheme will be compliant with sharia, or Islamic law, is also considering expanding the scheme to other emerging markets, the report said on Tuesday.

Meezan had signed hire-purchase deals for computers with 400 people since launching the scheme in May, via promotional drives at Pakistani universities, and is aiming to sign another 3,000 such agreements in 2012, the report said.

Intel could not immediately be reached for comment by Reuters outside regular US business hours. On Tuesday, Intel forecast quarterly revenue above Wall Street’s expectations, defying concerns that tablets and a shaky economy are eating into demand for personal computers.
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