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B.H. 
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 Topic: RibaPosted: 31 July 2006 at 6:37pm |
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Hello, How can a bank operate without charging interest on loans? |
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Knowledge01
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Posted: 02 August 2006 at 5:05pm |
By the bank owners and employees caring about the people. By the bank owners and operators following the guidelines sent to us by Allah. |
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Israfil
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Posted: 02 August 2006 at 6:30pm |
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Knowledge what are the guidelines regarding interest loans
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B.H.
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Posted: 02 August 2006 at 8:38pm |
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I am sure it would work if the state owned the banks and set up the initial funds with tax dollars. Also, larger deposits could be taken and a certain amount used in investment schemes that pay a dividend. |
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fatima
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Posted: 03 August 2006 at 4:26am |
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Bismillah irrahman irrahim Assalamu alaikum though you posted it in the brother section, hope you dont mind me replying to this. Here is a link which might be helpful. http://www.usc.edu/dept/MSA/economics/islamic_banking.html Wassalam |
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Say: (O Muhammad) If you love Allah, then follow me, Allah will love you and forgive you your faults, and Allah is Forgiving, MercifuL
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Knowledge01
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Posted: 03 August 2006 at 6:31am |
It is haram to deal with riba in any way. That means that if you take out a loan and they say if you don't pay it back by a certain time, there will be interest, it is then haram for you because you could die and that debt will be your family's responsibility and they will have to deal with riba. Both you and your family will then be in the wrong and will have to answer to Allah for that on Yomo Qiyamma. We must stay away from the forbidden and anything unclear. |
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Israfil
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Posted: 03 August 2006 at 11:12am |
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I see
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Angela
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Posted: 03 August 2006 at 1:08pm |
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Question, Would Islamic Banks deal with Non-Believers? Would you be required to be Muslim to open an account with them?
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B.H. wrote: