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-1
votes
1answer
30 views

Is paper money considered to be Shirk and should I keep a Chequing account or get a savings account?

Asalamaleikum, I was watching a lecture by a well known Imam and he said that paper money is considered Shirk because it has a person's face on it and only Allah is considered Al-Akbar and not anyone ...
2
votes
0answers
18 views

Question on Murabaha (selling the product before the end of the contract period)

Assalamu alaikum All, In a Murabaha, can the Buyer/Agent of the product, who promises to buy the product from the Seller at a later point in time, sell the product to his customer (with the Seller's ...
2
votes
0answers
40 views

What happens in a Murabaha mortgage when the seller defaults?

The question Why is Murabaha not considered Riba? discusses the theoretical difference between Murabaha and riba. I would like to know if there is any practical difference. To be concrete, let's talk ...
5
votes
1answer
99 views
+50

Indirect help to riba-business

I came across the question Working in banks in an Islamic country. According to my understanding of the answer by Shaykh Muhammad Saalih al-Munajjid, You are doing haram if you are helping someone ...
0
votes
0answers
37 views

What's the difference between Islamic mutual fund and non-islamic

I see there are islamic mutual fund companies that are investing in the same industries as other non-islamic mutual fund companies investing in. For example equity, money market (interest based bonds ...
0
votes
0answers
122 views

Is working as a recruitment consultant within financial services halal or haram?

I work as an IT Recruitment Consultant within the financial services community. I take a job request from a banking type firm and then i find someone who can do that job. If the bank hires the person ...
2
votes
1answer
525 views

Is working for a bank as a software engineer Haram?

If I have to work as a software engineer in a banking company is it Haram? I have this doubt because , that bank will be working solely on the basis of interest , which is Haram I am an active part ...
2
votes
1answer
51 views

Is it necessary for the mudarib to reveal his dealings to the rab-al-mal?

In a mudarabah-based business, does the rab-al-mal have the right to know which businesses the mudarib chooses to invest the capital in? If, for example, the mudarabah contract clearly requires the ...
1
vote
2answers
339 views

What is the islamic view on profit received from a Profit and loss bank account?

Is it a sin to receive profit from a profit and loss bank account? I heard that profit earned from one's bank account is haram. But how would this change if the person also incurs a loss in case the ...
5
votes
2answers
386 views

What to do with interest paid by banks?

I am being paid interest into my bank account and not really sure who to give it to. Is it simple enough for me to donate it to the mosque or does it have to be donated to somewhere specific?
1
vote
1answer
380 views

What is the ruling on working in bank projects? [duplicate]

Salamu alaykum, A company is likely interested in hiring me and I am actually going through several interviews. It is a software vendor company that develop products for testing, validating, and ...
7
votes
2answers
2k views

Why is Murabaha not considered Riba?

To take the definition of Murabaha from Wikipedia: This concept refers to the sale of goods at a price, which includes a profit margin agreed to by both parties. The purchase and selling price, ...
1
vote
2answers
2k views

What does profit rate in an Islamic banking mean?

Is it similar to interest rate in conventional banking?
18
votes
4answers
54k views

How do Islamic banks make money if interest is prohibited?

I know that Islamic Banking involves the prohibition of interest based loans. But how do Islamic Banks make profit if they charge no interest?
4
votes
1answer
4k views

What is Mudarabah in Islamic Banking? How is this different from traditional banking?

I believe that the Islamic Banking system is pure from impurity of Riba (interest). But some of the Muslims do not see any difference between the Islamic Banking and traditional interest based ...
2
votes
5answers
7k views

What is the Sharia ruling on working in a bank?

Nowadays, lot of students look for geting a job in banks. What is the islamic view if a person gets a job in bank?
13
votes
6answers
11k views

How to cope with interest payed by banks?

People have saving accounts in bank to save money in a secure place. And Salary accounts are also a kind of Saving account. Banks usually pay a small amount of interest after particular interval. My ...