How can any GCC bank be Islamic when all currencies are linked to US$ British pound and the Euro. All these currencies come into circulation by loans. They are backed by nothing, neither silver nor gold, so when the so-called money is repaid to them the value has been put on to it by our labour. So the banks lend us money worth nothing and demand that we give it back with our labour attached, plus an extra amount called "Interest' or ‘Profit’ in the case of Islamic banks, as a gift to them.
So-called Islamic Banks are perpetrating the same crime of ‘Riba’ (Usury) as conventional banks. Devious arrangements such as bank purchase of materials and reselling to customers at a profit do not make their products Islamic. The result of an activity is more pertinent than the words used to achieve the result. Why do they call themselves banks if they are merchants dealing in materials and finished products such as cars?
You can call a snake a rabbit but it will still bite you. ‘Riba’ yields extra money for the borrower. Call it 'Profit' or 'Interest'; it's irrelevant. Unfortunately, many Muslims are happy to be deceived by the machinations of the so-called Islamic Banks because some people seek only selfish benefit but ‘Riba’ has a serious effect on the whole of humanity. The profit is used by the enemies of Islam.
How can any GCC bank be Islamic when all currencies are linked to US$ British pound and the Euro. All these currencies come into circulation by loans. They are backed by nothing, neither silver nor gold, so when the so-called money is repaid to them the value has been put on to it by our labour. So the banks lend us money worth nothing and demand that we give it back with our labour attached, plus an extra amount called "Interest' or ‘Profit’ in the case of Islamic banks, as a gift to them.
So-called Islamic Banks are perpetrating the same crime of ‘Riba’ (Usury) as conventional banks. Devious arrangements such as bank purchase of materials and reselling to customers at a profit do not make their products Islamic. The result of an activity is more pertinent than the words used to achieve the result. Why do they call themselves banks if they are merchants dealing in materials and finished products such as cars?
You can call a snake a rabbit but it will still bite you. ‘Riba’ yields extra money for the borrower. Call it 'Profit' or 'Interest'; it's irrelevant. Unfortunately, many Muslims are happy to be deceived by the machinations of the so-called Islamic Banks because some people seek only selfish benefit but ‘Riba’ has a serious effect on the whole of humanity. The profit is used by the enemies of Islam.