Can banks operate without interest (Riba)‎

Fatawa Question

1. I know that Riba is a sin. But how should banks operates if they don't take interests ? 2. I was planning to start my business but the only way of acquiring capital at the moment is by taking a bank loan. I decided not to the loan for I know that Riba is against the Shari’ah. Does it mean that it is very difficult for us poor Muslims to start our own business or is there another way of getting business loan according to Shari’ah ? Thanks.

Fatwa

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Publication Date

2002-09-08

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Islamic economics
• Financing
• Business
• Usury
• Profit-sharing
• Islamic Banks

Data Type

Fatawa

Language

English

Record ID

BIM-724575

• APA
• MLA
• AMA