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B.H. View Drop Down
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    Posted: 31 July 2006 at 6:37pm

Hello,

How can a bank operate without charging interest on loans?

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Knowledge01 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Knowledge01 Quote  Post ReplyReply Direct Link To This Post Posted: 02 August 2006 at 5:05pm
Originally posted by B.H. B.H. wrote:

Hello,


How can a bank operate without charging interest on loans?



By the bank owners and employees caring about the people. By the bank owners and operators following the guidelines sent to us by Allah.
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Israfil View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Israfil Quote  Post ReplyReply Direct Link To This Post Posted: 02 August 2006 at 6:30pm
Knowledge what are the guidelines regarding interest loans
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B.H. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B.H. Quote  Post ReplyReply Direct Link To This Post Posted: 02 August 2006 at 8:38pm

I am sure it would work if the state owned the banks and set up the initial funds with tax dollars.

Also, larger deposits could be taken and a certain amount used in investment schemes that pay a dividend.

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fatima View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote fatima Quote  Post ReplyReply Direct Link To This Post Posted: 03 August 2006 at 4:26am

Bismillah irrahman irrahim

Assalamu alaikum

though you posted it in the brother section, hope you dont mind me replying to this.

Here is a link which might be helpful. http://www.usc.edu/dept/MSA/economics/islamic_banking.html

Wassalam

Say: (O Muhammad) If you love Allah, then follow me, Allah will love you and forgive you your faults, and Allah is Forgiving, MercifuL
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Knowledge01 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Knowledge01 Quote  Post ReplyReply Direct Link To This Post Posted: 03 August 2006 at 6:31am
Originally posted by Israfil Israfil wrote:

Knowledge what are the guidelines regarding interest loans


It is haram to deal with riba in any way. That means that if you take out a loan and they say if you don't pay it back by a certain time, there will be interest, it is then haram for you because you could die and that debt will be your family's responsibility and they will have to deal with riba. Both you and your family will then be in the wrong and will have to answer to Allah for that on Yomo Qiyamma.

We must stay away from the forbidden and anything unclear.
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Israfil View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Israfil Quote  Post ReplyReply Direct Link To This Post Posted: 03 August 2006 at 11:12am
I see
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Angela View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Angela Quote  Post ReplyReply Direct Link To This Post Posted: 03 August 2006 at 1:08pm

Question,

Would Islamic Banks deal with Non-Believers?  Would you be required to be Muslim to open an account with them?

 

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