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Islamic Banking

Riba is interest which means any excess taken over principle (monetary or non-monetary) without due consideration (anything of value).

Banking is purely a profit oriented business. Whether it is conventional or Islamic banking their prime motive is to earn profit, as profit is necessary for any business to be in business. Banks takes money from the savers and lend or invest that money to different businesspersons or into different projects.

What conventional banks do they lend money and in return they get fixed interest which is their prime source of income. On the other hand Islamic banks use different modes of financing (Musharkah, Modarbah, Ijarah ) with their customers while lending and invest money in different projects and return from the projects are shared between the bank and customer that’s how the Islamic banks earn.

Islamic banks came into force to compete and replace the conventional banking system. Actually Islamic banks are there just to eliminate interest factor from the conventional banking so they are devising different ways to bring people out of entangled interest.

People ask is islamic banking halal or haram? Ask them is conventional banking halal or haram? If they know with no ambiguity that conventional banking is haram so why they are indulging it? Suppose if Islamic banking is haram then atleast we have an excuse that it is backed by Islamic scholars so if we support it we will not be answerable in the end but those scholars will be.

People call Islamic banking just as the same as conventional banking as they are doing the same thing by just changing the names of the products or by just using Islamic terminologies. Actually it is not that, apparently it looks the same and the results are also be the same but the difference is in procedure, documentation, implementation. For instance a hen is being slaughtered by two persons, one does that without taking Allah’s name on it and other does with recitation of Allah’s name, the act done by former is haram and the later is Halal. So the difference lies in the procedure. In this way Islamic banks are doing the same thing as conventional banking doing but they are making it legal or halal by making more contracts for a deal or projects. They are working with the same terms and conditions along with some additive according to the nature of the transaction so more documentation is required as compared to conventional banks.

People have made up their mind and declared both banking systems the same but still they have their deposits in conventional banks and taking interest on their deposits, they say there is no way out from interest, there is no other option but when Islamic bank gives them the choice, they ignore it. Just because they find it a bit more complicated because of documentation or they fear to adopt profit and loss sharing system and want fixed returns which Islamic banks never guarantee.

Actuallay people believe that the interest cannot be eliminated from the society even some Islamic scholars think that. In fact their faith is weak or they don’t think that Islam is a complete code of life, They are actually challenging Shariah.

All the four major islamic jurists (hanafi ,malaki, shafi, hanbli,) are unanimously agreed for Islamic banking applicability. It is a good sign for Muslims that in order to combat with the interest all the scholars have come together under one roof and working together. Whole Islamic banking structure has been defined by scholars. All the products and services offered by Islamic banks are the outcome of their hard work. Every transaction took place under the supervision of Islamic Shariah Board established in every Islamic bank. So being an ordinary person we cannot rule out their efforts.

Actually the misconception was spread by experienced conventional bankers, economists, analysts and other influential personalities who do not have sound Islamic knowledge. So the people of today mostly follow their verdicts instead of muftis or Islamic scholars.

In the end I would say, there is need of awareness among general public about the applicability and viability of Islamic banking. Islamic banking is still in its developing phase, it definitely needs the government and public support in order to flourish well.

By: Arslan Ziad

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Knowledge of the Unseen

Istaghna

Affection For Allah

Ahl e Takveen

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