Islamic Banking: Is It Really Kosher?

11. October 2007 · Write a comment · Categories: Editorials, Islamic Banking Fundamentals, Islamic Banking Trends

By Aaron MacLean
From the March/April 2007 Issue of “The American”

Muslim scholars say the Qur’an prohibits collecting interest on loans. But many banks, both global and local, have found clever ways to meet religious strictures. It’s a system that may be hypocritical, but also profitable.

The coverage can be a little bit breathless: “La finance Islamique en plein boom,” Le Figaro reported in September. Yes, Islamic banking, structured along the lines that religion decrees, is in full boom. But is it really banking? And is it really kosher?

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Riba: The Personal Dilemma; 5 Ways to Deal with it

02. June 2007 · Write a comment · Categories: Editorials, Ribaa

This great article from Soundvision explains the good that can come from taking a stand as a Muslim against dealing with interest.

by Abdul Malik Mujahid

As a Muslim who bows his head to his Creator it is a serious question: How to obey Him? In a world that revolves around interest (Riba). A world that runs on it. Banks, financing, mortgage, all involve interest. There are millions of Muslims and non-Muslims who live without interest. This article discusses practical ways of living a successful life here without compromising success in the hereafter.

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