How does banking work in Muslim countries when you’re not allowed to charge interest?

How does banking work in Muslim countries when you’re not allowed to charge interest?

In the West, charging seductiveness is the elemental partial of banking. As we assimilate it, you’re not authorised to assign seductiveness underneath the faith. Would the single be violation the manners of charging seductiveness if the single invested in the Western bank.


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6 Responses to 'How does banking work in Muslim countries when you’re not allowed to charge interest?'

  1. muslimviolet - November 18th, 2009 at 3:34 pm

    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

  2. Fair Enough - November 18th, 2009 at 3:34 pm

    This world has issues to deal with.

  3. Salim - November 18th, 2009 at 3:34 pm

    They make non muslims to pay taxes

  4. nightowl8203 - November 18th, 2009 at 3:34 pm

    Saudi royalty own millions of dollars worth of property in the U.S Apparently it is within their religious beliefs.

  5. John D is back - November 18th, 2009 at 3:34 pm

    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.

  6. rose_ovda_night - November 18th, 2009 at 3:34 pm

    banking doesn’t work in Islamic countries.


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