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Questions tagged [banking]

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60 views

Does one have a profit in an Islamic banking system?

Usually when you open an account in a bank they try to attract you with interest. My question is how so called Islamic banks can -likewise- offer their customers, especially as riba (and interest is ...
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1answer
140 views

Is a bank job which is related to an ATM cards department haram? [duplicate]

I was wondering if doing a job in bank which is related to ATM cards department is haram. This department is not involved in any interest transaction.
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1answer
450 views

Is buying a car on installments from a commercial Islamic bank haram?

I want to buy a car from Suzuki through a so-called Islamic bank on installments. However, the car price is 11 lakh but I have to pay approx 14 lakh in 5 year installments. Is this interest or ...
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0answers
656 views

Are special discounts on debit/credit cards halal?

Are special discounts on purchases via debit cards or credit cards on for example items halal, are these offered by bank or the store? I have "SC sadiq debit card" on a sadiq payroll current account ...
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0answers
229 views

Are transactions using credit cards haram?

Is it haram or halaal to transfer money using a credit card?
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1answer
458 views

Is working in central bank haram which does not provide loans nor keep deposits based on interest?

So far I know that working in riba-based bank is not allowed. But for central bank, which does not provide loans nor keep deposits based on interest, will it be permissible to work on the central bank ...
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2answers
298 views

What to do to prevent or overcome bank interest (riba)?

I'm working abroad and my bank account is in USD currency. Nonetheless, the bank does not offer interest-free banking for some reason (said that its a system generated for each deposit I receive). ...
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2answers
754 views

Is it haram to invest on a bank's stock that has interest as a source of income?

I want to invest in a bank's share, but I know the bank earns interest as a source of income. But it does have other sources of income too. Will it be haram for me to invest in it knowing that it ...
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1answer
1k views

Is it permissible to work in a bank in Islam? [duplicate]

I want to know if working in a bank is Haram or Halal in Islam? I am currently working in a Investment company. I am getting confused regarding this ruling.
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0answers
127 views

What happens if you are late with your payments to an Islamic bank?

According to one answer here: https://www.quora.com/How-do-Islamic-banks-make-money-if-they-cant-charge-interest-because-of-sharia, you have to pay what you owe and the bank can force you to pay. So ...
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0answers
582 views

Are digital online wallets haram, given that they incorporate cashback? [closed]

I want to know whether using Paytm (which is a digital wallet) haram or halal. I have a few questions in that regard: Is it haram or halal to use digital wallets. Keeping in mind that this certain ...
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1answer
61 views

Can we invest money in banks and buy shares in banks? [closed]

Can we invest in banks? And buy shares of banks?
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0answers
172 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 ...
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0answers
374 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 ...
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1answer
1k views

Is indirect help to a riba business haram?

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 ...
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1answer
3k views

Is it permissible to work in a financial institution, if you work in a role that does not directly deal with riba?

I am a Muslim undergraduate student in the US who is contemplating career options and thinking about the finance track that a lot of undergrads gravitate towards (positions in investment banking or ...
6
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1answer
2k 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 ...
3
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1answer
78 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 ...
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2answers
3k 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 ...
6
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2answers
623 views

What to do with interest paid by banks? [duplicate]

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?
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1answer
2k views

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

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 virtualizing services....
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2answers
4k 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, ...
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2answers
9k views

What does profit rate in an Islamic banking mean?

Is it similar to interest rate in conventional banking?
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2answers
11k views

What are the credit card services that are not haram? and how is it built to make it not haram?

Basically my question is in the title field, my question stems from this comment: It deserves mention that not all credit card services are haram, it depends. – Tamer Shlash, Jul 29 '12 at ...
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4answers
103k 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?
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1answer
6k 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 ...
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6answers
22k views

What is the Sharia ruling on working in a bank?

Nowadays, lot of students look for getting a job in banks. What is the Islamic view if a person gets a job in bank?
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5answers
35k 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 ...