interest and islam

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interest and islam

syedhassan
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#121

08-13-2005, 11:25 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Pracs
 That may not be entirely true, I believe that we need to look at the mechanics of the contracts and incidence of interest. Say in this case, if the 200,000 is say linked to an inflation index plus a fixed margin for the bank (which is the case for any other kind of trading), now this may be quite in line with an inter bank rate say LIBOR (because believe it or not interest rates are a reflection of forces of economy and money!). Now this could be a shariah compliant funding if

The bank purchases the car and then sells it to the customer (having transferred risk to itself), ofcourse the car could be insured (bank bears the cost. In case of default from the customer or say an accident. The bank will have to bear the risk ! i.e release the customer of the car (charging a fee for early release) sell of the car or get the insurance money, retain its share and return the balance to the customer.

This may sound very familair but this is usually not the case in most leasing transactions. I believe there is a thin line that makes a difference between a shariah compliant instrument and an interest bearing one.

PLEASE note that the above is just for academic discussion and I am no authority on shariah compliant instruments.

<hr height="1" noshade id="quote"></blockquote id="quote">
SALAAM..ALL
AZIM BHAI AND PARCS I APPRECIATE YOUE COMMENTS......
I'M WITH YOU....
I LOGGED ON AFTER MANY MONTHS DUE TO BULK OF WORK...
STILL ITS.. OPEN.......AND I THINK IT WILL REMAIN STILL...
I DONT WANTTO MAKE FURTHER ADDITIONS ON PART OF RELIGEN..
LETS TALK GENERAL......
I KNOW TWO FRIENDS, FROM SAUDIA AND ANOTHER FROM DUBAI...
ALL KEPT GOOD POSITIONS IN EMIRATE AND SOME SAUDIAMERICAN BANK...
IT WAS ALL GOING FINE, UNTIL THEY STARTED TABLEEKH AND FATWA ETC...
FINALLY..... BOTH LEFT AND WENT TO PAK.....
THEY USED TO SAY......."WE LEFT BEHIND WHAT WE USED EARN THRU HARAAM EARLIER"...
NOW......AFTER 3 YEARS....... THEY CANT FIND A SINGLE JOB, EVEN WITH REFFERENCES ETC...
COULD IT BE A WAKE-UP CALL FROM ALLAH... I DONT KNOW.....
BUT, WHO ARE WE TO DECIDE HALAAL AND HARAAM....
WE ALL SHOULD FOLLOW OUR IMAAMS....
AS A WRONG TEACHING BY ONE, FIRSTLY MAKES HEM ACCOUNTABLE TO ALLAH.....
GOOD WISHES.....
SYEDHASSAN...

ACCA

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interest and islam - by mintblue - 01-12-2004, 11:17 PM

RE: interest and islam - by Linkin Park - 03-04-2015, 04:10 PM

[No subject] - by KJK - 02-07-2004, 04:09 AM

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[No subject] - by mintblue - 02-22-2004, 04:19 AM

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RE: interest and islam - by smraza - 03-18-2004, 09:12 PM

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