What is the alternative to the interest-based banking system ?

Fatawa Question

Assalamu Alaikum. I am facing some queries with presently available BANK interest. All these are : 1) Is the present Banking system ok in respect to Islamic Jurisprudence ? 2) If we say present Bank-interest is Haram, we have to think about all the Muslims in our countries who are engaged as employees in Banks as they work with Haram. So, let's be careful about our comments. 3) If we take loan, that is nice in the eyes of present situation. But if we take bank-interest, we feel like taking Haram. 4) Fixed-deposits etc. should also be our point of discussion. So, please help us with your understanding or knowledge. Some banks claim they work on Islamic rules (like Al-Baraka etc.). Can we accept them ? If positive, advise us about how we can get those banks' facilities in remote places (Do they allow Internet banking ? etc.).

Fatwa

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Publication Date

2002-02-18

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Islamic economics
• Bangladesh
• Bank deposits
• Usury
• Islamic Banks

Data Type

Fatawa

Language

English

Record ID

BIM-724561

• APA
• MLA
• AMA