interest and islam

[Azeem Shah Khan]

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote> salam
dost may kuch kaho ga aur behas barhay gi
sirf itni si bat k Allah pak hum sab ko hidayat dain aur sirat-e-mustaqeem par chalain(ameen)
ap bus itna samagh lo k is deen ko may apni marzi ka nahi kar sakta.<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>


AAMEEN

walaikum assalaam brother terry batman

the idea is to discuss the issue in good spirit and without fighting. i will be obliged to hear your views and i promise if they will be convincing enough then i will follow them. being a Muslim it is our duty to spread the truth and thats what we are trying to find.

we have to make sure what QURAN says about this topic and we have to understand the true meaning of it. understanding the true meaning doesnt mean we are trying to pick up the things which suit us or by doing that we can mould Islam...........ofcource nobdy can change it.

i would request you to present your views in good spirit (behes baraai behes ke liye nahin balkey hum sab ko haqeeqat or sachaai jaaney ke liye).

Allah hafiz

Azeem

[Azeem Shah Khan]

think this forum has gone dead againnnnnnnnnnnn

azeem

[Pracs]

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>

Pracs haven't read that translation, will try to get a copy on my trip to Pakistan this winter.

i like Maulana Maudoodi's translation..........i know many people dont like him and his contributions due to MANY reasons but as far as his work is concerned i found it very practical.

also please read his book on RIBA - it will shock you!!! it was amazing the way he explained the subject in so many dimensions.

<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

acha,, will try to read maulana maududi's work on riba,, though I am not a big fan of the guy, but i do read a lot of people I don't agree with. There is always some thing good that comes out.

"Allah does not change the state of people unless they change what is within themselves" Quran 1311

[Goodman]

so do we agree that
receiving int. is forbidden
paying int. is open to question


In reaching to the conclusion have we given consideration to the following

1 The unit of exchange has been changed over the last 600 years.
2 What was the thrust of riba regulations at the time. Did it change
over years.
3 in case of bribery, if a clear cut regulation is available which
places both payer and receiver of such in the same catagory, why
not the same principle applied in interest regulation. If one reads
Quran, (para 3). the only reference is to the receiver, why not any
reference to the payer.

Everybody will tell you the historic facts which best suits their beliefs or rather I would say which reflects their own level of understanding and education. Mulana Modidi,s understanding was good but it can be inaccruate. So one must read it with this reservation.

[Pracs]

What is Maulana Taqi Usmani's standing.. he is very popular with 'Islamic Banks' and I have found him on shariah boards of some 'Middle eastern' banks as well....!



"Allah does not change the state of people unless they change what is within themselves" Quran 1311

[Azeem Shah Khan]

think this forum has gone dead againnnnnnnnnnnn

azeem

[Pracs]

Just wanted your comments on this issue

In the last couple of years we in the UAE have witnessed three financial institutions convert from conventional banking to 'islamic shariah compliant' banking (with a complete shariah board and the works).

My question is it a 'halal' move since all their capital appreciation and assets includes a substantial amount of 'usuary' or 'interest' money ?

"Allah does not change the state of people unless they change what is within themselves" Quran 1311

[CBPian]

For me personally, shariah is about substance as well as form. So, if vehicles such as musharaka are used for financing (rent-sharing concept), it is much better than to use pure interest-based intruments. Maulana Taqi Usmani's book ISLAMIC FINANCE is also interesting reading.

[Pracs]

I see that nobody has put forth their comments on my question up there,.. Senior members .. hello... is Ramadan taking its toll on you guys..??

CBpian I have heard a lot about the maulana TU,.. I will try to get my hands on his book.

"Allah does not change the state of people unless they change what is within themselves" Quran 1311

[mobin]

Salam to all !
this is a very denatable issue but in the end the conclusion will always be that it is haram and it must be condemed.

M.A.Siddiqui

[Goodman]

hi pracs

There has been a lot of talk about interest and Islamic banking- Since you have been working in UAE and have a better exposure to efforts being made in this direction. For the benefit of all of us could you please mention your own views/experience on modern banking system and the validity of efforts being made by UAE banks towards interest free and islamic banking.

Though it will take some time but I will be selfish enough to insist to please cover it in adequate detail. If your views already exist elsewhere on the forum, point me to the direction.

[Pracs]

I'll surely come back to you on this in a more objective manner. I did make some comments earlier on this thread, but these may not be conclusive.

Of lately what has interested me most is that atleast two banks in the UAE have converted to 'Islamic banks', this sector is witnessing a huge growth both in terms of business as well as profitability.

"Allah does not change the state of people unless they change what is within themselves" Quran 1311

[mobin]

Hello guys ! Salam
I just want to know that how can interest free islamic economic system can prevail . I want a complete knowledge of an islamic economic system , what is halal ,what is haram ! , how a bank works on an islamic mode of financing !!!
Plz tell me any book which will answer my questions !!
thanks
Love u !

The difference between dreams and accomplishment is purly desire

[Mr. Whappaaaa]

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>. I want a complete knowledge of an islamic economic system , what is halal ,what is haram ! , how a bank works on an islamic mode of financing !!!
Plz tell me any book which will answer my questions !!
thanks
Love u !<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

same as here ...
Although i am reading this topic in a longer period of time & i think it is one of the most interesting topic really but now want to know abt the Q's of MOBIN.. i think PRACS,GOODMAN,AZEEM SHAH and SMRAZA can give the whole picture and structure of it .

ASIF ALI

[zahoor]

salaam alikum to all,
i also want to say something about this topic ...i don,t know whether somebody has dicussed this or not
because it's a long topic and i have not study all..........
the basic question was that as inflation changes the valuse of
money so interest is halal or haram..........sometimes i use to
think that islamic principles can be followed in a perfect islamic state...
........and i think in a perfect islamic state the problems like inflation may not arise...............it's a big question whether
these days we have any perfect islamic state or not.
I don,t think there is any problem with our religion .....the problem is with us.........if we want to declare interst halal than we should also allow the theft and other thing specally in a country where distribution of income is not fair...........................i don,t know much about islam but thats how i personlly think......................
take care
salaaam alikum

It's not about anger,it's about peace.
it's not about power,it's
about grace.it's not about knowing your enemy,it's all about knowing your self.