Assalam o alaikum 1-We dont have Islamic banks in Bangalore or in many parts of India. How to have our transactions without banks? Most of the banks are with interest transactions. Advise me about the mode of transactions. Why cant you (Muftis) influence the influential muslims to start Islamic banks and advise them to generate halal money. I am only listenibg about -Riba is haram.But we are involved in the system.To come out with the system of Riba- we have to create our own banking (with suceess) and give example for the community. If you have successful Islamic bank example, kindly inform.

Assalam o alaikum 1-We dont have Islamic banks in Bangalore or in many parts of India. How to have our transactions without banks? Most of the banks are with interest transactions. Advise me about the mode of transactions. Why cant you (Muftis) influence the influential muslims to start Islamic banks and advise them to generate halal money. I am only listenibg about -Riba is haram.But we are involved in the system.To come out with the system of Riba- we have to create our own banking (with suceess) and give example for the community. If you have successful Islamic bank example, kindly inform.

Answer

(Fatwa: 180/164=B/1429)

 

In business what type of help is inevitable from a bank? Please explain it and submit the question again. The prevalent bank system is under the influence of the Jews which they involve more and more in interest based transactions. Interest is haram; therefore Muslims must avoid it as much as possible and establish banks which operate with non-interest system. If anyone of us can start an Islamic non-interest back we must set the example. Some efforts are being made in some Islamic countries. But, how much can it be successful in the face of Jewish conspiracies, you should ask this question to Hadhrat Mufti Taqi Usmani of Pakistan.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband