{"id":6314,"date":"2024-07-10T07:42:51","date_gmt":"2024-07-10T07:42:51","guid":{"rendered":"https:\/\/al-mawrid.org\/questions-en\/2024\/07\/10\/islamic-banking-in-uk\/"},"modified":"2024-07-10T13:18:50","modified_gmt":"2024-07-10T13:18:50","slug":"islamic-banking-in-uk","status":"publish","type":"post","link":"https:\/\/al-mawrid.org\/questions-en\/islamic-banking-in-uk\/","title":{"rendered":"Islamic Banking In UK"},"content":{"rendered":"<h3>Question<\/h3>\n<p>I  want to bring into your attention a major issue which is related to  Islamic banking in UK. A number of Muslim families in west take  mortgages (loan) to purchase houses, where the bank charges interest  (riba) on the loan. Recently, there are few banks such as HSBC and  Islamic bank of Britain who started offering Islamic mortgage based on  the concept of Ijara. I have been trying to understand this framework  and there are arguments on both sides. Please see the article against  these so-called Islamic mortgages. <\/p>\n<h3>Answer<\/h3>\n<p>According  to our understanding it is only receiving the interest that is Haram  and giving it is not Haram. Giving interest may be seen as contributing  in Haram if the society is already purified from an interest based  economy or is in its way to reach an interest free economy. This was the  case at the time of the Prophet (pbuh) but certainly it is not the case  at our time. <\/p>\n<div>Accordingly  a Muslim, out of his own passion, may prefer to stay as far as possible  from an interest based transactions. This is commendable but it is not  necessary. <\/div>\n<div>As  a side note please note that even if the schemes you referred to are  fully interest free in their own, the fact is that they are managed by  an institution that is either based on interest (i.e. banks) or is  dealing with interest based transactions (because of the interest based  economy of our era). As such, I highly doubt that any of these schemes  are fully cleansed from interest or interest related transactions. <\/div>\n<p><strong>Answered by:<\/strong> Farhad Shafti<\/p>\n<p><strong>Date:<\/strong> 2015-01-19<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"6314\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorite <i class=\"sf-icon-star-empty\"><\/i><\/button>","protected":false},"excerpt":{"rendered":"<p>I  want to bring into your attention a major issue which is related to  Islamic banking in UK. A number of Muslim families in west take  mortgages (loan) to purchase houses, where the bank charges interest  (riba) on the loan. Recently, there are few banks such as HSBC and  Islamic bank of Britain who started offering Islamic mortgage based on  the concept of Ijara. I have been trying to understand this framework  and there are arguments on both sides. Please see the article against  these so-called Islamic mortgages. <\/p>\n","protected":false},"author":1,"featured_media":14147,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1169],"tags":[1171,2147,1212,1172,1584],"class_list":["post-6314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic-issues","tag-banks","tag-ijarah","tag-interest","tag-islamic-banks","tag-islamic-system"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Islamic Banking In UK - Al-Mawrid Queries<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/al-mawrid.org\/questions-en\/islamic-banking-in-uk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Islamic Banking In UK - Al-Mawrid Queries\" \/>\n<meta property=\"og:description\" content=\"I want to bring into your attention a major issue which is related to Islamic banking in UK. A number of Muslim families in west take mortgages (loan) to purchase houses, where the bank charges interest (riba) on the loan. Recently, there are few banks such as HSBC and Islamic bank of Britain who started offering Islamic mortgage based on the concept of Ijara. I have been trying to understand this framework and there are arguments on both sides. 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