Are Islamic banks compliant with Islamic law behind the scenes?

[xypnios]

@daisies89

the prophet used to do business with non Muslims that did haram stuff

I think you are making a disingenuous claim here.

Did the prophet do Riba with non-Muslims?

Was the business itself based on haram activities?

While doing business with non-Muslims, did the prophet knew the outcome of that business would be used to do "haram stuff"

What was the "haram stuff"?

Would you please give more detail on the nature of the business and the exact thing you think was haram?

 

[daisies89]

@xypnios A bank doing riba is not YOU doing riba.

You are not helping them do riba.

Scholars have said that if there are alternatives for banks you should use them to safeguard your money.

If there are no alternatives, then you can make use of riba-based banks as long as you are not consuming riba

 

[xypnios]

@daisies89 that is not what I asked you

 

[infomommax]

@daisies89 Thank you for this info. TIL ..

 

[daisies89]

@infomommax To be clear, if you can find a halal bank then that is what you should use

 

[eternallykeptbyjesus]

@daisies89 Finding a halal bank is by definition not possible. They are created only for Riba.

 

[daisies89]

@eternallykeptbyjesus Yea let’s be pedantic about all this

 

[eternallykeptbyjesus]

@daisies89 Well. Understanding their very nature and how they would not exist if they could not engage in Riba is pretty important in my view. If Riba is pedantic for you then I can see why you would see it that way.

 

[daisies89]

@eternallykeptbyjesus Why could they not exist? Are you saying that all Islamic banks out there are engaging in riba?

 

[cadams1]

@daisies89 How exactly does an Islamic Bank function? Do they lene you money for 0 charge?

 

[daisies89]

@cadams1 Depends on what you’re borrowing money for.

 

[angeshekinahh]

@infomommax Hello,
it depends on the activity.
I know one with a halal bank account, but when it comes to a mortgage they use tricks.

 

[iamjezreel]

@infomommax Basically no.

But at least your money won't be invested in, say, alcohol. Even ribawi high street banks like HSBC and Lloyds used to offer islamic current accounts a few years back, so how your money is invested for their own profit is the only difference I can see from my admittedly distant vantage point. Aside from cosmetic things like not giving nominal interest or allowing overdraft incurring interest.

Take a dive from the discussion here

https://podcasts.google.com/feed/aH...WEtYjllOC00ZWZlLWFkMGQtMTI3ZDUwMjYxOTA1?ep=14

Who is offering "islamic" accounts in the EU these days? Last I checked London seemed to have more on offer.

 

[angeshekinahh]

@iamjezreel KT-Bank in Germany.

 

[walkingwiththelord]

@angeshekinahh Is their Jetzz Credit card Halal?

 

[angeshekinahh]

@walkingwiththelord No, only their bank account and debit card is halal.