DO YOU QUALIFY FOR AN INTEREST-FREE LOAN? GUESS WHO DOES.

One of the members of the CounterAct team posed the following question to Meta AI:

According to Meta AI:

Heter Iska is a Halakhic (Jewish law) arrangement that allows for a loan to be structured as a business partnership, avoiding the prohibition on interest.

Standard Bank, a major financial institution, does offer Heter Iska arrangements for Jewish clients. However, these arrangements are typically only available for business loans, not personal loans.

To explore Heter Iska options with Standard Bank, Jewish clients should:

1. Contact the bank's business banking division.

2. Inform them of their interest in a Heter Iska arrangement.

3. Discuss their business needs and loan requirements.

4. Review and sign the necessary documents, including the Heter Iska agreement.

Please note that:

- Heter Iska arrangements may have specific requirements, such as a minimum loan amount or a specific business structure.

- Standard Bank may require documentation, such as a business plan or financial statements, to support the loan application.

- The bank's Heter Iska arrangements may be subject to change, and not all branches or representatives may be familiar with these arrangements.

It's recommended that Jewish clients consult with their Rabbi or a qualified Halakhic authority to ensure that the Heter Iska arrangement complies with Jewish law.

The team member then questioned Meta AI about the constitutionality of Heter Iska. Here is the thread:

He then asked ChatGPT about Heter Iska and received the following response:

Yes, that's correct! Even though major banks in South Africa do not generally offer Heter Iska loans as standard products, the *Beth Din* provides the necessary framework to create such arrangements. Here's how it typically works:

1. *Consultation with the Beth Din*:

Individuals or businesses seeking a Heter Iska loan can approach the Beth Din for guidance. They will help structure the transaction in a way that complies with Jewish law.

2. *Customized Agreements*:

The Beth Din drafts a legally binding Heter Iska contract between the lender (e.g., an individual or institution) and the borrower. This transforms the loan into a halachically compliant partnership or investment agreement.

3. *Implementation*:

With the Heter Iska agreement in place, the transaction proceeds as per the terms outlined. The lender and borrower follow the partnership model instead of a conventional interest-based loan.

While major banks may not offer this directly, the Beth Din ensures that Jewish individuals and businesses in South Africa can engage in financial transactions that align with their faith.

Would you like information on how to contact the Johannesburg Beth Din or the process to arrange a Heter Iska agreement?

The CounterAct team member then commented:

The Beth Din is a Jewish Court. They structure the terms and conditions of the agreement. This agreement is then taken to the Bank who must comply based on constitutional rights. Ironically this also means the banks are practicing racism in essence. This is sick.

He then further questioned ChatGPT about Heter Iska and received the following response:

In a Heter Iska contract, the arrangement is structured as a partnership rather than a loan, which changes the dynamics of repayment. Here's how it generally works:

1. *Profit and Risk Sharing*:

The lender (e.g., a bank) and borrower enter a partnership where the borrower invests the funds and shares profits with the lender. This means the lender agrees to share in the risks, including the possibility of losses, provided these are genuine and verifiable.

2. *Verification of Losses*:

If the borrower (or the bank in this case) claims an inability to repay due to losses, Jewish law typically requires evidence of these losses. The borrower might be required to swear an oath or provide documentation. However, modern Heter Iska contracts often waive this requirement for practical reasons.

3. *Wavier and Adjustments*:

- If the borrower genuinely cannot repay due to a lack of profits or actual losses, the lender may not be entitled to demand full repayment.

- The terms of the Heter Iska are designed to ensure fairness, with the lender taking on a level of risk similar to an investor rather than a creditor.

4. *Practical Safeguards*:

To protect both parties, modern Heter Iska contracts often include clauses that minimize disputes. For instance, they may set a minimum "assumed profit" unless the borrower can prove otherwise.

In summary, repayment obligations can indeed be waived or adjusted if the borrower (or bank) demonstrates legitimate inability to repay, as the partnership model inherently involves shared risks.

The team member then commented on this response as follows:

Wow so if the Jews cannot pay back the money the bank cannot "demand full repayment". No wonder there is no foreclosure of any kind.

Another CounterAct team member then posted the following comment:

Huh I knew it

So they can just lie and say for what ever reason they don't have the balance of the money and thats that. ...... can you see how evil this is

While masses are losing businesses, hones, cars etc they simply exempt from it

Can personal loans be disguised as business loans with Heter Iska?

Although the venture capitalist in the video above confirms that Heter Iska pertains to both personal loans, such as for a house, a car or a boat for example, and business loans, I was interested to know what AI’s view is on the possibility of disguising personal loans as business loans. This is the question that was posed to AI in this regard:

Here is ChatGPT’s response:

In a Heter Iska agreement, the terms can theoretically be structured to resemble a business loan, even if the underlying purpose is personal. This is because Heter Iska is inherently flexible and operates under a framework that transforms a loan into a business partnership to comply with Jewish law prohibiting interest (ribbit).

Here’s how this might be structured:

1. *Business Framing*: The lender and borrower enter into a partnership where the funds are considered an "investment" for a business purpose. The borrower, acting as a partner or agent, agrees to use the funds in a profit-generating manner.

2. *Profit and Loss Sharing*: The borrower commits to sharing profits derived from the "business activity" and provides the lender with a predefined "return" that mimics loan interest. However, this is legally framed as profit distribution.

3. *Evidence Requirement*: The borrower must provide evidence of losses to avoid repayment. In practice, the Beth Din often permits conditions where failure to produce such evidence assumes profits were made, ensuring the "lender" receives the agreed return.

4. *Discretion on Purpose: The actual use of funds (e.g., for personal needs) may not invalidate the agreement as long as the formal terms adhere to *Heter Iska principles. The Beth Din might not inquire deeply into the purpose, focusing instead on compliance with the partnership framework.

### Ethical and Legal Implications

While it is technically feasible to use Heter Iska for personal purposes under the guise of business, this could raise ethical concerns. It’s crucial to ensure transparency and integrity when approaching the Beth Din for such agreements. Some Batei Din may require a clear business purpose to avoid potential misuse of the system.

Now, given that banks don’t lend money (currency) they own but create it ‘out of thin air’, a subject I have spoken about, and published on, extensively, I asked the first team member to ask AI whether it is possible that Jews are not expected to pay back fake bank loans, and that the Beth Din contracts are simply a deception. I will publish its response in my next Substack post.

The REAL REASON Jews Charge You Interest.

Jewish law. Jews can’t take interest off each other 💰

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