Islamic Banking Information

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

June 2, 2007 – 8:02 pm
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. Share This

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A Muslim Perspective on Credit Cards

May 5, 2007 – 8:06 pm
Another great article from Soundvision.com: I think the first person who introduced the idea of credit cards to me was Wilma Flintstone of the kids' cartoon The Flintstones. She and her friend Betty Rubble would occasionally, holding small semi-rectangular cards, announce in unison "Charge!", then set off for the shopping mall to what I assume was the chagrin of their husbands Fred and Barney. "Charge!" meant "let's shop till we drop" and for many, it still does. Share This

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What is an Islamic Credit Card?

April 1, 2007 – 8:09 am
What is an Islamic Credit Card? One of the latest banking products offered by Islamic institutions, is the Islamic credit card. Using the principles of Al Bai Bithaman Ajil (deferred payment sale), the bank issues an interest-free and penalty free credit card. As goods are purchased using this credit card, the bank will render the transaction on your behalf and simultaneously sell it back to the customer. This credit is payable over a deferred period through installments within a certain time frame. Share This

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Islamic Mortgage Loans - How Do They Work?

February 10, 2007 – 8:05 am
As has been mentioned in previous articles on this website, Islam prohibits ribaa, the paying and receiving of interest. Because of this, Islamic banks and Islamic finance institutions have come up with Islamic home lending products that follow shariah rules. Up until the late 1990's these products were offered only by a few Islamic banks in the Muslim world, such as HSBC Malaysian and the Islamic Bank of Kuwait. In recent years, however, Western lending institutions have begun to realize the untapped potential of the Muslim market. Share This

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Introduction to Islamic Banking

January 5, 2007 – 12:40 pm
Islam, being a very comprehensive religion, encompasses many areas typically thought of as secular, including the financial sphere. Islam presents moral guidelines for business transactions, trading, investment, and exchange markets. The totality of religious codes in Islam, including spiritual, economic and political, is known as the Shariah. The Shariah is the system of Islamic laws, based upon the Quran and the teachings of the Prophet Muhammad (pbuh) that tells Muslims what is allowable and what is forbidden. Another name for the Shariah is simply, "Islamic law." Share This

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