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Kuwaiti banker fined $12 million for charging too much interest
April 4, 2015, 8:06 am

A Kuwaiti bank employee has been jailed and fined KD3.6 million ($12 million) for charging excessive interest on loans, a local daily has reported.

The court of first instance had sentenced him to five years’ jail but on Wednesday the appeals court downgraded the sentence to six months’ after acquitting him of money laundering.

Charging or earning interest is haram under Islamic Shariah law.

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