Channel: Zakir Naik
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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