0
Is traditional interest based banking haram from the Islamic viewpoint?
Wiki User
∙ 15y ago
Yes, interest, or "ribba", is haraam. This is because one is making money without earning it.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is differences between Islamic economics and modern economics?
islamic banking is nt full on interest but infront of modern banking totally on interest
When did General Zia ul Haq introduced non interest banking in Pakistan?
Non interest banking or Islamic banking in Pakistan started from 1977-78.
Is the Islamic banking is really Islamic and how?
Islamic banking is, in a sense, like regular banking with focus of no fixed interest rate. The interest in Islam is called "Riba" (Usury). Riba or Usury is strictly forbidden in Islam because it is unfair. Islamic banking dealing focuses on buy and sell for a profit that does not guarantee a profit rate neither for the bank nor the customer.
What is significance of comparison between the Islamic banking and conventional banking?
Islam forbids the charging and paying of interest, so many Islamic banks use some sort of fudge to get around 'interest'.
Is Islamic banking halal?
Yes. As per Islamic laws giving and receiving interest is considered Haram or Unlawful. So, Islamic banking practices were started to provide banking services to customers following the Islamic faith so that they can take up banking without offending their religious sentiments.
If i say Islamic banking is not Islamic what say you?
It is totally fine under Islamic rules IF the bank does not charge interest on any loans.
What are the objectives and principles of islamiC banking system?
As per Islamic laws giving and receiving interest is considered Haram or Unlawful. So, Islamic banking practices were started to provide banking services to customers following the Islamic faith so that they can take up banking without offending their religious sentiments.
What banking laws govern Islamic banking?
There must be no interest and people should just try not to cheatsalaam bankerpeace
What is isalmic banking?
As per Islamic laws giving and receiving interest is considered Haram or Unlawful. So, Islamic banking practices were started to provide banking services to customers following the Islamic faith so that they can take up banking without offending their religious sentiments.
Is Hawala a part of Islamic Banking?
Yes hawala can be considered part of the Islamic banking with one difference 0% interest rate since it is forbidden by their Quran --> Allah. It is considered like "Allah's Banking" because it is banking (money transaction between users in different countries) and also no interest because of their religious belief's.
Islamic banking and finance?
Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical
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.
