Islamic Finance/Banking

[Executive]

Whats Islamic about this $500 Billion dollar rapid growing industry??? Do you believe its Islamic or deceptive, please discuss and provide sources.

A lot of the financial services they provide are great. But My main concern is the Islamic mortgages. Did you know that the profits margins calculated for the Islamic mortgages are based on the interest rates charged by the conventional mortgage lenders?

[Shirib]

I don't know much about the specifics so I am really in no position to put forth any opinion, judegment or what not, but I heard they do interest and everything, just give it a fancy Arabic name.

Any truth to that

[Executive]

There are 72 types of Riba and interest is one of them. Its true that some of their dealings involve riba.

A old pakistani Accountant told me that International financial instituions and governments are keen on introducing Islamic financial products so that they can get a stake of the Muslim wealth. In the UK they have introduced and changed many legislations to accommodate this.

[*Nobleman*]

Salam, in uni my lecturer a white fella, his expert subject was Islamic banking. His name was christopher Napier, search for his papers.

But from what i understand and according to my freind who did his dissertation on islamic banking, it is riba disguised under a facade of lies.


http://www.islam-qa.com/en/ref/102477/hsbc


see the above answer from a sheikh.

[Executive]

^ Thanks bro. I attended a HSBC Amanah Seminar last friday, I wasnt impressed at all. The guy working there even admitted it wasn't 100% Islamic. Thats where I meet the old Pakistani Accountant.

He said Its like trying to make Halal Pork

[The-Screw]

Executive, are you into banking?

[Executive]

Not really but my father was banker. He didn't know it was haram working in that enviroment back then.

I would consider it if it wasn't haram.

[The-Screw]

ok.

[*Nobleman*]

Saxib that is a concidence, my pops was cheif of hargeisa national bank, in the 80's. He was unaware that it was haram, may Allah forgive him ameen.

[The-Screw]

Nobleman, are YOU into banking?

[*Nobleman*]

nope. I work in accounting and finance. Barley know how to utilise my own money.

[The-Screw]

alright mate.


cheers.

[Executive]

Saxib that is a concidence, my pops was cheif of hargeisa national bank, in the 80's. He was unaware that it was haram, may Allah forgive him ameen.

Amiin

[siren]

I am sorry, but did Islaam revealed to us just now? How could you both say that your fathers didn't know it was Xaraam?

[Executive]

I am sorry, but did Islaam revealed to us just now? How could you both say that your fathers didn't know it was Xaraam?

They knew it was Haram to pay/receive interest, But they didn't know it was haram to run Somalia's Banking system. No Sheikh used to speak about that in Somalia.