How does banking work in Muslim countries when you’re not allowed to charge interest?
Posted on July 24th, 2009 by admin
Banking
In the West, charging interest is a fundamental part of banking. As I understand it, you’re not allowed to charge interest under the faith. Would one be breaking the rules of charging interest if one invested in a Western bank.
In the West, charging interest is a fundamental part of banking. As I understand it, you’re not allowed to charge interest under the faith. Would one be breaking the rules of charging interest if one invested in a Western bank.
Filed under: Religion & Spirituality
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They make non muslims to pay taxes
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Saudi royalty own millions of dollars worth of property in the U.S Apparently it is within their religious beliefs.
They have a hocus pocus alternative to interest in the so-called “Islamic banks”. The history of such banks leaves much to be desired (with several cases of the so-called Islamic bankers making off with the money of investors).
This prohibition against interest, a major component of any modern economy, is one of the many reasons that Islam is incompatible with modern society.
And yes, investing in modern Western banks would be wrong from an Islamic point of view. Go figure.
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Yes one would be. Allah tells us not to deal in usury (interest) of any kind. Even if we have a savings account in a western bank which we receive interest on, then we must give that money away as soon as we get it.
There’s a Wisdom to everything that Allah (The Exalted) decrees for us. One only needs to look at the current global economic crisis to understand. Fat cats getting wealthier on the exorbitant amount of interest they charge, and the humble working class spending beyond their means, and up to their eyeballs in debt and high interest loans.
It’s a sad reality, that could have been avoided if ppl only knew.
peace
banking doesn’t work in Islamic countries.