IslamiCity Forum - Islamic Discussion Forum: Riba

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B.H.

Senior Member

Joined: 11 June 2006
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Posts: 116

Topic: Riba
Posted: 31 July 2006 at 6:37pm

Hello,

How can a bank operate without charging interest on loans?

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Knowledge01

Senior Member

Joined: 19 March 2005
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Posts: 457

Posted: 02 August 2006 at 5:05pm

Originally posted by B.H.

Hello,

How can a bank operate without charging interest on loans?

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

Senior Member
Senior Member

Joined: 08 September 2003
Online Status: Offline
Posts: 3984

Posted: 02 August 2006 at 6:30pm

Knowledge what are the guidelines regarding interest loans

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B.H.

Senior Member

Joined: 11 June 2006
Online Status: Offline
Posts: 116

Posted: 02 August 2006 at 8:38pm

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

Moderator Group

Joined: 04 August 2005
Online Status: Offline
Posts: 964

Posted: 03 August 2006 at 4:26am

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

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

Senior Member

Joined: 19 March 2005
Online Status: Offline
Posts: 457

Posted: 03 August 2006 at 6:31am

Originally posted by Israfil

Knowledge what are the guidelines regarding interest loans

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

Senior Member
Senior Member

Joined: 08 September 2003
Online Status: Offline
Posts: 3984

Posted: 03 August 2006 at 11:12am

I see

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Angela
Female
Senior Member
Senior Member

Joined: 11 July 2005
Online Status: Offline
Posts: 2555

Posted: 03 August 2006 at 1:08pm

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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Author	Message
B.H. Senior Member Joined: 11 June 2006 Online Status: Offline Posts: 116	Topic: Riba Posted: 31 July 2006 at 6:37pm
	Hello, How can a bank operate without charging interest on loans?
	IP Logged

Knowledge01 Senior Member Joined: 19 March 2005 Online Status: Offline Posts: 457	Posted: 02 August 2006 at 5:05pm
	*Originally posted by B.H.* Hello, How can a bank operate without charging interest on loans? By the bank owners and employees caring about the people. By the bank owners and operators following the guidelines sent to us by Allah.
	IP Logged

Israfil Senior Member Joined: 08 September 2003 Online Status: Offline Posts: 3984	Posted: 02 August 2006 at 6:30pm
	Knowledge what are the guidelines regarding interest loans
	IP Logged

B.H. Senior Member Joined: 11 June 2006 Online Status: Offline Posts: 116	Posted: 02 August 2006 at 8:38pm
	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.
	IP Logged

fatima Moderator Group Joined: 04 August 2005 Online Status: Offline Posts: 964	Posted: 03 August 2006 at 4:26am
	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
	Say: (O Muhammad) If you love Allah, then follow me, Allah will love you and forgive you your faults, and Allah is Forgiving, MercifuL
	IP Logged

Knowledge01 Senior Member Joined: 19 March 2005 Online Status: Offline Posts: 457	Posted: 03 August 2006 at 6:31am
	*Originally posted by Israfil* Knowledge what are the guidelines regarding interest loans 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 Senior Member Joined: 08 September 2003 Online Status: Offline Posts: 3984	Posted: 03 August 2006 at 11:12am
	I see
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Angela Female Senior Member Joined: 11 July 2005 Online Status: Offline Posts: 2555	Posted: 03 August 2006 at 1:08pm
	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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Topic: Riba
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