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No! Israel Banking System is not Islamic, because Islam is the post-Jewish religion. The Jewish tradition has its taboo in economic matters different from that of Islamic.
Jewish has a plain explanation and definition of riba while in Islam there is none.
Jewish does not force non-Jews to comply with their system of economy while lslamic set death sentence to those who devour riba coercively.
Wiki User
∙ 11y ago
Wiki User
∙ 7y agoNO. Israel has a Western Banking system. The largest banks in Israel like Bank Leumi and Bank HaPoalim are traditional interest-bearing accounts and those banks give out loans that also have interest. There is no real distinction between an Israeli bank and the major multinational banks like Citibank or Chase; it just happens that the Israeli banks are smaller.
The Islamic Banking System is based on the idea of shared partnerships and profits in order to avoid the need to use interest. An Islamic Bank serves a function more akin to a stock broker, using individuals' savings to act as payment for partial ownership in a venture. When the venture makes profits, the bank takes some and some is given to the original individuals. There are Shari'a-Compliant banks in Israel, but they are relatively rare and (from an economic perspective) not very important.
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Why is it necessary to introduce islamic banking system to a country like nigeria?
Any country that has a significant Islamic population would need Islamic banking systems to help the Islamic community avail banking services. Per the Islamic laws, giving or taking interest is considered haram or illegal. Islamic banks operate per the laws laid down by Islamic Religion and thus more and more Islamic people can use their banking services. They may not be willing to open an account with a regular bank as it is forbidden per their religion.
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Islam forbids the charging and paying of interest, so many Islamic banks use some sort of fudge to get around 'interest'.
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