Zakir Naik – Is not the Service Charges of Islamic Bank also Interest?

			Assalamualaikum My name is Fahad, I work as a computer programmer. My question is related to Islamic
banking. What is meant when a certain Islamic bank says that they're going to offer a loan at an X
percent APR, is that not interest? There is a question that he wants to know about Islamic banking,
Islamic banks offer loan and they add X percent the quoted service or whatever it is it not
interest. See, basically interest is haram in Islam. They're known as in a different places. Our
last interest is haram. Allah clearly says in Surah Baqarah chapter number two was number 278 to 79.
That if you give up noted demands for interest, take notice of a war from online is our sole
		

			interest is haram. Now, as far as it's our banking is concerned, as you mentioned, many Islamic
banks will give loan points we noted that most of the Islamic banks that are there, I don't know of
any Islamic bank, which is 100% Islamic, I don't know, maybe I don't know.
		

			In fact, one of my interest in Islamic banking, but there are many which are Mashallah quite on
Islamic. There are many which are for those who might only namesake Islamic. What we have to note
that we as a man if you can check up checkup. If you analyze their Islamic system of moussaka Profit
and Loss sharing, which is the best safest Masada means you become a partner in it. Now other
aspects of the database that is cost plus in cost plus many a time, people falter. And many a time
there's nothing but
		

			catching the nose as long as
		

			you say that it is nothing but trying to make a gimmick. So we have to analyze and many factors are
given on this is a lot that is allowed which many which I don't agree with also. So when Islamic
bank come we have to scrutinize who is on the Sharia board
		

			does my name Please don't go. That's not important, what they do, etc. So many of the Islamic banks
		

			I wouldn't call them Islamic them a very small percentage Islamic. Now in the Islamic bank, most of
them do mudaraba in mudaraba. There's a problem cost plus which comes sometimes it's possible adjara
is the that is her purchases day which is Islamic Mutharika is safe safe means if they're following
Islamic principles. In other parts they have to check up and what we analyze that most of the bank
they falter and because they compete with the normal conventional bank, they keep the same interface
name is different
		

			nagasaka label is different but the same, so we have to be careful while taking loan. But as a
layman, if suppose with Ingrid, Islamic and you take it and if they are doing something wrong, out
of ignorance they have gone so the blame will come on them not on you. If you know the arm and then
you go then the blame will come on you. So it is the onus of the people running Islamic banks to
check whether they're following what happened that many fatwas in this and fatwa shopping is very
easy. You know what first of all you want to get so they go and visit gjp gate or Pakistan or India.
So they take 45 which is convenient for them and then they sanction it. So you have to be careful
		

			while Islamic banking is they're not that's not possible possible, very difficult. There are some
banks I know which are Mashallah good yet not 100%. And they know that way because unless you don't
have the central system of Islamic you can't be 100% so the thing that the minister makes coming up
every checkup whether Islamic Relief is there, but there is a system which you can do. So every
checkup, the functioning how they do and then you have reserve the right or wrong for them.