Islamic Banking.

[Hyperactive]

tuusi, myself im very sciptical about all islamic fiancing. maybe i didnt understand well the whole concept.

as a consumer, didnt make sense to me. when i was buying my car. i had my cash but i just thought let me get it if i can to finance and why give away whole my cash. i fully understand they are in bussiness and not charity but as consumer didnt make any difference to me.

i had to find the car i wanted. basically what they did it , to make it simple.

if the car is 20 000, they buy the car then at the spot resale me on top another 8000. if i went to none islamic bank i may paid less as intrest. but differences, islamic one , call it, ribh as faidia and the other bank called, riba. samatic!

as for saving, also what they do is, they take your money, put it investmnet, if they loose you loose if they gain you gain, the persentage they gain. some times you dont get any...etc. any ways im always broke and dont save. didnt make differences to choose banks.

[Basra-]

hyper

walaal---please get English writing class---ufff--it causes me a headache to read and understand the above post u made.

[Hyperactive]

haye basra.

[BlackVelvet]

HSBC have an interest free Ammanah savings account if that is what you're after.

[Tuushi]

hyper. I have never dealt with an Islamic banking so i really have no idea.But what u have mentioned doesnt make sense at all.

The saving account here is a little different.Ur money belongs to u and they give u interest because they are using it.But in the event they lose money,urs doesnt get lost. The one u r talking abt is investment,little different.

Bv, i read online abt that.We dont have it here.Uk,Malaysia and some Arab countries are listed.

Basra.

[BlackVelvet]

Well you know technically if your money is just sitting somewhere doing nothing you are actually losing money.

[Hyperactive]

Well you know technically if your money is just sitting somewhere doing nothing you are actually losing money.

not only that, you will need to pay zakatt . 2.5% yearlly if they only sitting there, you loosing even more.

[DR-YALAXOOW]

How the Islamic banks do profit Faaiido. sidee ayey u helaan macaash/faaiido: the bank needs to cover its expenses like paying the bank employee and other expenses so if they do they make money so called islamic banks??

[gurey25]

Banking in Islam is an Oxymoron-aint it? Interest----Haraam. Tax----Haraam.

basra gets it!!!!
there is no real difference.
you should go with the cheapest option.

[Daff]

Have any of u used one in North America? esp. in Canada.

I think they would be handy to have a tax free saving account in one.

I didn't read all the replies, but here is what I do to avoid interest. I asked my bank to open a second chkn acct which is free, and I use that as a savings acct. Every month I transfer funds from my regular chkn acct and into the second chkn acct. I don't have to worry about interest
hope that helps.

[SultanOrder]

Gurey, what to do when fiat currency itself is haram. It is created through interest, and not based on any real value like Gold. Also, can not a bank work in a halal way? There has to be a way to lend money, and still no loose money from it. Otherwise it only empowers those who have access to larger quantities of capital, while disenfranchising someone who can not tap such resources such as a wealthy family, friends etc, who are willing to lend without any fee or willing to invest.

[gurey25]

Gurey, what to do when fiat currency itself is haram. It is created through interest, and not based on any real value like Gold. Also, can not a bank work in a halal way? There has to be a way to lend money, and still no loose money from it. Otherwise it only empowers those who have access to larger quantities of capital, while disenfranchising someone who can not tap such resources such as a wealthy family, friends etc, who are willing to lend without any fee or willing to invest.

There is this misused concept of daruura, or necessity.
for example if you are shipwrecked on a small desert island and there are only pigs on it,
it is not only permitted but it is a fard a wajib to eat that pig.

but if you open a pig farm and then say, i have no choice its daruura that whats happening with islamic banks.

if you doubt that they are wrong, ask yourself why are Bankers kafir bankers absolutley delighted with "islamic banks"??

[CushiticReflections]

I'm kind of interested in what Islamic banks are like.

[ihatewritingessays]

Have any of u used one in North America? esp. in Canada.

I think they would be handy to have a tax free saving account in one.

I didn't read all the replies, but here is what I do to avoid interest. I asked my bank to open a second chkn acct which is free, and I use that as a savings acct. Every month I transfer funds from my regular chkn acct and into the second chkn acct. I don't have to worry about interest
hope that helps.

it takes alot of self-control to not spend that money. i heard a savings acct is ok so long as you donate the interest part.

[Tuushi]

Have any of u used one in North America? esp. in Canada.

I think they would be handy to have a tax free saving account in one.

I didn't read all the replies, but here is what I do to avoid interest. I asked my bank to open a second chkn acct which is free, and I use that as a savings acct. Every month I transfer funds from my regular chkn acct and into the second chkn acct. I don't have to worry about interest
hope that helps.

That is what i always used to save for trips and such.

But they introduced this tax credit saving thing and it has to be an approved account to avoid getting taxed on that part of ur income.



BV/hyper. This is not a long term saving stragedy that might lead to wealth.That can be achieved thru investmenst.This type of of saving is just for a goal like a trip etc.