What is Banks’ Interest ?
Fatawa Question
[Question One] : Assalamu'Alaikum Is the interest given by the conventional bank is Riba ? Despite my main intention is to safe keep my monies. And how can the bank utilise our money for investment which I did not opttion for ? And how do u explained the term Amanah according to Islam. And also Mudharabah ? I could also take the bank Interest as profit or bonus . Is it ok for the bank to fix the interest rate whereas Islamic Bank as dividend or Hibah.In investment (Mudharabah) there involve risk, can I say that I surely make profit and not lost and if I incurred lost the company will bear all the losses and I need not fork out any. Is it just ? pls answer my queries Shaikh thank you [Question Two] : Prof in other words is it correct to say that we deposit our savings in the conventional bank is tantamount to giving loan to the bank for their so call investment ?
Fatwa
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Publication Date
2007-02-09
Main Subjects
Economics & Business Administration
Islamic Studies
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-785724
American Psychological Association (APA)
Qahf, Mundhir. 2007-02-09. What is Banks’ Interest ?. .
https://search.emarefa.net/detail/BIM-785724
Modern Language Association (MLA)
Qahf, Mundhir. What is Banks’ Interest ?. 2007-02-09.
https://search.emarefa.net/detail/BIM-785724
American Medical Association (AMA)
Qahf, Mundhir. 2007-02-09. What is Banks’ Interest ?.
https://search.emarefa.net/detail/BIM-785724
