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

			Salam Alaikum 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? You asked the question that he wants to know what Islamic
banking, Islamic banks offer loan and they add X percent. They call it service or whatever it is it
not interest. See, basically interest is haram in Islam. They're known as any different places of
Allah's interest is haram. Allah clearly says in Surah Baqarah, chapter number two verse number 278
to 79, that if you give up no demands for interest, take notice of a wall from online is our sole
		

			interest is haram. Now, as far as the binding is concerned, you mentioned many Islamic banks would
give loan point to be noted that most of the Islamic banks that are there, I don't know if any
Islamic bank will 100% Islamic, I don't know maybe I don't know.
		

			In fact, men of man interested Islamic banking, but there are many which are mashallah quite a lot
Islamic, there are many which are frauds also fine. Only namesake Islamic what they are for note
that we as a Manaphy can checkup checkup, if you analyze the Islamic system of Musharaka Profit and
Loss sharing, which is the best safest Musharaka means you become a partner in it. Now, other
aspects are there Mudaraba is there that is cost plus in cost plus many times people falter and many
times is 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 festivals
are given on this is a lot that is a lot which many which I don't agree with also. So when Islamic
bank come they have to scrutinize who is on the Sharia board,
		

			just by name, please don't go that's an important word they do, etc. So many of the Islamic banks
		

			I wouldn't call them Islamic they were 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 there's
possibility arise there that it has purchased there which is Islamic Musharaka is safe safe means if
they're following Islamic principles in other parts, they're free checkup and what we analyze that
most of the bank defaulter and because they compete with the normal conventional bank, they keep the
same interface name is different
		

			nom Guevara a label is different but the same so we have to be careful while taking loan but as a
lay man, if suppose you think it Islamic and you take it and if they are doing something wrong, out
of ignorance you have gone so the blame will come on them not on you. If you know they're haram and
then you go then the blame will come on you. So it is owners of the people running Islamic banks to
check up whether they're following what happened there are many fatwas in this and fatwa shopping is
very easy. You know what fatwa you want to get so they go and village Egypt to get or Pakistan or
India. So they take fatwa which can mean for them and then the sanction it. So you have to be
		

			careful while Islamic banking is there not there is not possible possible. Very difficult. There are
some banks I know which are mashallah good yet not 100% And they know that but because unless you
don't have the central system of Islamic you can't be 100% So the thing that the minister McMahon is
coming up with a free checkup whether Islamic Relief is there, but there is a system which you can
do. We have to check up the functioning how they do and then you have reserve the right or wrong
hope them