IF I PUT ONE MILLION RYALS IN BANK AS MY SAVING....AND THERE ARE OTHER 1000 MORE ACCOUNTS LIKE THAT.....NOW IT IS ONE BILLION RYALS.....BANK WILL LEND THIS MONEY TO THOSE WHO CAN PROVE THAT THEY CAN MAKE MONEY AND RETURN TO BANK THE ACTUAL AMOUNT ALONG WITH SOME PROFIT ....AND BANK WILL RETURN MY MONEY WITH SOME PROFIT TO ME WHENEVER I WILL DEMAND...AND ALL BANKS FOLLOW THE WRITTEN INSTRUCTIONS OF CENTRAL BANK FOR SETTING THE RATES....AND BANKS WILL NOT CROSS THAT NUMBER/RATE EVEN IF THEY HAD MADE MORE MONEY BY USING MY MONEY...THESE ARE THE STRICT LINES ON WHICH BANKS WORK...WHETHER ISLAMIC OR NON ISLAMIC...AND SET RATE IS????????
Islamic banking follows the rules of the Shari'ah (Islamic rulings) and also its application using Islamic economics. The principles dwell more on moral and ethical values. Many banks in UAE following the principles of Islamic banking.
Karoly: Read the following link for better understanding of Islamic Banking. Also, if you search through Google, you will across many article on this subject:
2. and they do not take what is called interest in return for deferring payment, even if they call it by some other name,
3. and they do not engage in transactions which are not acceptable in sharee’ah, such as selling what one does not possess,
4. or ‘aynah sales-(It is when a product is sold to a person for a deferred price (i.e. a raised price to be paid later), then that same product is bought back from him at current value less than the deferred price for which it was given to him. So when the time comes in which the deferred payment is due, he pays his creditor in full.)
5. or other kinds of transactions such as Najash Sales that are not permitted by sharee’ah.
There is nothing like Islamic banking. The interest in conventional banking is simply represented as a profit or rent in Islamic banking with a view to woo Muslim investors. That is all.
Many say that there is no such thing as Islamic Banking.
The basis is that it is based on Islamic Shariah principles - Key concept is that both the charging and the receiving of interest is strictly forbidden.
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IF I PUT ONE MILLION RYALS IN BANK AS MY SAVING....AND THERE ARE OTHER 1000 MORE ACCOUNTS LIKE THAT.....NOW IT IS ONE BILLION RYALS.....BANK WILL LEND THIS MONEY TO THOSE WHO CAN PROVE THAT THEY CAN MAKE MONEY AND RETURN TO BANK THE ACTUAL AMOUNT ALONG WITH SOME PROFIT ....AND BANK WILL RETURN MY MONEY WITH SOME PROFIT TO ME WHENEVER I WILL DEMAND...AND ALL BANKS FOLLOW THE WRITTEN INSTRUCTIONS OF CENTRAL BANK FOR SETTING THE RATES....AND BANKS WILL NOT CROSS THAT NUMBER/RATE EVEN IF THEY HAD MADE MORE MONEY BY USING MY MONEY...THESE ARE THE STRICT LINES ON WHICH BANKS WORK...WHETHER ISLAMIC OR NON ISLAMIC...AND SET RATE IS????????
Islamic banking follows the rules of the Shari'ah (Islamic rulings) and also its application using Islamic economics. The principles dwell more on moral and ethical values. Many banks in UAE following the principles of Islamic banking.
Conventional banking: I lend you 100 riyals today. You have to pay me 110 riyals next year. That is for an interest of 10 riyals.
Islamic banking: I buy your pen for 100 riyals today. But you have to buy it back after one year for 112 riyals, that is for a profit of 12 riyals.
The only difference is 2 riyals.
Abdullah has a meat shop ?
IT IS SAME BEEF WHICH YOU WILL BUY FROM THE SHOP OF ABDULLAH .....NOT FROM PETER
Karoly: Read the following link for better understanding of Islamic Banking. Also, if you search through Google, you will across many article on this subject:
http://www.adib.ae/understanding-islamic-banking-0
Islamic banks are that do not deal :
1. with Interest which is haraam,
2. and they do not take what is called interest in return for deferring payment, even if they call it by some other name,
3. and they do not engage in transactions which are not acceptable in sharee’ah, such as selling what one does not possess,
4. or ‘aynah sales-(It is when a product is sold to a person for a deferred price (i.e. a raised price to be paid later), then that same product is bought back from him at current value less than the deferred price for which it was given to him. So when the time comes in which the deferred payment is due, he pays his creditor in full.)
5. or other kinds of transactions such as Najash Sales that are not permitted by sharee’ah.
Thats Islamic banking basics
There is nothing like Islamic banking. The interest in conventional banking is simply represented as a profit or rent in Islamic banking with a view to woo Muslim investors. That is all.
How long is a peace of string ?
Many say that there is no such thing as Islamic Banking.
The basis is that it is based on Islamic Shariah principles - Key concept is that both the charging and the receiving of interest is strictly forbidden.