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By accepting Islamic Finance System are we muslims fooling our selvs because it is other way around!?
In somany countries like UAE, SAUDI ARABIA and many more muslim countries are opting for these institutions to open their islamic windows or complete sharia compliance banking but when you look in detailed manner you will find that these banks are actually fooling you charging more interest rates than conventional banking system kill you ! since it's got name sharia most of the muslims are investing in it you can ask their experiences it's so bad, actually what quran is saying is don't charge any intrest, if you want to help give zakat, sadaqa, qairaat no muslim will be poorer, o.k. we think practically and shellfishly live Islam behind just to show world that we are muslims even then this banking system is wrong in my view we need to work out about the lending rates, so called service charges, admin charges, profit sharing etc.,
Public Comments
- As a Financial Adviser in the UK, your concerns are the main reason why I have avoided dealing with Sharia mortgages, of which there are two main kinds. Not only has the mortgage got to stack up on the financial front, it also has to conform to the borrower's ethics in islamic terms. As a non-muslim, I cannot comment on the latter.
- Appreciating the first responder, I agree with you. I did try to go into the details and found it very fishy. Unfortunately I had opted conventional loan then but all thanks be to Allah, now I have decided to buy whatever I can and not to take a loan at all. There is a saying of the Prophet Muhammad PBUH in Riayd us Saliheen which suggests that there are few things in life which are clearly allowed and some clearly forbidden. Most are in the grey area and it is better for us to avoid them for our better future. I strongly feel that finance business can not be run without dealing in interest at any level since the major finance insitutions in the world are run by agencies which have no interests in avoiding interest. Based on this all these companies calling islamic banking are likely just going around in circles to make more money. may Allah guide us all on the straight path, amin
