How can any GCC bank be Islamic when all currencies are linked to US$ British pound and the Euro. All these currencies come into circulation by loans. They are backed by nothing, neither silver nor gold, so when the so-called money is repaid to them the value has been put on to it by our labour. So the banks lend us money worth nothing and demand that we give it back with our labour attached, plus an extra amount called "Interest' or ‘Profit’ in the case of Islamic banks, as a gift to them.
So-called Islamic Banks are perpetrating the same crime of ‘Riba’ (Usury) as conventional banks. Devious arrangements such as bank purchase of materials and reselling to customers at a profit do not make their products Islamic. The result of an activity is more pertinent than the words used to achieve the result. Why do they call themselves banks if they are merchants dealing in materials and finished products such as cars?
You can call a snake a rabbit but it will still bite you. ‘Riba’ yields extra money for the borrower. Call it 'Profit' or 'Interest'; it's irrelevant. Unfortunately, many Muslims are happy to be deceived by the machinations of the so-called Islamic Banks because some people seek only selfish benefit but ‘Riba’ has a serious effect on the whole of humanity. The profit is used by the enemies of Islam.
@lamea: Yes I agree with your father's experience. If you go out do some research you will find the reality of this fake Islamic banking. In reality this is the same interest based banking behind the scene. The west just opened a small window in that same crap banking and says, "Hey this is Islamic banking following the rules of Islam". They are making the Muslims fools by saying that and Muslims are becoming fool because they don't know their own Islamic economic model. If you don't believe me, go and do some research related to it. First go and study what Islam says about it. What is Islamic economic model? How this interest based banking started and what mess it's creating in the world today.
I have had accounts with 5 different Islamic Banks in different contries over the years and have found Qatar Islamic Bank to be really good, Qatar International Islamic Bank to be not so good. There are also some real differences between conventional and Islamic banking
1) If you get a car or house loan and pay it off early Islamic banks won't charge you a penalty, in fact they will refund you money. This is to do with the terms of the loan according to Islamic law.
2) Islamic banks are a lot more lenient if you are late on an installment, Islamic law does not permit them to keep compounding interest payments if you fall behind.
3) Some Islamic banks in Qatar like Qatar Islamic Bank will give foreigners loans to buy houses abroad.
4) Because Islamic law does not permit them to invest money in all that toxic debt stuff, their investments have been safer than conventional banks which means I have been getting higher returns on my savings account even when the rest of the banking world is sinking.
I know there is a new website to be launched in a few weeks ShariahOne.com which should be very helpful when it comes to answering questions about Islamic banking
Just wanted to say that Fatwas (Decisions of Hala & Haram) needs to be kept to the people who know most (Scholars).
We can discuss and argu our own beleives and thoughts and even highlight bad and good practices ... but let's not issue statements that may not be so accurate.
As per all known scholars IB Windows are ok to deal with, provided it has a set of qualifications. If anyone needs to have more info, I can highlight some in a future post.
Your father is very astute if he is a non muslim. The majority of so called halal banking methods are really the same thing and not halal in the slightest.
However there are some services which are completely islamic. Ahli bank from Kuwait has a murabaha housing loan which is completely halal. It is the same thing as a fixed loan however according to Islam the person giving the loan can calculate fixed fees anyway they choose. Also the house is in the buyers name at exchange of contracts while other halal loans wait for the end of all payments for the house to be in the buyers name.
as far as I know the only issue with the murabaha loan was the contract within the contract. Which is something haram. However because of the laws in the Uk it is a necessary protection in the non-muslim countries for both the buyer and bank.. and therefore the good outweighs the fitnah (potential harm)
If I do ever move to qatar.. I will definately keep everyone posted on the halal and haram banking methods and investments in the middle east. So keep a look out for my financial posts in the threads.
Islamic Banking is not something you can do as a "side business" therefore do not get carried away with these so called "Islamic Windows" by Conventional Banks, more so for international banks. The full Islamic Banks in Qatar are Qatar Islamic Bank, Qatar International Islamic Bank and the latest Masraf Al Rayan. Masraf Al Rayan is by far the largest and the latest of the three and has already made a mark in quality of service and profitability. Visit their main branch at Grand Hamad Ave and the branch at Al Sadd street to see for yourself.
I happened to ponder into the QNB branch in CityCentre and the notice on a big board I saw behind the cashiers desk said "Todays Interest Rate is xx". As soon as I saw this I felt that inner hatred and disgust that one feels when they see something terribly wrong. So, my advice to you all is if you fear Allah and his Messengers then refrain from these Haraam banks even if they have an Islamic section cos you can never mix the two and how can you trust the bank? On the one hand they deal with interest and the other hand they are offering an Islamic service?
The Noble Qur'an - Al-Baqarah 275-281
275. Those who eat Ribâ (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitân (Satan) leading him to insanity. That is because they say: "Trading is only like Ribâ (usury)," whereas Allâh has permitted trading and forbidden Ribâ (usury). So whosoever receives an admonition from his Lord and stops eating Ribâ (usury) shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to Ribâ (usury)], such are the dwellers of the Fire - they will abide therein.
276. Allâh will destroy Ribâ (usury) and will give increase for Sadaqât (deeds of charity, alms, etc.) And Allâh likes not the disbelievers, sinners.
277. Truly those who believe, and do deeds of righteousness, and perform As-Salât (Iqâmat-as-Salât), and give Zakât, they will have their reward with their Lord. On them shall be no fear, nor shall they grieve.
278. O you who believe! Be afraid of Allâh and give up what remains (due to you) from Ribâ (usury) (from now onward), if you are (really) believers.
279. And if you do not do it, then take a notice of war from Allâh and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums).
280. And if the debtor is in a hard time (has no money), then grant him time till it is easy for him to repay, but if you remit it by way of charity, that is better for you if you did but know.
281. And be afraid of the Day when you shall be brought back to Allâh. Then every person shall be paid what he earned, and they shall not be dealt with unjustly.
I beleive if you guys wanna go with Personal Banking...Doha Bank is the Best. Their services are good. Other banks are busy helping Big Business Establishments.
Masraf Al Rayan is a fully fledged Islamic Bank and its service is at another level compared to the rest of the banks in Qatar (both Islamic and commercial banks).
Branch is on Al Sadd street. Go and have a look : it's absolutely amazing.
There was a thread before that discussed about this bank. one of my lady friends also have an account there, and because of the staff's "excellent" services in handling her loan, she wasn't able to attend her daughter's graduation. A "mere" miscommunication, yeah right....tell that to the man in thobbs that work for that bank...
Yah whatever you say Pal.. mafi mushkella! Life is good anyway. Dont upset yourself - Im fully secured pal. Nothing to prove ok?
About mashreqbank? The people in C-ring branch are great! And they are one of the few banks here who provides personal loans with no salary transfer but the rates are wow! too high but on second thought it is on a per annum basis so its not that bad at all. Just make sure you have a planned investment which gives you an ROI of more than 22% to cover your cost of money plus you retain some margins for your savings.
MashreqBank is a goodbank. I dont have the right to put down other bankers as its part of our ethical standards. No matter what stones you throw at me I wont retaliate because I am a well-educated person and much more I am here to work for the Qatari People and not to bark on useless things. Lets help each other in some way we can share contributions on how to make this great city better.
Lol am not here to take grammer lessons from you and dont u get me rude or you will be the one next visiting me in my office the next day. Donot ever wana tell where i work or with whom.by the thanks for that contact u shared here. Just Wait Now :D u better start taking some lesson b4 u meet me :D
We recently required bank statements for six months and our bank,QCB, demnded QR250 for it!!!! for a mere piece of paper!this is daylight robbery!dont u think the banking charges have increased exponentially?
All banks in Doha, both Islamic and otherwise have :
1. Well dressed staff.
2. Young and energetic staff.
3. Good looking staff.
They also share one common thing : Extremely poor product knowledge and extremely poor problem solving skills. This makes them extremely poor in customer service. The customer gets frustrated not so much with the way the staff is behaving, but more at how helpless the customer service officer looks !!! Any routine query with most of the leading banks in DOha will need at least 8-12 people in the bank to solve !!!
Interest is interest whatever name you may call it by !!! You give loan, you charge interest for it - its banking - what makes Islamic banking any different - they also charge you something if you take a loan, right ?
I guess they don't park the customers' funds in the stock markets - I have heard Qatar Islamic Bank mostly invests in real estate and rents out property etc, etc. - is that the only difference ??? I too, am curious to know.
well i was just quoting my dad and welcome islamic bankers to come up and clear my confusions. i am an islamic banking customer (safa QCB islamicbanking)but not very convinced of their practices.how is it different? what is islamic about them?
Keif Halak? Al Hamdulila with a 50-degree temperature sizzling Doha City!!!
I dont mean to be cocky but DOHABANK was adjudged the Best Bank in The Middle East for 3 consecutive Years....
Just try our services guys. As to loan facilities im here to serve you. Calling Contractors and Engineers - Im looking for fresh project finance accounts please call me or email me asap.
As to islamic banking, Yes we have Dohabank Islamic to serve the purpose for that and at Dohabank itself we have Ladies banking section. Looking forward to your call or email so we could probably start somewhere sometime soon.
Ask me Man they Suck Wana know Why Will give you One of Officers Number how he is handling our billions. DOHA BANK SUCKS :S Be it Islamic Or In General.
im kinda new in here but what I know about islamic banking is that they got much lower rates and a certain portion is donated to their Muslim Communities who need help - gotta think from the more positive angle since we are living in their world we gotta live by it. Otherwise go to America or Europe instead but for me Islam and Islamic banking is good.
Some strategic plannings are made and than that approved by the Sharia according to Islamic Laws and than Approved by ministry of Religious afairs. not that u just go make a billboard which says QCB islamic Branch.no never.
My dads been in banking all his life and thinks its just an eyewash!!! Its just the same commercial banking labelled Islamic!he thinks we are all fools to follow it so blindly! any comments???
Customer service at Safa was rather good. It is particularly suited to ppl who receive their salary at QCB but want to save the islamic way!easy cash tranfer.
Although they don't have the satisfactory Customer Service level, I will still recommend them as it's pure Islamic Services. I, personally, don't accept the idea of islamic service from a commercial bank.
yes QCB does have an islamic banking section by the name of Safa. infact it is an independent branch. they have good saving and long term accounts also., it is on salwa road i believe. will check and tell you.
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QNB provide best services for customers u shud check with them.....
.
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How can any GCC bank be Islamic when all currencies are linked to US$ British pound and the Euro. All these currencies come into circulation by loans. They are backed by nothing, neither silver nor gold, so when the so-called money is repaid to them the value has been put on to it by our labour. So the banks lend us money worth nothing and demand that we give it back with our labour attached, plus an extra amount called "Interest' or ‘Profit’ in the case of Islamic banks, as a gift to them.
So-called Islamic Banks are perpetrating the same crime of ‘Riba’ (Usury) as conventional banks. Devious arrangements such as bank purchase of materials and reselling to customers at a profit do not make their products Islamic. The result of an activity is more pertinent than the words used to achieve the result. Why do they call themselves banks if they are merchants dealing in materials and finished products such as cars?
You can call a snake a rabbit but it will still bite you. ‘Riba’ yields extra money for the borrower. Call it 'Profit' or 'Interest'; it's irrelevant. Unfortunately, many Muslims are happy to be deceived by the machinations of the so-called Islamic Banks because some people seek only selfish benefit but ‘Riba’ has a serious effect on the whole of humanity. The profit is used by the enemies of Islam.
@lamea: Yes I agree with your father's experience. If you go out do some research you will find the reality of this fake Islamic banking. In reality this is the same interest based banking behind the scene. The west just opened a small window in that same crap banking and says, "Hey this is Islamic banking following the rules of Islam". They are making the Muslims fools by saying that and Muslims are becoming fool because they don't know their own Islamic economic model. If you don't believe me, go and do some research related to it. First go and study what Islam says about it. What is Islamic economic model? How this interest based banking started and what mess it's creating in the world today.
I have had accounts with 5 different Islamic Banks in different contries over the years and have found Qatar Islamic Bank to be really good, Qatar International Islamic Bank to be not so good. There are also some real differences between conventional and Islamic banking
1) If you get a car or house loan and pay it off early Islamic banks won't charge you a penalty, in fact they will refund you money. This is to do with the terms of the loan according to Islamic law.
2) Islamic banks are a lot more lenient if you are late on an installment, Islamic law does not permit them to keep compounding interest payments if you fall behind.
3) Some Islamic banks in Qatar like Qatar Islamic Bank will give foreigners loans to buy houses abroad.
4) Because Islamic law does not permit them to invest money in all that toxic debt stuff, their investments have been safer than conventional banks which means I have been getting higher returns on my savings account even when the rest of the banking world is sinking.
I know there is a new website to be launched in a few weeks ShariahOne.com which should be very helpful when it comes to answering questions about Islamic banking
Just wanted to say that Fatwas (Decisions of Hala & Haram) needs to be kept to the people who know most (Scholars).
We can discuss and argu our own beleives and thoughts and even highlight bad and good practices ... but let's not issue statements that may not be so accurate.
As per all known scholars IB Windows are ok to deal with, provided it has a set of qualifications. If anyone needs to have more info, I can highlight some in a future post.
Your father is very astute if he is a non muslim. The majority of so called halal banking methods are really the same thing and not halal in the slightest.
However there are some services which are completely islamic. Ahli bank from Kuwait has a murabaha housing loan which is completely halal. It is the same thing as a fixed loan however according to Islam the person giving the loan can calculate fixed fees anyway they choose. Also the house is in the buyers name at exchange of contracts while other halal loans wait for the end of all payments for the house to be in the buyers name.
as far as I know the only issue with the murabaha loan was the contract within the contract. Which is something haram. However because of the laws in the Uk it is a necessary protection in the non-muslim countries for both the buyer and bank.. and therefore the good outweighs the fitnah (potential harm)
If I do ever move to qatar.. I will definately keep everyone posted on the halal and haram banking methods and investments in the middle east. So keep a look out for my financial posts in the threads.
Islamic Banking is not something you can do as a "side business" therefore do not get carried away with these so called "Islamic Windows" by Conventional Banks, more so for international banks. The full Islamic Banks in Qatar are Qatar Islamic Bank, Qatar International Islamic Bank and the latest Masraf Al Rayan. Masraf Al Rayan is by far the largest and the latest of the three and has already made a mark in quality of service and profitability. Visit their main branch at Grand Hamad Ave and the branch at Al Sadd street to see for yourself.
I happened to ponder into the QNB branch in CityCentre and the notice on a big board I saw behind the cashiers desk said "Todays Interest Rate is xx". As soon as I saw this I felt that inner hatred and disgust that one feels when they see something terribly wrong. So, my advice to you all is if you fear Allah and his Messengers then refrain from these Haraam banks even if they have an Islamic section cos you can never mix the two and how can you trust the bank? On the one hand they deal with interest and the other hand they are offering an Islamic service?
The Noble Qur'an - Al-Baqarah 275-281
275. Those who eat Ribâ (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitân (Satan) leading him to insanity. That is because they say: "Trading is only like Ribâ (usury)," whereas Allâh has permitted trading and forbidden Ribâ (usury). So whosoever receives an admonition from his Lord and stops eating Ribâ (usury) shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to Ribâ (usury)], such are the dwellers of the Fire - they will abide therein.
276. Allâh will destroy Ribâ (usury) and will give increase for Sadaqât (deeds of charity, alms, etc.) And Allâh likes not the disbelievers, sinners.
277. Truly those who believe, and do deeds of righteousness, and perform As-Salât (Iqâmat-as-Salât), and give Zakât, they will have their reward with their Lord. On them shall be no fear, nor shall they grieve.
278. O you who believe! Be afraid of Allâh and give up what remains (due to you) from Ribâ (usury) (from now onward), if you are (really) believers.
279. And if you do not do it, then take a notice of war from Allâh and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums).
280. And if the debtor is in a hard time (has no money), then grant him time till it is easy for him to repay, but if you remit it by way of charity, that is better for you if you did but know.
281. And be afraid of the Day when you shall be brought back to Allâh. Then every person shall be paid what he earned, and they shall not be dealt with unjustly.
I beleive if you guys wanna go with Personal Banking...Doha Bank is the Best. Their services are good. Other banks are busy helping Big Business Establishments.
Masraf Al Rayan is a fully fledged Islamic Bank and its service is at another level compared to the rest of the banks in Qatar (both Islamic and commercial banks).
Branch is on Al Sadd street. Go and have a look : it's absolutely amazing.
Cheers
Christophe
There was a thread before that discussed about this bank. one of my lady friends also have an account there, and because of the staff's "excellent" services in handling her loan, she wasn't able to attend her daughter's graduation. A "mere" miscommunication, yeah right....tell that to the man in thobbs that work for that bank...
DaRude :
Yah whatever you say Pal.. mafi mushkella! Life is good anyway. Dont upset yourself - Im fully secured pal. Nothing to prove ok?
About mashreqbank? The people in C-ring branch are great! And they are one of the few banks here who provides personal loans with no salary transfer but the rates are wow! too high but on second thought it is on a per annum basis so its not that bad at all. Just make sure you have a planned investment which gives you an ROI of more than 22% to cover your cost of money plus you retain some margins for your savings.
MashreqBank is a goodbank. I dont have the right to put down other bankers as its part of our ethical standards. No matter what stones you throw at me I wont retaliate because I am a well-educated person and much more I am here to work for the Qatari People and not to bark on useless things. Lets help each other in some way we can share contributions on how to make this great city better.
Peace guys! Life in Qatar is so good!
FRIENDSTER ME: [email protected]
Lol am not here to take grammer lessons from you and dont u get me rude or you will be the one next visiting me in my office the next day. Donot ever wana tell where i work or with whom.by the thanks for that contact u shared here. Just Wait Now :D u better start taking some lesson b4 u meet me :D
[img_assist|nid=13339|title=.|desc=|link=none|align=left|width=180|height=180]
We recently required bank statements for six months and our bank,QCB, demnded QR250 for it!!!! for a mere piece of paper!this is daylight robbery!dont u think the banking charges have increased exponentially?
Can anyone here give me some feedback on Mashreq Bank?
The biggest risk in life, is not taking one!
Will they insured your money in those banks in case of bankrupcy, government hostile take over, or simply bank hold ups?
All monies deposited in American banks are insured 110% with the federal reserve.
Emancipate yourselves from mental slavery
None but ourselves can free our minds..
All banks in Doha, both Islamic and otherwise have :
1. Well dressed staff.
2. Young and energetic staff.
3. Good looking staff.
They also share one common thing : Extremely poor product knowledge and extremely poor problem solving skills. This makes them extremely poor in customer service. The customer gets frustrated not so much with the way the staff is behaving, but more at how helpless the customer service officer looks !!! Any routine query with most of the leading banks in DOha will need at least 8-12 people in the bank to solve !!!
Interest is interest whatever name you may call it by !!! You give loan, you charge interest for it - its banking - what makes Islamic banking any different - they also charge you something if you take a loan, right ?
I guess they don't park the customers' funds in the stock markets - I have heard Qatar Islamic Bank mostly invests in real estate and rents out property etc, etc. - is that the only difference ??? I too, am curious to know.
well i was just quoting my dad and welcome islamic bankers to come up and clear my confusions. i am an islamic banking customer (safa QCB islamicbanking)but not very convinced of their practices.how is it different? what is islamic about them?
You are entitled to your opinion dude but still it is the Best Bank in the Middle East.
How many billions do our officers manage from you dude? ur bluffin man.
Anyway its ur opinion and ur free to say anythin u want. and Ur grammar sucks too by the way just FYI.
MARHABA Kababayans!
Keif Halak? Al Hamdulila with a 50-degree temperature sizzling Doha City!!!
I dont mean to be cocky but DOHABANK was adjudged the Best Bank in The Middle East for 3 consecutive Years....
Just try our services guys. As to loan facilities im here to serve you. Calling Contractors and Engineers - Im looking for fresh project finance accounts please call me or email me asap.
As to islamic banking, Yes we have Dohabank Islamic to serve the purpose for that and at Dohabank itself we have Ladies banking section. Looking forward to your call or email so we could probably start somewhere sometime soon.
Lets talk it over.
Regards to everyone.
Ask me Man they Suck Wana know Why Will give you One of Officers Number how he is handling our billions. DOHA BANK SUCKS :S Be it Islamic Or In General.
[img_assist|nid=13339|title=.|desc=|link=none|align=left|width=180|height=180]
Hi Lamea!
im kinda new in here but what I know about islamic banking is that they got much lower rates and a certain portion is donated to their Muslim Communities who need help - gotta think from the more positive angle since we are living in their world we gotta live by it. Otherwise go to America or Europe instead but for me Islam and Islamic banking is good.
Just a thought. No offense meant ok?
Cheers!
PETER GERARD ALEXANDER QUEMADA (ALEX)
CALL ME +974-551-6542
FRIENDSTER ME: [email protected]
they will never be accepted banking that way.
Some strategic plannings are made and than that approved by the Sharia according to Islamic Laws and than Approved by ministry of Religious afairs. not that u just go make a billboard which says QCB islamic Branch.no never.
[img_assist|nid=13339|title=.|desc=|link=none|align=left|width=180|height=180]
All what I can tell you that you should not go to International Islamic bank. Not just bad customer service, they are bad at everything
My dads been in banking all his life and thinks its just an eyewash!!! Its just the same commercial banking labelled Islamic!he thinks we are all fools to follow it so blindly! any comments???
Customer service at Safa was rather good. It is particularly suited to ppl who receive their salary at QCB but want to save the islamic way!easy cash tranfer.
Although they don't have the satisfactory Customer Service level, I will still recommend them as it's pure Islamic Services. I, personally, don't accept the idea of islamic service from a commercial bank.
yes QCB does have an islamic banking section by the name of Safa. infact it is an independent branch. they have good saving and long term accounts also., it is on salwa road i believe. will check and tell you.
they are the Best :P
[img_assist|nid=13339|title=.|desc=|link=none|align=left|width=180|height=180]
I know Ahli Bank has Islamic branch, QNB, Commercial Bank, even HSBC got Islamic products.