Word: ribas
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Saudi Arabia and Abu Dhabi conduct all litigation, including financial cases, through Islamic courts. That presents banks with a particular problem because Muslim law forbids riba, the earning or payment of interest, on the ground that it is usury. For years the Muslim world quietly allowed the ban on riba to be circumvented by letting the banks call interest payments service charges or commissions. But these days, when Saudi borrowers are handed a bill for interest charges or commissions, they may take refuge in Islamic law and refuse to pay. Banks are left with little means of getting their money...
...look better for longer than traditional blocks, says manufacturer Yorkon. The steel-framed modules, smartly clad in zinc panels and larch strips, come with doors, windows, bathrooms and kitchens, and each apartment will have a balcony. Models and plans can be seen at the Royal Institute of British Architects (RIBA) alongside other forward-looking waterside developments, towers and mobile homes currently being planned or built. - By Lucy Fisher
AFRICAN DAM will be built at Ka-riba Gorge on the Zambezi River. Plans projected by the Central African Federation (TIME, Sept. 21, 1953) call for a $240 million dam that will have a 400-ft. wall backing up a lake 150 miles long. The first six generators to provide power for developing the mineral-rich area (uranium, copper, chrome, asbestos) will be on the line by 1961. Eventual power capacity...
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