Are the banks known in Qatar as Islamic Banks are really Islamic or no?
By saif_nfsus •
Actually, i am not getting a proper answer to this question. Are the banks like Barwa Bank and Masraf Al Rayan or Al khaliji Bank really islamic or no? Don't they deal with Interest? Is working in these banks halal or haram? if not so, where do they certify that working in these banks is Halal for muslims or no? please provide me an answer to these questions. i will be greatful to you.
Islamic banks may not have interests, but they do have various charges levied periodically.
A rose is a rose whatever name you call it.
Interest in Islamic Economics
I have got a good site for understanding RIBA
check this out:
http://books.google.com.qa/books?id=ybnkig5ci6cC&pg=PA56&lpg=PA56&dq=hadith+relating+riba&source=bl&ots=1vcsP42dnu&sig=3j5maL8stI5m9AtMhRkd2NneOmk&hl=en&ei=5CS1SZbDAcLG-AaN9en5Ag&sa=X&oi=book_result&resnum=1&ct=result
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Dear people in Islam
thankyou every one of you for your valuable answers. i did a little research on this topic and i came to know that, no matter whatever the banks are. if their capital has riba involved in it and if the banks are dealing with riba , then the business is haram. it depends on what they are dealing with. for example - all ''Q'' companies are dealing and doing business with some product so their business is halal but when some company does liquor and riba and other haram things involved in it , then it becomes haram. i also found this that: in olden days the trade used to take place between products like rice for wheat, or rice for milk or rice for sugar or other dealings which is halal, then came currency : wheat for dirhams, dirhams for rice which still is halal but when the currency came in like 1 kg of good quality gold for 3 kg of bad quality gold and people started this thing and started to cheat in this currency to currency to gold to gold , or good quality wheat for low quality wheat this became riba and which is haram.
no thy are not...they do charge interest in name of HADIYA...similarly many more names
if they don...thn whoz gonna pay salary to their employees and how the bank is goin to run..from where the money will come for their expenses from there pen to there transport/accomation allowance???
banks normally use different systems for their islamic banking transactions... say Doha bank has some people banking with them on the islamic system and others on the non-islmaic .. they have different account numbers, different systems to process their transactions .. and regarding the interest .. islamic banks in case of a car loan for example buys the car and then sells it to you as a customer adding some percentage of profile which is 100% halal that if u buy something and want to sell it to another person u have the right to add some percentage of profit on the original price at which u bought that particular item .. and there are some different names for these processes as Mudaraba, Murabaha, some islamic names for these processes
so they are islamic banking .. and they don't even mix your money with this that contains a percentage of Riba
banks normally use different systems for their islamic banking transactions... say Doha bank has some people banking with them on the islamic system and others on the non-islmaic .. they have different account numbers, different systems to process their transactions .. and regarding the interest .. islamic banks in case of a car loan for example buys the car and then sells it to you as a customer adding some percentage of profile which is 100% halal that if u buy something and want to sell it to another person u have the right to add some percentage of profit on the original price at which u bought that particular item .. and there are some different names for these processes as Mudaraba, Murabaha, some islamic names for these processes
so they are islamic banking .. and they don't even mix your money with this that contains a percentage of Riba
banks normally use different systems for their islamic banking transactions... say Doha bank has some people banking with them on the islamic system and others on the non-islmaic .. they have different account numbers, different systems to process their transactions .. and regarding the interest .. islamic banks in case of a car loan for example buys the car and then sells it to you as a customer adding some percentage of profile which is 100% halal that if u buy something and want to sell it to another person u have the right to add some percentage of profit on the original price at which u bought that particular item .. and there are some different names for these processes as Mudaraba, Murabaha, some islamic names for these processes
so they are islamic banking .. and they don't even mix your money with this that contains a percentage of Riba
yes they r
Sorry....to say i dont think working in any banks...is halaal...giving name islamic bank does't change the principles of banking...so if u go ahead if ur heart says its correct.....at times we have to do that.....
You may get different kind of answers....better if u listen to ur heart....i am sorry if some1 got hurt.....
Dear and beloved brother in Islam, it is not the concept of banking per say which is forbidden in Islam, but it is the concept and dealings of ‘riba’ which forms the very back-bone of conventional interest-based banks, which is absolutely forbidden in Islam by Allah and His Messenger (saws).
The Islamic Banks or Islamic Financial Institutions are all based on Shariah-compliant interest-free dealings, and it would be absolutely permissible for a believer to seek employment in an Islamic Bank, if he wishes to do so.
Islamic way of banking:
Most people are so used to the conventional interest-based banking system, that in their ignorance of the laws of Shariah-compliant Islamic Economics they may at times accuse the Islamic Financial Institutions of dealing in interest or ‘riba’ with just a different name.
A simple example can be cited to make the concept of ‘haraam’ and ‘halaal’ clearer. If one marries a woman and satisfies his pleasure, it is considered ‘halaal’ and is a virtue in Islam. But if one does not marry a woman and satisfies his pleasure with her out of marriage, it is considered ‘haraam’ and a huge sin in Islam! Both satisfy the carnal pleasures of man, but the difference between them is a one-page or a simple verbal legal contract of marriage!! The ignorant might say ‘what is the difference’? But you and I both know, there is a huge difference in the reward and sin between the two acts, although both can be termed similar in some qualities. But Allah Subhanah has declared marriage ‘halaal’ and fornication and adultery ‘haraam’.
Similarly, although it may seem to some who are ignorant of the laws of Islamic Economics that because the Islamic Bank charges a ‘fee’ or ‘profit’ instead of ‘interest’, there is no difference in the permissibility of the transaction! But the truth is that because of the nature of the contract made by the Islamic Bank their transaction would be interest-free, and thus halaal in the sight of Shariah and Allah Subhanah, and the interest-based transaction of a conventional bank would be considered absolutely illegal and haraam.
If one trusts, obeys, and follows the guidance and commands of Allah and His Messenger (saws), one can be assured of never ever being misled; but if one believes, obeys and follows any other guidance, other than that of Allah and His Messenger (saws), one can be assured of being led astray.
Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only Source of Strength.
Your brother and well wisher in Islam,
contact sum Imam n clarify ur doubt !
taz a real tuff question .