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Muslims can open account in Islamic banks, because Islamic banks provides services which based on Islamic principles, like Mudharaba, Musharaka, Ijarah etc.
Muslims can open account in Islamic banks, because Islamic banks provides services which based on Islamic principles, like Mudharaba, Musharaka, Ijarah etc.
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In Islamic finance, paying of interest, also known as "Riba," is considered Haram (forbidden). This prohibition is based on several verses in the Quran and best sayings of the Prophet Muhammad (peace be upon him) that emphasize the unjust and exploitative nature of Riba. One of the fundamental reasoRead more
In Islamic finance, paying of interest, also known as “Riba,” is considered Haram (forbidden). This prohibition is based on several verses in the Quran and best sayings of the Prophet Muhammad (peace be upon him) that emphasize the unjust and exploitative nature of Riba. One of the fundamental reasons why Riba is considered Haram is because it results in unjust enrichment at the expense of others. Charging interest on loans can lead to a cycle of debt and economic exploitation, especially for those who are already in vulnerable financial positions.
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Whether a savings account is considered halal permissible or Haram in islam depends on the terms and conditions regarding interest islam prohibits the giving or recieving of interest a convetial saving accounts typically generates interest on the deposit funds which is considered in Islamic financeRead more
See lessWhether a savings account is considered halal permissible or Haram in islam depends on the terms and conditions regarding interest islam prohibits the giving or recieving of interest a convetial saving accounts typically generates interest on the deposit funds which is considered in Islamic finance making it haram
Buying a car on installments from a bank is permissible in Islam. The procedure should be as follows: Agree with the bank on the total price of the car and the duration over which it will be paid. Determine whether the payments will be monthly or annually. When buying and selling on credit, it is peRead more
Buying a car on installments from a bank is permissible in Islam. The procedure should be as follows:
- Agree with the bank on the total price of the car and the duration over which it will be paid. Determine whether the payments will be monthly or annually.
- When buying and selling on credit, it is permissible to add a markup to the original price of the item. This markup is not considered interest (riba).
- However, imposing a penalty for late payment is considered usury (riba). Therefore, it is crucial to ensure that payments are made on time to avoid falling into the sin of paying riba.
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