Are Islamic Banks Islamic?

Comments

19 responses to “Are Islamic Banks Islamic?”

1. 

   Mohammad Yusha

   October 17, 2008

   Omar,

   you tell us that none of us are scholars and that we have no right to talk about this subject and right after that you tell us that “After that i would not mind sitting with you for however long it is that you require in order to clear the concepts.”

   Why would you sit with us to clear this concept if you yourself are not a scholar because you clearly told us that a person who is not a scholar should not discuss this??? LOL!!!

   Then you even gave us a lecture on this subject!!! LOL!!! Why???since you just told us that only scholars have a right to do so. Or is it a case of short term memory??? LOL!!!

   What kind of an idiot tells other people to stop discussing because they are not scholars and right after that himself starts talking like a scholar. You are clearly a stupid hypocrite who doesn’t know what he’s talking about.

   Reply
2. 

   Mohammad Yusha

   October 17, 2008

   Faraz,

   Do I know the difference? I think I do, otherwise I would not have written this article. All an Islamic Bank does is instead of loaning someone money along with interest to buy something, an Islamic Bank will buy an item themselves from the seller, and re-sell it to the buyer at a huge profit. An unreasonably huge profit. What kind of Islam is this? As I said, they indulge in what we call kisi ki majboori se fayda uthana.

   Secondly, let me tell you something about Taqi Usmani. He began as a judge. A judge? According to shariah, a person cannot be a judge because then, he will have to give decisions contrary to shariah. What kind of a “scholar” does not know that he can’t work as a judge????

   Lastly, he is the only “scholar” who gave a fatwa that T.V. is okay to watch and it does not consist of animate pictures. I don’t want to start another debate here but he is the only pakistani “scholar” to have given this fatwa. I remember that right after this idiot gave this fatwa someone came up with a lie against him, (lie too disgusting even to mention) and he was running like a wild animal crying that I did not say this. Allah deals with people in his own way who come up with wrong fatwas.

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3. 

   faraz

   October 17, 2008

   @Lakhani:
   I fail to understand why you are running away from the core point of debate now. First you blamed that the only difference between Halal and Haram insurance is the fact that ‘Halal Insurance’ company is owned by Mufti Taqi Usmani (once again a dis-information from you).

   Now, I have been asking simple questions:
   1- Do you know the difference between Islamic and conventional banking?
   2- Let me know the misleading fatwas of Mufti Taqi Usmani sahab.

   @Omer:
   I am not at all arguing anything because you are right that I am not a religious scholar (I do however fully understand the islamic banking system). I am simply asking Mr Lakhani and Yusha to prove whatever baseless points they have put in their post/comments.

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4. 

   Omer

   October 17, 2008

   My dear friends you have no right nor authority to be saying the things that you are.
   None of you are religious scholars, hence you have no basis to be arguing anything like this … if you want to debate, please do your homework . After that i would not mind sitting with you for however long it is that you require in order to clear the concepts.
   The most important thing in our religion is intentions (Neyat).
   As for banking .. Islam clearly states that riba is haram …. not profit. and also that any business is halal if there is the element of risk involved.
   meaning anything that has only profit and no potential of a loss is not allowed.
   one last point. Islamic banks dont hand over money to anyone the give you watever product if is that you were going to buy with the money.
   whereas conventional banks hand over money which you can use as u please.

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5. 

   Shakir Lakhani

   October 17, 2008

   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?

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6. 

   faraz

   October 17, 2008

   Lets focus on objectivity. I simply asked the reason on which you and Yusha claimed that Islamic banks are not islamic. And, also I asked about the ‘misleading’ fatwas of Mufti Taqi Usmani sahab.
   Again, you failed to answer any of my questions.
   If you have the time – and wisdom to comprehend a simple question – then please read my original comment in which I asked if you know about the operational differences between the two types of banking systems.
   I will be waiting for the answers
   By the way, Mr Lakhani, if you again have some time – and also some basic common sense – then please go through the names of board members of the contemporary islamic banks in Pakistan. Mufti Taqi Usmani is NOT the chairman of these banks BUT only chairman of the Shariah Advisory Boards/Committee of these banks. He does not own these banks but only guide thier business towards the islamic mode of financing.

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7. 

   Shakir Lakhani

   October 17, 2008

   Mr. Faraz, if you have the time, please read about the Supreme Court’s decision to overturn Justice Taqi Usmani’s order to the government to switch all Pakistani banks to “Islamic ” financial system. Among other reasons, the Supreme Court held that since Taqi Usmani was an interested party in the case (being chairman of 200 so-called “Islamic” financial institutions), he had no right to hear the original case against conventional banking. In all the legal systems of the world, where there is a conflict of interest (like when a judge is a friend or relative of one of the parties appearing before him), the judge should decline to hear the case. This has happened in one case in which I was involved; the opposing party’s lawyer was a close friend of the Chief Justice of the Supreme Court, so the Chief Justice asked another judge to decide the case.

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8. 

   faraz

   October 16, 2008

   Both of you have criticized islamic banks (and Mr Yusha has also abused Maulana Taqi Usmani sahab) but without any factual argument.
   The only disagreement you have shown is based on the claim (a false claim in reality) that Islamic banks offer car financing with an almost 60% higher price.
   Are you aware of the operational differences between the two types of banking – islamic / conventional?
   By the way, I would be interested to hear from you about those fatwas of Mufti Taqi Usmani sahab that are ‘misleading’ the ummah.

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9. 

   Mohammad Yusha

   October 16, 2008

   For the first time you have written something that has filled my heart with joy. Taqi Usmani is a complete idiot bent on misleading the ummah with his fatwas.

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10. 

    Shakir Lakhani

    October 15, 2008

    It’s so easy to fool Muslims, particularly Pakistani Muslims: just add the word “Islamic” or “halal” to anything and sell himo r her anything you want. Until today, insurance was considered to be “haram” but now we have “halal” and “sharia compliant” insurance. Apparently the difference between “halal” and “haram” insurance is that the “halal” insurance company is owned by someone like Maulana Taqi Usmani (who also sits on the boards of 200 so-called “Islamic banks”). Ultimately, the poor Pakistani Muslim is the loser.

    Reply