{"id":5818,"date":"2024-07-10T07:41:27","date_gmt":"2024-07-10T07:41:27","guid":{"rendered":"https:\/\/al-mawrid.org\/questions-en\/2024\/07\/10\/further-discussion-on-investiment-in-the-so-called-islamic-banks\/"},"modified":"2024-07-10T13:24:14","modified_gmt":"2024-07-10T13:24:14","slug":"further-discussion-on-investiment-in-the-so-called-islamic-banks","status":"publish","type":"post","link":"https:\/\/al-mawrid.org\/questions-en\/further-discussion-on-investiment-in-the-so-called-islamic-banks\/","title":{"rendered":"Further Discussion On Investiment In The So-called Islamic Banks"},"content":{"rendered":"

Question<\/h3>\n

Dear brother, your answer[1]<\/a> is not very clear. Firstly if Islamic Banks like Meezan are not fully Islamic then what is the fun of keeping money in them? You say leasing is acceptable and murabahah<\/em> is not. Then how do we know that our money has been used in leasing only. In one of the TV shows a similar question was asked to Mr Ghamidi. He never commented on it to be half okay and half not. He simply said that no zakah<\/em> is to be paid as 10% deduction has already been done. Please clarify this point as I placed my amount in this Bank for seven years after listening to Deen-O-Danish<\/em> on Dunya TV. I want to be absolutely sure about my investments because I have to face Allah Almighty one day. I will be quoting you people on the day of resurrection. Now please tell me whether keeping money in these banks is Halal or not. They don\u2019t give fix profit. They claim that they invest in Halal dealings. People like us can\u2019t go and investigate them for that. We have to trust somebody when their is hardly any choice left these days.<\/p>\n

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[1]<\/a> Reference is towards the following discussion: http:\/\/www.al-mawrid.org\/pages\/questions_english_detail.php?qid=524&cid=385<\/a><\/p>\n

Answer<\/h3>\n

Each one of us is accountable to the Almighty to perform to the best of his judgment. We make statements on religious issues as best as we understand without claiming that what we have stated is the absolute truth. You have to form your opinion and act accordingly on the basis of what you think is the correct view from the ones that are available.<\/p>\n

Mr Ghamidi holds the opinion that murabaha<\/em> is Islamically undesirable if not completely haram<\/em>. Incidentally, Mufti Taqi Usmani too is not fully satisfied with it. He believes that murabaha<\/em> should be resorted to as a last resort.<\/p>\n

The fact that murabaha<\/em>-based returns account for 50% of the revenues of Islamic banks is a very rough estimate I reached when I was doing my PhD in Banking in Islam (1994; University of Wales) and later while interacting with Islamic bankers.<\/p>\n

This world is imperfect. It is not likely to become otherwise. If you can’t find best solutions, you have to go for less-than-the-best ones.<\/p>\n

Answered by:<\/strong> Dr. Khalid Zaheer<\/p>\n

Date:<\/strong> 2015-03-05<\/p>\n