{"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,"_jetpack_memberships_contains_paid_content":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 v27.4 - 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. Please see the article against these so-called Islamic mortgages.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/al-mawrid.org\/questions-en\/islamic-banking-in-uk\/\" \/>\n<meta property=\"og:site_name\" content=\"Al-Mawrid Queries\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/almawridofficial\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-10T07:42:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-10T13:18:50+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AlMawridOffice\" \/>\n<meta name=\"twitter:site\" content=\"@AlMawridOffice\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/al-mawrid.org\\\/questions-en\\\/islamic-banking-in-uk\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/al-mawrid.org\\\/questions-en\\\/islamic-banking-in-uk\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/al-mawrid.org\\\/questions-en\\\/#\\\/schema\\\/person\\\/ec074658ae2be49de2c89f722cb095d0\"},\"headline\":\"Islamic Banking In UK\",\"datePublished\":\"2024-07-10T07:42:51+00:00\",\"dateModified\":\"2024-07-10T13:18:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/al-mawrid.org\\\/questions-en\\\/islamic-banking-in-uk\\\/\"},\"wordCount\":276,\"publisher\":{\"@id\":\"https:\\\/\\\/al-mawrid.org\\\/questions-en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/al-mawrid.org\\\/questions-en\\\/islamic-banking-in-uk\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/al-mawrid.org\\\/questions-en\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/Queries.png?fit=800%2C450&ssl=1\",\"keywords\":[\"banks\",\"ijarah\",\"interest\",\"islamic banks\",\"islamic system\"],\"articleSection\":[\"Economic Issues\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/al-mawrid.org\\\/questions-en\\\/islamic-banking-in-uk\\\/\",\"url\":\"https:\\\/\\\/al-mawrid.org\\\/questions-en\\\/islamic-banking-in-uk\\\/\",\"name\":\"Islamic Banking In UK - 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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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Being an accountant some way or the other you have to do bookkeeping for interest accounts or other accounts which have an interest element in them. There is hardly any institution here which is 100% free from interest or interest related accounts even\u2026","rel":"","context":"In &quot;Economic Issues&quot;","block_context":{"text":"Economic Issues","link":"https:\/\/al-mawrid.org\/questions-en\/category\/economic-issues\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5818,"url":"https:\/\/al-mawrid.org\/questions-en\/further-discussion-on-investiment-in-the-so-called-islamic-banks\/","url_meta":{"origin":6314,"position":1},"title":"Further Discussion On Investiment In The So-called Islamic Banks","author":"Khalid Zaheer","date":"July 10, 2024","format":false,"excerpt":"Dear brother, your answer[1] 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 is not. Then how do we know that our money has been used in leasing\u2026","rel":"","context":"In &quot;Economic Issues&quot;","block_context":{"text":"Economic Issues","link":"https:\/\/al-mawrid.org\/questions-en\/category\/economic-issues\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6886,"url":"https:\/\/al-mawrid.org\/questions-en\/status-of-the-current-forms-of-islamic-banking\/","url_meta":{"origin":6314,"position":2},"title":"Status Of The Current Forms Of Islamic Banking","author":"Khalid Zaheer","date":"July 10, 2024","format":false,"excerpt":"I am not clear about the concept of Islamic banking introduced in Pakistan. From what I have studied, it looks to me that the new system is actually not Islamic. They are just using the Islamic\/Arabic terminology to mislead people and have also introduced lengthy paper work to make all\u2026","rel":"","context":"In &quot;Economic Issues&quot;","block_context":{"text":"Economic Issues","link":"https:\/\/al-mawrid.org\/questions-en\/category\/economic-issues\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6627,"url":"https:\/\/al-mawrid.org\/questions-en\/working-in-the-administration-of-bank\/","url_meta":{"origin":6314,"position":3},"title":"Working In The Administration Of Bank","author":"admin","date":"July 10, 2024","format":false,"excerpt":"I have an option to work in the HR function of a commercial Bank. However, I feel one should avoid working for a bank as it deals in something which is haram i.e. interest My parents view is that interest was made haram because in those days individuals used to\u2026","rel":"","context":"In &quot;Economic Issues&quot;","block_context":{"text":"Economic Issues","link":"https:\/\/al-mawrid.org\/questions-en\/category\/economic-issues\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6839,"url":"https:\/\/al-mawrid.org\/questions-en\/investment-in-the-so-called-islamic-banks\/","url_meta":{"origin":6314,"position":4},"title":"Investment In The So-called Islamic Banks","author":"Khalid Zaheer","date":"July 10, 2024","format":false,"excerpt":"I have fifty million rupees deposited in Meezan Bank for seven years. My questions to Mr Javeed Ahmed Ghamidi follow:a. Is this bank really working as per Shar\u012b\u2018ah? They do not give fixed profit and claim that they do not invest our money in un-Islamic trades. b. Do I have\u2026","rel":"","context":"In &quot;Economic Issues&quot;","block_context":{"text":"Economic Issues","link":"https:\/\/al-mawrid.org\/questions-en\/category\/economic-issues\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6787,"url":"https:\/\/al-mawrid.org\/questions-en\/islamic-banks-in-pakistan\/","url_meta":{"origin":6314,"position":5},"title":"Islamic Banks In Pakistan","author":"Khalid Zaheer","date":"July 10, 2024","format":false,"excerpt":"There are about six Islamic banks working in Pakistan. Some are Pakistani and rest are of different Islamic countries like Dubai, Abu Dhabi, Bahrain, Saudi etc. they tell that their business is looking after by a board of ulema and their business is all Islamic. They announce their profit every\u2026","rel":"","context":"In &quot;Economic Issues&quot;","block_context":{"text":"Economic Issues","link":"https:\/\/al-mawrid.org\/questions-en\/category\/economic-issues\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/al-mawrid.org\/questions-en\/wp-content\/uploads\/2025\/03\/Queries.png?fit=800%2C450&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/pgh6ci-1DQ","_links":{"self":[{"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/posts\/6314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/comments?post=6314"}],"version-history":[{"count":0,"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/posts\/6314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/media\/14147"}],"wp:attachment":[{"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/media?parent=6314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/categories?post=6314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/al-mawrid.org\/questions-en\/wp-json\/wp\/v2\/tags?post=6314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}