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Yes. Conventional banking involves giving and receiving interest payments which as per Islamic laws is not acceptable. Hence it is Haram or not Halal. However there are a number of banks that provide Islamic banking facilities to the customers who follow Islam as their religion. If you work for them then it is Halal.
The preceding response is terribly misleading and self negating . First, it is not permissible to lend money and charge interest in Islam . Anything which is not permissible is therefore NOT HALAL . If you work for these banks you are not complying with Islamic law (HALAL) . Islamic banks cannot charge interest . If they do, they are also in violation of HALAL . Therefore, the answer you are seeking is an emphatic NO ! Conventional banking is not HALAL because money is loaned for profit .
Answer -2
Borrowing/lending money for prophet/interest is one of the most despised activities in Islam. Whatever or whichever label you put on it, it will remain Haram. Labeling a dog as goat can't make the dog Halal. Putting 'Islamic' on alcohol bottle will not make the contents Halal. The so-called 'Muftis' who give fatwas declaring Islamic Banking halal are, in fact, at war against Almighty Allah and beloved Prophet (SAW). May Almighty Allah bless us with the wisdom that is required to understand the holy Qur'an!
What else can I help you with?
Is conventional banking same as commercial banking?
yes
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.
Why are you interested in joining banking sector?
i think banking job is very stylish and smart job, Though i have completed my graduation in EEE.
What are the difference between interest free and conventional banking system?
difference between interest and interest free financing
What is the difference between interest only financing and conventional financing?
The difference between interest only financing and conventional financing is that you are able to make money without any investment on an interest only account only by depositing a maximum amount in an account which you leave for a set period of time where interest will accumulate. Conventional banking is used for more day to day banking purposes.
Is conventional banking same as commercial banking?
yes
What is conventional banking system?
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What is conventional banking and electronic banking with the usage of atm's and credit cards?
The conventional banking system requires the customers to personally present themselves in a banking institution to open an account. Members can open a bank account and transact business using the internet in the electronic banking system.
Define conventional banking?
Conventional banking is when there are loans given out to people at a fixed interest rate. The borrower has more time to pay them back but they do end up paying more than originally borrowed.
Can we do banking job as a Muslim?
Yes you can do a banking job as a Muslim. Just don't do the job that gives or gets sood. (:-
Problems faced by Islamic banks in Pakistan?
There are many problems to Islamic banking in Pakistan as compared to conventional banking system. There is no legal framework, lack of professionals, no central bank, to educate the people about Islamic banking to increase Islamic finance in the market,innovation and new technology and experience .fiqa problems educated scholars are required to compete conventional banking in Pakistan
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.
Why are you interested in joining banking sector?
i think banking job is very stylish and smart job, Though i have completed my graduation in EEE.
What has the author Frank Oldham written?
Frank Oldham has written: 'Job descriptions in banking' -- subject(s): Banks and banking, Job descriptions
Can you get a good job with a associates of arts degree in finance and banking?
You can indeed get a good job with a associates of arts degree in finance and banking. Anything is possible.
If you have a chioce of a conventional bank or an Islamic bank?
In term of risk of investment, Islamic banking provide more security
What are the difference between interest free and conventional banking system?
difference between interest and interest free financing
