Halal food has nothing to do with holy knives though, it's more killing the animal with a knife or with a weapon and shouldn't struggle to death. Example of non halal foods are killing an animal by choking it, killing it slowly, poisoning it, pushing it off a cliff, and other weird not one strike kills. Note that if the situation calls for it like your on an island than your allowed to do all that stuff.
my initial post had 2 scholars. when it comes down to it, paper money is haram and whether you have islamic banking or not, islamic banking doesnt protect you from paper money, so in essence there are banks offering islamic banking services, but there are still no islamic banks as all money is touched by riba today.
Islamic Scholars from all over the world had proved islamic Banks to be true, yet one da'yeh criticized the way islamic banks conduct, that does not make Islamic banks untrue.
There are also couple of scholars who said conventional banks are Halal, this does not make it Halal... the contracts that the Islamic banks uses, such as sales, leasing, partnerships, development finance are true islamic contracts which were used in the history of Islam and during the profit time, also the four major scholars of islams (Shafi'ee, Abu Haneefa, Ibn Hanbal & Malik) all have provided a large amount of researches on theses contracts.
I know a lot of you are saying to-mah-to to-meh-to, but here is real the problem that Islamic banks are doing, they are using words, and always do whatever is in the limits. But they aren't suppose to do that. Like if someone comes and asks for loan from them, they should give it to them with out any interest, by acting like sellers banks get away with ripping people off, so yes to a lot of people basically were using Islamic banks just so our conscious doesn't feel bad.
Actually the only benefit we can list to islamic bank is that they help stabilizing the market as they dont practice speculation. they will only buy something if they allready have a buyer
There is a big difference, people sometimes could argue the difference between a wife and a girlfriend and whether it could mean to-mah-toh or a tomato.. but in this particular subject, islamic finance has a profound purpose in developing the economy, unlike the conventional banking system which actually harms the economy.
there are many difference in the purpose, operation, and even the concept in general.
islamic Banks charge way less than convetional banks, that is the reality that many people don't understand... in a conventional bank a past due will be charged way above the interest rate as a fine. but in an islamic bank you won't be charged at all, it is a free money.... Moreover, if you find an islamic bank offer you a higher rate than the conventional bank, that would be on exceptional scenario, but in most cases the offer the same, but the conventional bank hide more fees and interest, whereby in islamic banks transapancy is a one of the main rules.
unfortunately, islamic banks are just using religion as pretext to charge you more, knowing that you will accept anyway because you care about Haram/halal more then money.
Let's say you want to buy an appartment, this is how it works:
1-Regular bank: they will give you a loan, and you will pay back the loan along with interests , let's say in a monthly basis. But since they are publically saying that it is interests, it is called Haram!!!!
2- Islamic Bank: they will not give you a loan, they will buy the appartment for you, and will ask you to pay a certain amount of money in a monthly basis. the amount you will pay in total is much bigger then regular Bank, but as long as the word"interest" is figuring no where, then it is halal.
They making business out of a verset of Coran saying " God has allowed selling but forbidden usury".
The reason why 200,000 isn't haram, is because this was done by trade, not by money sitting doing nothing. You as a "seller" (this is the key word) can charge more if someone wants to take their time to pay you. Again Seller is the keyword, a bank doesn't sell they let you borrow money, and yes that would bonds are haram.
Conventional banks loan money and take it back with interest and borrow money and repay it back with interest.
However, in Islam loan mean it should not incurr any interest, therefore, Islamic banks has fundemntal difference in the way they operate, so they are not in the business of advancing loans to their customers, they either buy an asset and sell to the customer with profit, buy an asset lease to the customer, partner with the customer in the assets and have joint ownership and share profit and risk or engage in a trading relationship with their customer... the conceptual difference is that islamic finance is based on an asset that the bank and the customer are linked to, unlike where you would see in a conventional system whereby you can easily make money over money and then if you add the entire world economy you will end up with USD 30 Trillion, however, if you calculate the direvative market on its own, it will come close to USD 120 Trillion.. which show how fragile the entire financial system is.. also interest earned from loans are called usuary which is forbidden in christianity as well and other religion.
To be fair, everyone who says that they're the same is technically correct.
A true Islamic bank will have true Zero Interest rate. This means that the commission taken is actually haram.
The proper way would be to do the following, you want money for like 1,000,000 but you can't pay it now but might able to pay after 2 years go to the bank. The bank "should" offer to buy you an item that has that selling price of 1,000,000 "but" they tell you to pay them after the 2 years 1,200,000. That is not haram.
Also when you put your money in saving account it doesn't sit doing nothing it actually gets invested in a business and you get return from that business.
Hopefully that explains what a true Islamic Bank should be.
is a COMERCIALL institute,. the are there to make a profit (i.e. take your money) either by interest (non islamic) or by handling fee/provision (islamic bank) same shit,.the take a part from what is yours to do their bussines
my advise go by the cheapest option,.what is yours should be yours,.and not for those greaty bankers
When greedy owners of many of commercial banks saw that Muslims shall be more attracted to the Islamic banking , they opened Islamic branches to cheat the Muslims and do their business ... infact, they are not Islamic ..... But there are Banks who do full fledged Islamic banking .
So Islamic banking and Non-Islamic banking has major differences but whether a specific bank comply 100 % with Islamic bank can be debated. Most do not , yet some do ....
there's different between islamic bank in islam meaning & islamic bank in reality ... when u ask both islamic & non-islamic about transactions, it's look like indian banana & chinese banana .... it's far away from sharia'h .....!!!!
These are two totally different things. One involves Riba (interest) and the other one does not.
This is not the right forum to ask this question. If you genuinely need to know, ask someone with proper Islamic knowledge of Islamic Finance, he/she will explain you thoroughly the difference.
BTW, search QL for the same topic, you will find long discussion(s) on the same topic.
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well,, all it means is that,
the person takin a loan from the bank is made to pay interest
Halal food has nothing to do with holy knives though, it's more killing the animal with a knife or with a weapon and shouldn't struggle to death. Example of non halal foods are killing an animal by choking it, killing it slowly, poisoning it, pushing it off a cliff, and other weird not one strike kills. Note that if the situation calls for it like your on an island than your allowed to do all that stuff.
my initial post had 2 scholars. when it comes down to it, paper money is haram and whether you have islamic banking or not, islamic banking doesnt protect you from paper money, so in essence there are banks offering islamic banking services, but there are still no islamic banks as all money is touched by riba today.
we call what you described above as Halal food... (without the holy knife).
Islamic Scholars from all over the world had proved islamic Banks to be true, yet one da'yeh criticized the way islamic banks conduct, that does not make Islamic banks untrue.
There are also couple of scholars who said conventional banks are Halal, this does not make it Halal... the contracts that the Islamic banks uses, such as sales, leasing, partnerships, development finance are true islamic contracts which were used in the history of Islam and during the profit time, also the four major scholars of islams (Shafi'ee, Abu Haneefa, Ibn Hanbal & Malik) all have provided a large amount of researches on theses contracts.
thx
Yes we are 1 in a million. I went to see him in south africa in early 2011.
I've been delving into the topic of whether there is truly a such thing as islamic banking and two scholars i follow, say no.
1. Sheikh Albani - "There is no such thing as islamic banks"
2. Sheikh Imran Hosein -
I know a lot of you are saying to-mah-to to-meh-to, but here is real the problem that Islamic banks are doing, they are using words, and always do whatever is in the limits. But they aren't suppose to do that. Like if someone comes and asks for loan from them, they should give it to them with out any interest, by acting like sellers banks get away with ripping people off, so yes to a lot of people basically were using Islamic banks just so our conscious doesn't feel bad.
imagine that u are goin to kill a goat...
if u kill the goat with a holy knife, u find the goat dead.
if u kill the goat wid an ordnry knife, its the same...
at last u hav the goat dead!!
Actually the only benefit we can list to islamic bank is that they help stabilizing the market as they dont practice speculation. they will only buy something if they allready have a buyer
one calls it interest, the other calls it profit, because jews "made up interest" as if greed is not inherent in human nature..
you're going to get f***ed out of your money anyways, might as well do it without "sinning" even if you pay more.
oh yes and there's no bankruptcy here, they jail you if you stop paying.
There is a big difference, people sometimes could argue the difference between a wife and a girlfriend and whether it could mean to-mah-toh or a tomato.. but in this particular subject, islamic finance has a profound purpose in developing the economy, unlike the conventional banking system which actually harms the economy.
there are many difference in the purpose, operation, and even the concept in general.
islamic Banks charge way less than convetional banks, that is the reality that many people don't understand... in a conventional bank a past due will be charged way above the interest rate as a fine. but in an islamic bank you won't be charged at all, it is a free money.... Moreover, if you find an islamic bank offer you a higher rate than the conventional bank, that would be on exceptional scenario, but in most cases the offer the same, but the conventional bank hide more fees and interest, whereby in islamic banks transapancy is a one of the main rules.
yesz,gmz21...Thank you so much for your valuable information...May Allah Bless You..........
unfortunately, islamic banks are just using religion as pretext to charge you more, knowing that you will accept anyway because you care about Haram/halal more then money.
Let's say you want to buy an appartment, this is how it works:
1-Regular bank: they will give you a loan, and you will pay back the loan along with interests , let's say in a monthly basis. But since they are publically saying that it is interests, it is called Haram!!!!
2- Islamic Bank: they will not give you a loan, they will buy the appartment for you, and will ask you to pay a certain amount of money in a monthly basis. the amount you will pay in total is much bigger then regular Bank, but as long as the word"interest" is figuring no where, then it is halal.
They making business out of a verset of Coran saying " God has allowed selling but forbidden usury".
ahhhhhhhhhh... so basically,
to-mey-to
to-mah-toh
tomato
^_^
The reason why 200,000 isn't haram, is because this was done by trade, not by money sitting doing nothing. You as a "seller" (this is the key word) can charge more if someone wants to take their time to pay you. Again Seller is the keyword, a bank doesn't sell they let you borrow money, and yes that would bonds are haram.
Conventional banks loan money and take it back with interest and borrow money and repay it back with interest.
However, in Islam loan mean it should not incurr any interest, therefore, Islamic banks has fundemntal difference in the way they operate, so they are not in the business of advancing loans to their customers, they either buy an asset and sell to the customer with profit, buy an asset lease to the customer, partner with the customer in the assets and have joint ownership and share profit and risk or engage in a trading relationship with their customer... the conceptual difference is that islamic finance is based on an asset that the bank and the customer are linked to, unlike where you would see in a conventional system whereby you can easily make money over money and then if you add the entire world economy you will end up with USD 30 Trillion, however, if you calculate the direvative market on its own, it will come close to USD 120 Trillion.. which show how fragile the entire financial system is.. also interest earned from loans are called usuary which is forbidden in christianity as well and other religion.
To be fair, everyone who says that they're the same is technically correct.
A true Islamic bank will have true Zero Interest rate. This means that the commission taken is actually haram.
The proper way would be to do the following, you want money for like 1,000,000 but you can't pay it now but might able to pay after 2 years go to the bank. The bank "should" offer to buy you an item that has that selling price of 1,000,000 "but" they tell you to pay them after the 2 years 1,200,000. That is not haram.
Also when you put your money in saving account it doesn't sit doing nothing it actually gets invested in a business and you get return from that business.
Hopefully that explains what a true Islamic Bank should be.
is a COMERCIALL institute,. the are there to make a profit (i.e. take your money) either by interest (non islamic) or by handling fee/provision (islamic bank) same shit,.the take a part from what is yours to do their bussines
my advise go by the cheapest option,.what is yours should be yours,.and not for those greaty bankers
When greedy owners of many of commercial banks saw that Muslims shall be more attracted to the Islamic banking , they opened Islamic branches to cheat the Muslims and do their business ... infact, they are not Islamic ..... But there are Banks who do full fledged Islamic banking .
So Islamic banking and Non-Islamic banking has major differences but whether a specific bank comply 100 % with Islamic bank can be debated. Most do not , yet some do ....
there's different between islamic bank in islam meaning & islamic bank in reality ... when u ask both islamic & non-islamic about transactions, it's look like indian banana & chinese banana .... it's far away from sharia'h .....!!!!
but still they take interest from you...
Difference Between Islamic Banks and Conventional Banks:
1. The key difference is that Islamic Banking is based on Shariah foundation.
2. The absence of Interest based (riba)transactions.
3. The avoidance of economic activities involving oppression(Zulm).
4. The avoidance of economic activities involving speculation(gharar).
5. The introduction of an Islamic tax, Zakat.
6. The discouragement of the production of goods and services which contradict the Islamic value(haram).
I Agree with Yasir comments
Wanting or earning money is a desire that our creator put hard-coded in us. If done by halal means, there is no harm.
So, my point is, desire to earn money (on the part of the bank) by halal means does not make financial transactions non-Islamic.
Here it is: http://www.qatarliving.com/node/3892841
Not again!!!
These are two totally different things. One involves Riba (interest) and the other one does not.
This is not the right forum to ask this question. If you genuinely need to know, ask someone with proper Islamic knowledge of Islamic Finance, he/she will explain you thoroughly the difference.
BTW, search QL for the same topic, you will find long discussion(s) on the same topic.
They dance with the same music.
I think one is Shariah compliant mean, that instead of calling it interest they refer it to profit!
nothing special they will squeez you some otherway