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2
votes
1answer
44 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 ...
0
votes
0answers
122 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 have heard that profit earned from ones bank account is haram.But how would this change if the person also incurs a loss in case the ...
5
votes
2answers
252 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
214 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 ...
4
votes
3answers
1k 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
914 views

What does profit rate in an Islamic banking mean?

Is it similar to interest rate in conventional banking?
15
votes
4answers
34k 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
3k 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 ...
3
votes
5answers
4k 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?
12
votes
6answers
7k 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 ...