concept   lending practices
culture   Middle Eastern countries
statement   In Middle Eastern countries, lending practices are often guided by personal relationships and religious principles instead of traditional methods.
4 similar statements
# Concept Culture Statement Freq.
1 financing Middle Eastern countries More common to rely on personal savings and family support for financing major expenses. 1
2 foreclosure Middle Eastern countries Less common due to different attitudes towards debt and property ownership, and cultural emphasis on avoiding shame associated with financial difficulties. 1
3 lender Middle East Lenders are often family members or close friends who provide financial assistance without the expectation of strict repayment terms. 1
4 money lending Middle Eastern countries Usury (charging interest) is prohibited in Islamic finance 1