Hello to all the friends at QL. I just got a faculty member position at Qatar University (QU), and I am preparing to move to Doha soon. I was wondering about the available Islamic Banks in Doha: Which one is the most recommended and the closest to the QU Campus? Thanks.
Thank you all for your very useful replies. If I get to choose between Qatar Islamic Bank (QIB) and Qatar Intl Islamic Bank (QIIB), which one is more recommended? Thanks.
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In the name of Allah, the Most Gracious, the Most Merciful: "Say: He is Allah. the One! Allah. the eternally Besought of all! He begetteth not nor was begotten. And there is none comparable unto Him." [The Holy Quran, Surah 112, Pickthal's translation]
Thats why they're different. They cannot make profit by interest. So you are wrong and not All banks work on a systm of interest.
"Banks can profit from the buying and selling of approved goods and services. The principal means of Islamic finance are based on trading, and it is essential that risk be involved in any trading activity, so banks and financial institutions will trade in sharia-compliant investments with the money deposited by customers, sharing the risks, and the profits between them.
Islamic banks are structured so that they retain a clearly differentiated status between shareholders' capital and clients' deposits in order to make sure profits are shared correctly.
Although they cannot charge interest, the banks can profit from helping customers to purchase a property using a ijara or murabaha scheme. With an ijara scheme the bank makes money by charging the customer rent; with a murabaha scheme, a price is agreed at the outset which is more than the market value. This profit is deemed to be a reward for the risk that is assumed by the bank."
The two main Islamic banks are Qatar Islamic Bank (QIB) and Qatar International Islamic Bank. For QIB it really depends on your branch - my personal experiences whenever I visited them has involved long waits and poor service.
Commercial Bank, HSBC and QNB also offer some Islamic services.
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Thank you all for your very useful replies. If I get to choose between Qatar Islamic Bank (QIB) and Qatar Intl Islamic Bank (QIIB), which one is more recommended? Thanks.
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In the name of Allah, the Most Gracious, the Most Merciful: "Say: He is Allah. the One! Allah. the eternally Besought of all! He begetteth not nor was begotten. And there is none comparable unto Him." [The Holy Quran, Surah 112, Pickthal's translation]
Sorry but not Islamic banks.
Thats why they're different. They cannot make profit by interest. So you are wrong and not All banks work on a systm of interest.
"Banks can profit from the buying and selling of approved goods and services. The principal means of Islamic finance are based on trading, and it is essential that risk be involved in any trading activity, so banks and financial institutions will trade in sharia-compliant investments with the money deposited by customers, sharing the risks, and the profits between them.
Islamic banks are structured so that they retain a clearly differentiated status between shareholders' capital and clients' deposits in order to make sure profits are shared correctly.
Although they cannot charge interest, the banks can profit from helping customers to purchase a property using a ijara or murabaha scheme. With an ijara scheme the bank makes money by charging the customer rent; with a murabaha scheme, a price is agreed at the outset which is more than the market value. This profit is deemed to be a reward for the risk that is assumed by the bank."
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I Love Qatar - http://www.iloveqatar.net
if we did not put our money in banks they would go bankrupt. All banks work on a system of interest and from the money that we deposit in the bank
because it is only Haram to make money from nothing or to make money from money (i.e. interest on a loan).
What they do is pay you BACK what you were paying.
So if you pay a 100QR monthly fee, you are getting paid BACK a percentage of your fee.
Hope I was clear. (sometimes things make more sense in my head :P)
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I Love Qatar - http://www.iloveqatar.net
i get confused when i see ads from islamic banks that guarantee a certain % on ur 3/6/12 month deposits...
how is that halal?
Most banks have Islamic services if you just ask (it's just not advertised).
For those who don't know, one of the key advantages of an Islamic service is that your money isn't played with. (I.e. banks can't touch yuor money)
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I Love Qatar - http://www.iloveqatar.net
there is QNB only in Qatar university why dont you try there or throught them you get QNB Islamic Services.
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The two main Islamic banks are Qatar Islamic Bank (QIB) and Qatar International Islamic Bank. For QIB it really depends on your branch - my personal experiences whenever I visited them has involved long waits and poor service.
Commercial Bank, HSBC and QNB also offer some Islamic services.
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Please read our Community Guidelines before posting on Qatar Living. It will save us all a lot of pain :)