Are Islamic Banks Islamic?

Comments

19 responses to “Are Islamic Banks Islamic?”

1. 

   faisal

   March 4, 2015

   I remember one of Prophet Muhammad SAW sayings that ‘percentage of profit should be like salt in flour’. Going by this I think it would be unislamic to charge high profits. Allah knows best.

   Reply
2. 

   Sharique

   June 12, 2010

   If Islamic bank works on sharia rule, then dealing with Islamic Bank is Halal otherwise Haram.

   “Islamic banks should own the goods that are being sold with mark-up. Thus Islamic banks should issue invoices or certificate of ownerships while selling the car to customer.”

   For Example

   Murahbah Auto Finance : If any Islamic bank shows ownership certificate which legally says that the car owner is bank and it is sold to a customer on purchase price + profit markup then it is called Islamic Transaction as per shariah rule.

   However if the owner ship of the car is directly getting transferred from car dealer to customer and the money will be paid by the customer on a deffered basis to a bank then this transction is not as per sharia rule. To sell any goods it requires ownership. This is must in Islamic Transaction.

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3. 

   Mohammad Yusha

   October 23, 2008

   You have achieved the level of stupidity unknown to me. Call up the guiness book of world records. Is it a case of severe short term memory or do you fail to see your foolishness and hypocrisy.In the second paragraph of your previous comment you said:“Even if an institution makes a lot of Profit it is still HALAAL, and no matter how small interest someone charges, it is still HARAAM.” and you are asking me where you mentioned halal and haram?

   My question once again that you have been avoiding making yourself look like a fool and giving us all a good laugh is

   What do you have to say about Islamic banks charging unreasonably high prices. ARE THEY NOT TAKING ADVANTAGE OF PEOPLE AND IS THAT ISLAMIC?

   Reply
4. 

   faraz

   October 23, 2008

   Mr Stupid Yusha,

   Where in my comment did I write it is Halaal or Haraam for us or them? You simply asked ‘what do you have to say about Islamic banks charging unreasonably high. Is it Islamic?’

   Reply
5. 

   Mohammad Yusha

   October 22, 2008

   please tell me why you still did not answer my question?

   my quesion was not whether it is halal or haram for us, my question clearly stated whether it is halal for them or not.

   You yourself cannot understand simple english and yet you are telling me that it is me who cant understand simple english, you hypocrite.

   I am going to ask you my question one last time an if you still dont have an answer, then please dissapear with some dignty, because then you would look less of a fool.

   question (for the last time) : What do you have to say about Islamic banks charging UNREASONABLY HIGH prices. Are they not taking advantage of people? Is this Islamic

   Reply
6. 

   faraz

   October 21, 2008

   I thought you were a somewhat learned person but unfortunately you are quite the opposite who fails to comprehend even the simplest of statements.
   If you could read and understand the simple english in the last line of my previous reply, it was written in there:

   “Even if an institution makes a lot of Profit it is still HALAAL, and no matter how small interest someone charges, it is still HARAAM.”

   So even if Islamic banks are charging UNREASONABLY high, as long as it is profit, it is HALAAL. And no matter how SMALL the conventional banks charge their customers, as long as it is Interest, it is HARAAM.

   I hope you will understand this simple statement this time.

   Reply
7. 

   Mohammad Yusha

   October 20, 2008

   you still did not answer my question. STOP AVOIDING MY QUESTION.

   MY QUESTION IS: What do you have to say aboout Islamic banks charging UNREASONABLY HIGH prices. Are they not taking advantage of people??? Is that Islamic???

   Reply
8. 

   faraz

   October 20, 2008

   Mr Yusha,

   A simple answer to your and Lakhani’s question:
   “Profit is HALAAL, Interest (RIBA) is haram.”

   Interest is earning money from money and Profit is earning money from anything other than money.

   You have accepted it yourself that you know that conventional banks earn money through money which is interest (RIBA) while Islamic banks earn Profit.

   Now if you match these two modes and consider them one and same then this approach is also mentioned in Quran where Allah quoted the Kuffars when they say:

   Innamal Baye mislur Riba (Trade is also like Interest)

   And then Allah replied to them:

   ‘Ahallallaul Baye, wa harramar Riba’
   (no matter how similar they look, but Allah has made Trade/Profit HALAAL and declared Interest/Riba HARAAM)

   So this is the answer to you and Mr Lakhani. Even if an institution makes a lot of Profit it is still HALAAL, and no matter how small interest someone charges, it is still HARAAM.

   Reply
9. 

   Mohammad Yusha

   October 17, 2008

   Faraz,

   you are the one running away from the core points of debate. Sounding more and more like a hypocrite with every comment. Why did you not answer Mr Lakhani’s question. Let me copy/paste it for you.

   Mr Lakhani’s question: Mr. Faraz, putting everything aside, please answer one simple question: why should someone put his money in an Islamic bank when he knows that he will get a better return if he puts his money in a conventional bank?

   My question: What do you have to say aboout Islamic banks charging UNREASONABLY HIGH prices. Are they not taking advantage of people??? Is that Islamic???

   Reply